BTC is showing a bearflag and a triangle pattern. One is bearish, but the triangle is rather bullish.
Let's have a look at those patterns while BTC keeps on taking its time.
I do favor another drop as the end of this correction, but I don't have a fixed opinion. Why do I favor it? Because such weak upside momentum is usually an indication that the correction needs another leg down.
The total volume is decreasing right now as it would be expected to in such a market phase. The longer it stays like this, the bigger the breakout will be (calm before the storm).
But also remember that haejin says, when in doubt, it is usually a triangle in cryptos.
We will find out soon. Stay calm and endure this annoying correction. It is necessary for further growth.
.png)
If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
MUST READ!
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. 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 (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
Maybe once January is over, then BTC will have a bounce back up. It's been consolidating for a little bit now.
It might pick up once Lunar New Year is over at February 16th.
It is certainly taking its time but then the last bear market was well over a year in duration! I would be happy with another leg down before a trend reversal, let’s just hope that whatever happens it does it quickly!
analysts are predicting BTC will reach 25000 usd by end of the year
Analysts are also predicting 500k by 2020! All figures just pulled out of thin air. Only time will tell.
Hehe, that's a good point. People who make up these numbers most likely have an agenda, and are trying to get people excited about it, and maybe get them involved.
Exactly. No one can accurately predict the price of btc at the end of the day so how on earth can they predict it 12 months out? Anything could happen in that time. Governments could go bankrupt or a massive security flaw found in btc! Speculating on future price is something of a crypto pastime though. There is very little speculation of problems it will solve or how it will improve people’s lives but a lot about the price!
You're spot on! No one can know anything about what Bitcoin or any other crypto will be worth in a year from now, and let alone in 5 years.
I agree with your analysis, I saw what haejin said about the bearish drop that could happen like you have in the first picture. Idk, I just think that we've been making higher lows, broken out of the symm. triangle, and have been consolidating at this area for far too long so I'm sticking with the second picture. Plus the whole 1 million waitlist with Robinhood starting in the beginning of Feb is a bullish sign as well.
Steem & BTC co-related right ? If btc drops steem is also droping .... Hope btc should reach all time high again :)
Thanks for info ...
The correlation is weakening. STEEM has proven to be able to rise, even if BTC and all other altcoins are red.
Hi @ew-and-patterns,
What would be a good entry point for purchasing Steem? As per your recent BTC EW updates, there is fall likely to happen in BTC soon. In that case, what would your target and analysis for Steem price?
I can answer that, when a drop in BTC is happening, but not before.
Looks to me like STEEM is halfway through a triangle itself (vs. $), would you agree?
I don't like the form and fit of this, but it is possible.
Sure, will wait for that. thanks for quick response.
wow good to hear :)
In the meantime, I personally consider it as a kind of adjustment period seems to be necessary for the continuous growth during last some months, and the part where the current adjustment is not understood exactly. There are various regulations in various countries, but in other words, it is the same in all countries that they approve within certain limits.
As much as we believe in its potential, the pain will return to the sweet fruit.
As You Update Everyday News OF BTC which is very important for us. At the first period of the day we get the knowledge all about it which is very important. So thank you so much for your this types of work daily. Best Of Luck In your Future work.
the price is still trying to break the 10800 support line ... any possibility to go down directly to 8k?
I just follow my basic strategy with reading charts. Using Indicators is just to confuse you.Reading charts,set alert when drop below base then buy when is price low.
Good analysis, as I have already said in multiple comments to work in this field must have cold blood and patience is the best of our allies especially at times like this.
nice
Hi @ew-and-patterns, I want permission to translate your post into Italian, so that my friends can understand.
Please see my steemit as well! Twitter, Steemit, Youtube now has over 60K followers and I provide FREE TA on request with regular BTC updates.
https://steemit.com/bitcoin/@philakonecrypto/bitcoin-btc-jan-30-afternoon-update-bears-retain-control
Thanks for the detailed information. Up-voted :)
amazing post about cryptocurrency.. its also very informative and knowledgeable post..so thanks... good job
Upvoted, followed and Resteemed by @cryptoryno33
January is usually bad for bitcoin but January is almost over so it might be a buy signal.