New month new luck? Or should I say new month new lows?
BTC seems to be retesting its previous low @ around 6000$.
If this low does not hold strong, we will likely see the next wave down, which I already told you about a month ago:
I don't think this will be wave A though. The correction would be unusually deep for a wave A. The correction should be over once a new low is established. We should see big bull strength again after this.
They will say the bitcoin bubble has burst and it will go down to zero again. Nope, it won't.
In one of my latest posts comment sections I wrote about the 3 stages of new disruptive technology.
Cryptos are still in stage 2:
- Laugh at it (people using it are stupid)
- Fight it like it is the devil himself (governments issue warnings, controlled social media bans it)
- Accept it, because it can no longer be denied (Mainstream adoption, government wants its share of the pie)
When people realise that stage 3 might be right around the corner, it will be too late to get in at reasonable prices. Those who stick with it, and buy at the lows will be the future crypto millionaires.
To put this into perspective, shares of Facebook were worth only 18$ in 2013. After founding in 2004, it took Facebook 12 years to become a big player and a highly successful company. STEEM is only 2 years old... BTC is 9 years old...
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What do you think about this @ew-and-patterns ? wave 2 can retrace up to 99.9% if it wants, and since it never went higher than wave 1, the count would still be valid perf fibonacci and support levels.
Yup, that is a good alternate. But wave 2 does not look threewavish, which is why I favor the failed 5 over this count.
Actually it really does look threewavish (just my opinion/counting), and that would be a 5-3-5 flat (and a cute little expanded flat within it on a lower degree? not too sure now about how to count this triangle...):
(wave (iii) of circled C is not the shortest, no problem about it.)
I double checked it. You are right. Its a perfect ZigZag, with wave b being an abcde triangle. I did not revisit the lower timeframe again, so I missed it.
Thanks for the comment.
Bitte schön ! :)
I think we have lower lows before any uptrend. Previous drops have been 80% and this one is not that deep yet!
Have you ever read this: https://medium.com/@super.crypto1/4th-dimension-bitcoin-manipulation-cartel-can-it-be-burnt-no-way-c53de65c166a ? Then you will never believe in a comeback, except buying and buying over years. Good luck!
It seems to be a highly complex pattern that one of the most difficult to be understood. So i wish good luck to all traders and investors :)
is this the A,B or C wave?
Agree that we are still early in the cycle as companies and governments are still announcing research into the blockchain technology. Once they see the advantages, there will be a mass adoption. This is also the first major cleanse of the asset class so expect some projects to disappear before the market begins to rebound.
Cool post, thanks for sharing ;-) upvoted and resteemed :) keep up the good work :)
Bitcoin dipped the same way in the first quarter of 2018 as it rose in the last quarter of 2017. First quarter has been finished let's hope for Bitcoin bullish tends. Keep sharing @ew-and-patterns
Good post! Perspective is always good!
So what do you see as the most probable low for BTC now before a reversal? respect your opinion you're a legend
Facebook shares were indeed not worth much. But it was not part of the dotcom bubble. So it's not a good example.
We're in a stage where most coins will die. Only the strong will survive.