LARP Capital: Still 'B'earish Dre (Bitcoin update)
From an elliot perspective not much has changed in the sense that we are still in a B wave that likely just concluded last week on the ETF hype. In an earlier Trip titled 'Look at this horse' we actually discussed the potential that our first leg up of this B wave to the low 50k's could have been an impulsive lower degree A wave (who's first wave extended) that would be part of a larger corrective rally up (as we just exprerienced) but did not believe this was likely as it didn't make sense time wise in the grand scheme of things. In other words, in order to keep the intermediate bullish picture alive bitcoin needed to drop lower before continuing it's parabolic rise. Keep in mind this analysis as well as our 'great bull trap' analysis was pre pro-shares etf rumor and eventually news, not that we care much about that as price action rules all, and the negation of significant highs in price holding were flashing warning signs that bitcoin's fate would be further delayed.
To the trolls and haters delight, bitcoin managed to fully retrace it's move down to 29k, not uncommon of B waves in a flat correction. But guess what? Due to larger time frame elliot wave counts (we will be going over all of this in future Truth Social Network Trips whether via the Tradingview server feed or our own feed), the fact that Bitcoin has managed to retrace it's dump, or more importantly, the manner in which it has done so i.e. taking an equal amount of time it took drop, does not change our bearish stance on the market, but actually makes our outlook
even worse! At least worse in terms of the time it's now going to take for bitcoin to bottom before it's ready to begin it's next parabolic advance. The Juan and Juaninos know all too well by now that two adjacent counter-directional waves which are equal in time and/or price is one of the most reliable indications there is of weakness to come (or strength depending on the order of waves). In our case, a flat correction with A and B waves of equal price/time suggests that we are in for a large C wave which should take the accumulated time of the two and likely elongate. The above implies at least 28 weeks more of bear market and actually fits into the larger historic bull cycle count quite beautifully, but again, we will be delving into the larger 'Chess' counts as we have been calling them in the near future.
Since we've now gotten more info to help aid and perfect our understanding from lower time frames, us Radical Wave Theorists over here at LARP believe we've got this critter pegged. Stay tuned for that. To the trolls and haters who are not intelligent enough to understand the nuJUANce involved in EWT, we look forward to your comments and encourage them as we plan to potentially make them into TSN NFT's down the line on our cloutchain hehe : )
We leave you with this:
gluck
To the trolls and haters delight, bitcoin managed to fully retrace it's move down to 29k, not uncommon of B waves in a flat correction. But guess what? Due to larger time frame elliot wave counts (we will be going over all of this in future Truth Social Network Trips whether via the Tradingview server feed or our own feed), the fact that Bitcoin has managed to retrace it's dump, or more importantly, the manner in which it has done so i.e. taking an equal amount of time it took drop, does not change our bearish stance on the market, but actually makes our outlook
even worse! At least worse in terms of the time it's now going to take for bitcoin to bottom before it's ready to begin it's next parabolic advance. The Juan and Juaninos know all too well by now that two adjacent counter-directional waves which are equal in time and/or price is one of the most reliable indications there is of weakness to come (or strength depending on the order of waves). In our case, a flat correction with A and B waves of equal price/time suggests that we are in for a large C wave which should take the accumulated time of the two and likely elongate. The above implies at least 28 weeks more of bear market and actually fits into the larger historic bull cycle count quite beautifully, but again, we will be delving into the larger 'Chess' counts as we have been calling them in the near future.
Since we've now gotten more info to help aid and perfect our understanding from lower time frames, us Radical Wave Theorists over here at LARP believe we've got this critter pegged. Stay tuned for that. To the trolls and haters who are not intelligent enough to understand the nuJUANce involved in EWT, we look forward to your comments and encourage them as we plan to potentially make them into TSN NFT's down the line on our cloutchain hehe : )
We leave you with this:
gluck
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