{"id":493227,"date":"2022-06-15T21:33:54","date_gmt":"2022-06-15T21:33:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=493227"},"modified":"2024-06-11T14:20:39","modified_gmt":"2024-06-11T14:20:39","slug":"bitcoin-zig-zag-shake-out-crypto-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-zig-zag-shake-out-crypto-market\/","title":{"rendered":"Did A Bitcoin “Zig-Zag” Shake Out The Crypto Market?"},"content":{"rendered":"

Bitcoin price<\/a> is shockingly close to its former 2017 peak, causing widespread panic, fear, and despair across the crypto market. But could the violent move down be a text book zig-zag correction? And if so, what does this mean for the crypto market next?<\/p>\n

Bitcoin Price Action Follows Deadly Zig-Zag Pattern<\/h2>\n

Despite the narrative from 2020 forward that Bitcoin and cryptocurrencies had matured has an asset class, the recent collapse<\/a> reminded the world that digital assets remain speculative.\u00a0Speculative assets are driven by pure emotion, since there aren’t ideal ways to fundamentally price Bitcoin yet. Most on-chain signals remained bullish despite a more than 70% fall from the peak set in November of last year, for example.<\/p>\n

Price action might better be predicted based on Elliott Wave Theory, first discovered in the 1930s by Ralph Nelson Elliott. According to Wikipedia<\/a>, “Elliott Wave Principle posits that collective trader psychology, a form of crowd psychology, moves between optimism and pessimism in repeating sequences of intensity and duration. These mood swings create patterns in the price movements of markets at every degree of trend or time scale.”<\/p>\n

Related Reading |\u00a0Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It?<\/a><\/strong><\/em><\/p>\n

More simply put, bull and bear phases alternate in a predictable manner through what Elliott referred to as “waves.” The theory outlines that markets move up between a motive phase and corrective phase. Motive waves are primary cycles consisting of 5 total sub-waves. Waves 1, 3, and 5 are impulse waves in the primary market trend direction, while waves 2 and 4 are corrective phases. When wave 5 completes, the motive wave (a bull market cycle) moves into a corrective wave (and bear market).<\/p>\n

Motive waves can come in varying shapes, and corrections can be downright confusing. However, the latest correction in Bitcoin could be a textbook zig-zag correction, according to how the pattern unfolded from a sentiment standpoint.<\/p>\n

\"BTCUSD_2022-06-15_16-59-43\"<\/p>\n

BTCUSD could have completed a zig-zag correction | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Will BTCUSD Finally Get A Relief Rally?<\/h2>\n
The zig-zag pattern is a 3-wave corrective structure labeled as ABC and subdivides into a 535 pattern. The first move down, labeled A, is a 5-wave impulse move based on raw emotions. Wave B is characterized as moving up in this case, sucking in new bullish positions that are ultimately taken out in the C-wave move down. C-waves of a zig-zag are also impulse moves driven by panic and fear.<\/p>\n
When they complete, the market can move up again<\/a>. It is difficult to imagine at this point in the pattern that a reversal is possible given the extreme switch in investor sentiment, but that’s often when recoveries emerge from disbelief.<\/p>\n
Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?<\/a><\/strong><\/em><\/p>\n
Since Elliott Wave Theory<\/a> focuses on patterns of investor sentiment switching back and forth from bear to bull and vice-versa, the patterns can be used to profit but are typically only identifiable once completed and long in hindsight. Is the recent downward spiral nothing more than a downward zig-zag pattern that might have just come to completion?<\/p>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or join\u00a0<\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a> for exclusive daily market insights and technical analysis education<\/i><\/b>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is shockingly close to its former 2017 peak, causing widespread panic, fear, and despair across the crypto market. But could the violent move down be a text book zig-zag correction? And if so, what does this mean for the crypto market next? Bitcoin Price Action Follows Deadly Zig-Zag Pattern Despite the narrative from 2020 forward that Bitcoin and cryptocurrencies had matured has an asset class, the recent collapse reminded the world that digital assets remain speculative.\u00a0Speculative assets are driven by pure emotion, since there aren’t ideal ways to fundamentally price Bitcoin yet. Most on-chain signals remained bullish despite a more than 70% fall from the peak set in November of last year, for example. Price action might better be predicted based on Elliott Wave Theory, first discovered in the 1930s by Ralph Nelson Elliott. According to Wikipedia, “Elliott Wave Principle posits that collective trader psychology, a form of crowd psychology, moves between optimism and pessimism in repeating sequences of intensity and duration. These mood swings create patterns in the price movements of markets at every degree of trend or time scale.” Related Reading |\u00a0Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It? More simply put, bull and bear phases alternate in a predictable manner through what Elliott referred to as “waves.” The theory outlines that markets move up between a motive phase and corrective phase. Motive waves are primary cycles consisting of 5 total sub-waves. Waves 1, 3, and 5 are impulse waves in the primary market trend direction, while waves 2 and 4 are corrective phases. When wave 5 completes, the motive wave (a bull market cycle) moves into a corrective wave (and bear market). Motive waves can come in varying shapes, and corrections can be downright confusing. However, the latest correction in Bitcoin could be a textbook zig-zag correction, according to how the pattern unfolded from a sentiment standpoint. BTCUSD could have completed a zig-zag correction | Source: BTCUSD on TradingView.com Will BTCUSD Finally Get A Relief Rally? The zig-zag pattern is a 3-wave corrective structure labeled as ABC and subdivides into a 535 pattern. The first move down, labeled A, is a 5-wave impulse move based on raw emotions. Wave B is characterized as moving up in this case, sucking in new bullish positions that are ultimately taken out in the C-wave move down. C-waves of a zig-zag are also impulse moves driven by panic and fear. When they complete, the market can move up again. It is difficult to imagine at this point in the pattern that a reversal is possible given the extreme switch in investor sentiment, but that’s often when recoveries emerge from disbelief. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? Since Elliott Wave Theory focuses on patterns of investor sentiment switching back and forth from bear to bull and vice-versa, the patterns can be used to profit but are typically only identifiable once completed and long in hindsight. Is the recent downward spiral nothing more than a downward zig-zag pattern that might have just come to completion? Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":493233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,58757,86178,86177],"class_list":["post-493227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-elliott-wave-theory","tag-zig-zag","tag-zig-zag-correction"],"acf":[],"yoast_head":"\nDid A Bitcoin "Zig-Zag" Shake Out The Crypto Market?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is shockingly close to its former 2017 peak, causing widespread panic, fear, and despair across the crypto market. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Did A Bitcoin “Zig-Zag” Shake Out The Crypto Market?","url":"http:\/\/uniquehot.com\/news\/bitcoin-zig-zag-shake-out-crypto-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-zig-zag-shake-out-crypto-market\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/06\/iStock-1163020055.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/06\/iStock-1163020055.jpg?fit=1185%2C884"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","elliott wave theory","zig-zag","zig-zag correction"],"dateCreated":"2022-06-15T21:33:54Z","datePublished":"2022-06-15T21:33:54Z","dateModified":"2024-06-11T14:20:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Did A Bitcoin “Zig-Zag” Shake Out The Crypto Market?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-zig-zag-shake-out-crypto-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-zig-zag-shake-out-crypto-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/iStock-1163020055.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/iStock-1163020055.jpg?fit=1185%2C884\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"elliott wave theory\",\"zig-zag\",\"zig-zag correction\"],\"dateCreated\":\"2022-06-15T21:33:54Z\",\"datePublished\":\"2022-06-15T21:33:54Z\",\"dateModified\":\"2024-06-11T14:20:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/06\/iStock-1163020055.jpg?fit=1185%2C884","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/493227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=493227"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/493227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/493233"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=493227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=493227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=493227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}