SUMMARY
Bitcoin (BTC) overnight price has breached the upper white trend line and currently sits on the now new support. I've revised the B (red) sub waves with a,b,c (white circled). The c wave (white circled) is further subdivided into five waves (i), (ii), (iii), (iv), (v) (white) and wave (v) is projected to go to $5,150 or so price area. The wave (v) (white) is itself subdivided into five waves (blue) for added specificity and possible precision. I remain "concerned" that once the trend change occurs for Bitcoin from up to down, it might occur too rapidly and thus not allow the time needed for Altcoins to print their green prices. I'll be monitoring this closely throughout the day. I personally don't short BTC and just step aside during major corrections.
For newbies or anyone, it's ok to sit this one out on the Altcoins and just watch. Sidelines as USD cash is often a great place to be. For active traders, consider being nimble and plan out your entries (laddered!) for possible short positions on BTC.
The below chart is that of GBTC, the Bitcoin Investment Trust fund. Each share is about 1/10 of a BTC. GBTC has often be referred to as "garbage" but I disagree; especially having made >300% profit recently from riding it sub $300 to >$1,000. In my opinion, if the Technical Indicator says to BUY, then I buy, regardless of what others call it. In TA, you truly learn not to care about what others say and actively avoid others' analysis. Please view the video as there are tons of more details.
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Great analysis, And thanks for the video! It has very useful information
I assume the GBTC holds bitcoin as the underlying asset? If so, it should be considered nearly as good an investment as btc? With the benefit of being on an exchange which can be bought with pension assets etc?
Hi haejin,
What is that GBTC? A listed stock exchange firm which trades BTC, did I got it right?
Hey @haejin does this make sense? https://www.coinigy.com/s/i/59dcd34522e86/
I dont know what to call this triangle? I was thinking its called a bear flag??
Please give some advice and critique
Thanks for the video.
@Haejin thank for update have you updated your rung ladders or kept them the same ?
Sell rungs...no change. The last bottom dotted blue is my stop so if it hits, all out.
Two of my four sell rungs filled and feeling happy.
Im sitting ALTs out but looking forward to hearing where you place your BTC buy ladders !
You mentioned buying back in for BTC fork on 25th - will you still do this if the price drop hasnt occured by then ? would the risk be that you couldnt sell your BTC quick enough if price crashed straight after fork ?
Good question. If BTC happens to be skydiving that day....no.
its going to be an interesting 2 weeks but its much easier on the heart when you have laddered your sell actions and some have already been filled lol thanks as always
It's very interesting that the technical analysis seems to show how BTC has been building up towards the BTG fork. I think the announcement of Coinbase that BTC holder will get one BTG for each BTC provoked that overthrow. Now, it is my opinion that BTG is going to be a huge disappointment as people is expecting to get a BCH like effect, which I don't think will happen. And they are paying BTC too high. So I think you are absolutely right @haejin: whatever the reasons are, TA shows what happens.
Elliott Waves states that a news or an event shall arrive to justify the forecast.
Hi Haegin, did you look into BTSC or any other crypto funds?