This is gonna be a short update. The overnight price action shows a new development.
Yellow wave 3 was rather short, shorter than yellow wave 1 even. This means that yellow wave 5 must be shorter than yellow wave 3. It cannot be other than that, because it would violate a major elliott wave rule. Wave 3 can never be the shortest.
If my count is correct, BTC is going to hit close to 13k and then starts dropping hard again.
The wavecross is not a problem in an ending diagonal, which is allowed in wave c.
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Great analysis like always - I really think that your scenario is right (also in context of @passion-ground longer term view) and you saw that coming very early. That would mean build up cash @ 13'000. To be honest I look forward to the 7'000 ... than we can find a bottom and leave this mess behind us.
same here. I can't wait when this mess is over and it is back to business as usual.
This was very scary for every new investor who bought recently, because BTC supposedly can only go up...
Yeah - on the other side I heared today that a lot of people are getting into the space due to the correction as bitcoin seems to be "cheap". Hope they are not all jumping out with the further decline to come.
But I heard from Swiss bankers that a lot of clients want to diversify into crypto and that they are piling money which waits to get in. So if another dip comes they will get in - if no dip comes and bitcoin gets bullish momentum - they get in. Either way we will see a lot of money coming in soon - I am very positive.
There is definitely a lot of money waiting for a good opportuinity. I don't remember which bank it was that stated the crypto market could reach 10T by 2019... They might be right if BTC hits 66,000$.
I just left a comment reply to @ew-and-patterns letting him know that I posted a reply to his shorter-term questions. Waiting to hear back from him to see if he want's me to share the link to it anywhere.
Though he was already kind enough to re-steem - @ew-and-patterns suggested I also drop a link to the post in this thread. Thank you again, my friend!
https://steemit.com/btc/@passion-ground/btc-futures-or-8-hour-bars-or-from-the-top-or-for-ew-and-patterns-and-friends
Dude.... ur arrow very scary... phew...
Time to start day trading :-D
LTC needs to catch up to BTC... DO you ever do any altcoin EW patterns?
Yes, of course. But it doesn't make much sense now, as most altcoins are going to drop with BTC.
When BTC will come on the top of the rate again. Everyone is waiting for it.
I'm so waiting for the mooning, guys are waiting, people are waiting... BTC to the sun
Even all the way to pluto if you like, even through the milky way. lol
oh :) ok... the wavecrossing scared me :)
I still don't understand why people do this, the crypto market is so volatile and unpredictable you literally never know what's going to happen, this isn't the traditional stock trading, especially that it's so easy for whales to control the market.
Thats why you should look at his prior chart. Or on another take if you truly don't believe in it, why invest time in reading up on it? You must believe some part of it. Its not 100% but crypto follows elliot waves much more often then you might believe.
Cryptomarkets are actually running more precise on elliott waves than any other market out there. No (or very few) trading algos, just fear an greed of people.
Exactly - very little, if at any, manipulation in the cyrpto markets especially when compared to stocks. Volatility doesn't necessarily mean unpredictability.
Best drama out there....better than any TV show for sure!
Thanks for the counts EP!
bitcoin is amazing and workable currency in the world.
Much workable yes
Just check out coin market. BTC price increased 1.26% in last 1 hour. I agree with you. It can go up to 13k but I don't think it will dropped hard. Hope it will dropped a little.
Am always encourage with your statistical graph on bitcoin but this one really got my down why after a good push its then falling hard. Is it that we investors are to look at the high side and immediately trade off? That i wont want to do because there is a projection bitcoin will be on a sky rocket months to come its all about we waiting for its to be fully recognized which it has been for the past weeks..e.g tokyo trading out their office in bitcoin and russia and germany working for it to be legalize and Nigerians have really gone into it too..i suppose we keep fingers crossed. Though read not long ago about a new crypto currency callee THREE ALT-COIN .the person said you invest $100 and get $10,000 in few time. After all said and done he made mention of 'invest only what you will be happy to lose as if its a ponzi scheme' so my view is that btc needs time that's all..so investor keep the believe up and don't trade anyhow at a cheap rate because of pessimism. Thanks for this information @ew-and-patterns
bitcoin is a very unusual currency. thank you friends have shared
Thanks for sharing this post, I'd really like you to take a look at this project, please,
https://steemit.com/cryptocurrency/@frederichs/10-best-cryptocurrency-to-invest-in-short-medium-and-long-term-we-will-talk-one-by-one-in-different-post-for-further-explanation
Do all of these lines bouncing off other lines make anyone else think of Pong?
Hello EW and patterns thank you for posting amazing post by Passion ground. Having some cash waiting it is much easier to keep the FOMO away if btc hits @ 13k and starts heading down than if it heads to 15k and looks like the train is leaving the station. 😂. thank you for all your help. If BTC retraces to 7k region do you think it will bounce around there for a while?
Yellow wave 3 is not done! This means that yellow wave 5 must NOT be shorter than yellow wave 3.
DO NOT IGNORE THIS COMMENT !! EYE
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Hey @ew-and-patterns
Looking at your 4 hour chart it would appear that wave 3 in C is also invalid as 4 cannot overlap 1.
However im thinking along similiar lines but that we are being setup in an ascending wedge for bull run to finish wave C before the bigger drop to 7k:
Hoping this is over soon as quite a few of the alts are hesitant to move anywhere with BTC's path unknown!
Also are you available on steemit chat? I have a few questions regarding steemit and delgation