The continued talk of coming regulations keeps pushing prices lower. Investors are rotating into cash leaving virtually all cryptocurrencies declining to bargain bin prices. This is great news for investors that missed the first wild price swings higher in the later part of 2017 to finally get in at reasonable prices. Meanwhile, reckless speculators that piled into cryptos as a get rich quick scheme are realizing that the markets are very unforgiving of those who do not respect risk management.
News:
The Middle Stages of Panic Selling:
https://www.zerohedge.com/news/2018-01-17/did-bitcoins-bubble-just-burst
The Bitconnect Ponzi Scheme Bites The Dust:
https://cointelegraph.com/news/bitconnect-closes-virtually-its-entire-operation-bcc-token-drops-87
Fun Facts:
Anyone wonder why the most corrupt regimes want to ban or heavily regulate Bitcoin? Authorities obviously fear they are losing control of a very fragile monetary system.
Goldman Sachs boys take their swing at counting Bitcoin Elliott Waves. Their Weekly chart below of the current III-IV wave structure is spot on. We use 1-2 Supercycle Waves for brevity sake since the charting back to 2011-2014 for I-II will not show. From a $9,978-$7,882 price support range Goldman expects BTC to find its final support base for the continued rally. This is in align with our projections as well. Also if Goldman Sachs is confident in a base we can expect millions upon millions dollars of big institutional buyers ready to buy up this dip trying to earn their bonuses for the year.
https://www.zerohedge.com/news/2018-01-16/what-happens-bitcoin-next-here-goldmans-latest-outlook
By general rule we never trade based on wave counts alone and can see Bitcoin hit such an obvious sell trigger that it deeply saddens us that we could not have shorted this market to make a boat load of cash. However, the wave structure and price points might point to Bitcoin finishing its wave count as more of a sideways chop as we are a mere stones throw away from that basement level of $7,000.
Ethereum is very interesting here. The 4th wave literally should NOT go lower than that last green candle. There is by no means no trade entry here but for those so inclined, a great place to start accumulating for the long run (next 6 months hold time).
We can see here a clear short signal as well on Ripple.