Have you ever heard about Elliott waves? No? Well, we’re not surprised. Even among market technical analysis specialists, they’re quite arcane. So let us tell you what they are and why they matter, and what they have to do with current predicament of Bitcoin. Just keep reading, we won’t get technical on you, only plain English.
Elliott waves are a form of technical analysis used to forecast the stock market (and, over the last decade, the crypto market as well). Using this technique requires of you to analyze a chart in such a way that you can identify a kind of event called “wave” which is something of a fluctuation in the market, and it’s supposed to reflect the psychology of the moment. According to this theory, all markets trend in five waves. Once the fifth wave hits the market, a new trend will begin. It can oppose the previous pattern or amplify it, but it will be a different one.
Was that too abstract? Yeah, we know. Let’s explain it in more practical terms: Bitcoin will go up again once the fifth Elliott wave reaches it. It’s as simple as that, according to this tool.
It sounds a bit magical or too empiric, but many technical traders use this approach all over the world to make money. The relevant question now would be, of course, is the current Bitcoin wave the fifth one? The answer is no, and we’ll explain to you why.
Bitcoin’s fifth wave is not here yet
Several analysts and YouTubers have been publishing their own view on the current situation and, for many of them, this is the final Elliott wave indeed. But we have reasons to disagree with them.
One of the “principles” you need to dominate with this technique is that everything should always be interpreted (or constructed) in the simplest possible way. That’s a problem for those who are predicting the final wave is here because they’re constructing their waves in a somehow complex form that needs a lot of justification when it should be self-evident.
Then, there’s the problem of cognitive bias (the tricks our mind plays on us at times that impair objectivity). We’re all sick of the bearish market. It’s been going down for 11 months now and, if that wasn’t bad enough, last week it became a carnage on Wednesday, and then again over the weekend. We all want for things to get better as soon as possible. And that is the problem as well.
Elliott Wave theory also states that you should never construe any scenario in a way that aligns with your wishes. Given several possible interpretations, you must always choose the one that suits your goals the worst, unless the evidence is so strong that no other explanation is possible. This avoids a cognitive trap known as “confirmation bias” which means that we believe what we want to believe, instead of what we are seeing.
In other words, when you work with Elliott Waves, you must always be sure that your own wishful thinking is not getting the best of you. Since it’s reasonable to assume that the analysts that believe in the fifth Bitcoin wave want it to arrive, they’re breaking this simple rule.
To wrap things up all we can say is that the fifth wave will arrive sooner or later. We can’t tell you when (Elliott wave theory doesn’t include any kind of reliable timing prediction), but it always comes.
Then Bitcoin will rise again, and the chances are that it will reach levels that we couldn’t possibly imagine right now. But that’s not what’s currently happening. Just in case you’re curious, the best analysts agree that we are currently riding the third Bitcoin wave, so we still have two to go.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch
ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.
Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.
“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.”
The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.
The Company’s first mining pod is set to…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
Understanding the Dark Side of Bitcoin
Although Bitcoin is praised for its high-quality processes that lead a lot of people to wise outcomes and success, it has its own dark side. This side is less exposed to media and the people as it can possibly ruin whatever Bitcoin has worked for years, exerting lots of effort, expenses, and time. However, discussing this side will be a way for a better and deeper understanding to what Bitcoin really is and its main purpose and future. Given that, we have gathered the information already for you about the dark side of Bitcoin. So, let’s start!
Bitcoin provides a lot of advantages, but some government gave warnings that are not still founded entirely. The main reason behind that is that there are elements of criminality that seek to take advantage of the media hype and excitement around Bitcoin. One example scenario is when the cybercriminals launched Ponzi schemes that gave promises on investments through astronomical returns. After the money of investors have disappeared, this is the time when they realized that they were scammed. Therefore, the governments raised awareness advising the public to invest cautiously and uphold skepticism in life. If you want more information regarding this, you can go through the www.bitcoineras.com to better understand it.
Here are some of the ways wherein cryptocurrency is misused.