Strong article. How do you relate this crash to the one from 2013? Referring to the fact that it took years to recover from that one. Resteemed
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Strong article. How do you relate this crash to the one from 2013? Referring to the fact that it took years to recover from that one. Resteemed
@steemitromney Admittedly I've only been around the crypto space just under 1yr. Been a stock/commodity trader for close to 10yrs.
As for the 2013 crash, it was the wave 1 top. I'm hearing from experts I follow that we're in macro wave 3, and we just completed the 3rd wave of that 3, meaning next wave up is wave 5 of 3.
After that this would point to a wave 4 correction similar in time an duration to the wave 2 correction beginning 2013 you talk about. A correction very deep and long in time.
However, it's possible we've already topped that leg, very tough to know.
Regardless a "time correction" such as beginning 2013 like you refer to is needed in crypto. What it will do is weed out some of the hot activity as traders shift to another macro market to participate in (US stocks, commodities, etc). Big action coming in those markets.
Also, crypto is complicated. So if it really is here to stay, the general public will need to learn it and that takes a lot of time for the masses. Hope that helped and answered your question.
Awesome reply indeed. Why is the peak of 2010 not included in that count? I'd say went price went from 5 to 100, that might have been wave 1. This would make it more crucial for the previous peak to be the top of a wave 3 I guess :p
It's a great point @steemitromney. I honestly haven't looked that far back into the macro count and haven't found reliable data going back that far. Do you have a good link to a chart with price data going back to BTC inception? That's one tough thing about unregulated grey markets, tough to get accurate data. Let me know, would be something interesting to look into. You may be on to something.
Here's a good site. You can set a custom time frame to zoom in on a specific period.
Its funny really how perspective has changed :p