(192) NEW TIPS & HINTS
Can Elliott Wave (or NEoWave) be used to analyze and predict cryptocurrency markets like Bitcoin?
The best markets for Wave theory are those that are man-made and have perpetual life. Because agricultural products are nature-made and have limited shelf-life, they are NOT good candidates for Wave analysis.
On the other hand, Bitcoin is completely man-created, has no expiration date and its valuation is derived solely from human emotion and the perception of value; consequently, it SHOULD be an IDEAL candidate for Wave analysis.
Unfortunately, despite the “ideal foundation” of Bitcoin, I’ve yet to see a single CONFIRMED impulsive pattern form since its inception. For that reason, I’ve delayed the introduction of a Forecasting service on Bitcoin. Until I see confirmed impulsive price action – or any action that reflects traditional Wave patterns (Flats, Zigzags, Triangles), followed by proper confirmation – I will withhold judgment on whether Bitcoin can be predicted using Wave theory.