Thinking Crypto
@thinkingcrypto·193K subscribers·4.2K videos
Why The Crypto Market Is Down Today - Pullback - Elliott Wave Theory
Posted
February 21, 2018
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We’re currently seeing a pullback in the crypto market which is nothing new. Currently, no negative news, in fact we have been getting a lot of positive news lately. Enter the Elliott Wave Theory
Elliott Wave Theory is a method of market analysis that is based on the idea that the market forms the same types of patterns on a smaller timeframe (lesser degree) that it does on a longer timeframe (higher degree) and that these patterns provide clues as to what might happen next in the market. According to the theory, it does not depend on what timeframe you are analyzing; market movements follow the same types of patterns.
The theory was developed by R.N. Elliott in the 1930’s and was popularized by Robert Prechter in the 1970's. It claims that crowd behavior produces patterns and trends we see in markets and the wave pattern as defined by Elliott is the physical manifestation of mass psychology in our world. These patterns not only appear in markets, but anywhere humans make decisions en masse. Examples might include housing prices, fashion trends, or how many people choose to ride the subway each day.
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Disclaimer - Thinking Crypto and Tony Edward are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This channel and its videos are just for educational purposes and NOT investment or financial advice.
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