BTC started the correction which was expected in my last post.
Watch it again here:
https://steemit.com/bitcoin/@ew-and-patterns/btc-is-up-16-over-the-weekend
The first wave down was already completed. But there will be most certainly another leg down soon... It could look like this:
This is assuming a standard correction. Of course there are more and much bigger/longer types of corrections, but this is most seen type of correction...
There is not much more to say here other than this is not a crash. But with the big players like hedge funds entering the market, expect heavy movements in both directions. Bigger long waves and bigger corrections in the future...
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
Thank you this is excellent and well thought out.
What makes you say its not a crash? I'm not saying I disagree but I wanted to understand what drove you to this conclusion. I am bullish bitcoin long term but believe we could have quite a severe correction as prices have got ahead of themselves.
1000$ is severe in my opinion, thats like 20% from all time high.
The waves tell me it is a normal deep correction as a wave 4. A crash would be >=50% which is not gonna happen with this correction, in my opinion. I only count the waves, the chart tells me what to do.
this is just a pullback i think
great info
nice prediction, good tool to know what positions to take with respect to bitcoin, I will follow you to keep me informed.
Nice set up on a long trade.
Proceed with caution!!. The highs are ever going up. Relating previous encounters and as it should be, a surge this big may just result to a drastic plummet.
Nice share.
Absolutely @organik, I agree - also found this very helpful! If only I had read this before I bought more BTC today.... oh well, live and learn! The main thing is that the long term trend is up, so as long as I hodl my likely temporary small loss, I'll be fine long term... which is what I'm in it for anyway.
@ew-and-patterns - followed!
It'd be so awesome if I had a time machine and could just take a little peek at the price a year from now, whatever it is I'm SURE it'll be a lot higher than today's :D
old BTC trends say big correction/ new money says small correction and continue.
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nice post @ew-and-patterns....Thank you for your vote post @ew-and-patterns
Thank you for your great information!
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Wow! Awesome ...Following you for more.
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Never seen this before:
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