Near Term Prospects for the Bitcoin Correction

With the clear, hard break down in price in the market action for the Bitcoin Currency, it's a good time to update the near term prospects for the price action in Bitcoin.

A clear, hard break in price counter to the current trend, retracing that trend faster than it forms, is an indicator helping to determine the completion of a wave. So based on the action of the market, this current wave (c) completed below the top of the last up wave (a), helping us to determine that we are dealing with a descending triangle that should see (d) and (e) waves before a descent in price to new lows.

Descending triangles imply both indecision in the market as well as price weakness. Good time to exit Longs Hodlers… There has been a lot of discussion concerning Crypto-Currencies, likening Bitcoin to Gold. The price action in the Cryptos points out the difference between Currency and Money. They are not the same. The difference is Money, such as Gold and Silver, retains its purchasing power, or value if you will. whereas Currencies, such as the fiat dollar and Bitcoin, lose value/purchasing power over time. The lesson is store your wealth in Precious Metals, not dollars or Cryptos to maintain purchasing power...