New pattern alert in BTC. For me, this looks like a classic 3-3-5 expanded flat pattern. It would fit perfectly into the current big WXYX2Z correction.
It should complete the X2 part and end with a new panic low in wave Z which right now looks like it's going to be at least 7,500$.
BTC is has managed to stay above the downtrend line for now. This is short term bullish, but as you can see I expect a sharp reversal @ 14,000$ or even 15,000$ at the latest. The invalidation point for this pattern is 16,100$, but I am quite confident, that it will not be able to go this high and that a new panic low is needed.
This downtrend line might play a big role in the coming weeks. If we bounce off it after a panic low, this might just end the downtrend and start a new impulse wave towards my target 45,000$ or even 66,000$ (target of my friend @passion-ground, I resteemed his EW post).
This bounce could also happen at the range of the next support zones, starting @ 7,500$ (62% retrace from ATH) and ending with 4,356$ (78% retrace from ATH). Within this range, there are many strong support levels, so I am confident that it will turn there.
Maybe around this time, there could be a news arriving that the lightning network (which is already partially initiated and working) has reached its full capacity and is running without any beta testing bugs...
We will find out soon... Stay tuned...
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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.
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Let's see who will be able to play a short term bearish market! Many opportunities if well played.
Oh yeah! Can't wait for it. Big corrections are soooo annoying.
Another great post, upvoted and resteemed, thanks for sharing, keep up the good work,
Check out this Dtube video, Elliot Wave analysis by John Piper (Pro Trader) - Bitcoin section starts at 12:15s -
good video, but in his BTC analysis he doesnt even count the subwaves, so his count doesn't make much sense. He is just counting what he sees at first glance lol
Thanks for the reply, I'm just an enthusiastic amatuer, I enjoy looking at the different way that people interpret Elliot Wave, keep on posting !! ;-)
Every time I see your analysis I learn something new. I try to study your TAs by comparing it against previous charts with the same trend, and almost 80% of your analysis are on point! Thank you for sharing and keep it up! Cheers!
wow very nivce post friend
Thanks for the information. It would be nice to have one more lower low to get a stronger holding in BTC, but I have the correction as done. @ew-and-patterns can you please look at my chart below as I have only been doing this for about a month and would like some feedback if possible:
This is what I thought too for a week. But after a low which ends the downtrend, there should be a new impulse forming. If you ask me, this next move up was a clear 3 wave structure, so the correction can't be done. An impulse can never start with 3 waves up...
Okay, so more than likely still waiting on waves D and E to complete. So probable destination is around 8-7800k. Thanks for the input and critic. Still very bullish on long term price path. Here's to lots of made money and happiness to all
Well here is to a couple more sleepless night. Oh bitcoin, why cant we go back to the good ole days like December 12 2017 :(
This might be better, if I'm understanding @ew-and-patterns.
If it happens as he thinks it has a good possibility, and if I am understanding it correctly....we may get some record lows (relatively/recently speaking), that may end this downtrend. This could propel us to new record highs in the not so distant future, especially if some new info about the lgithning network drops while this is happening.
So if played correctly, one could not only HODL, but buy in a little more at these lows and make a nice little extra profit. If one is really savvy, one could try and sell shortly at a high before the drop and buy back in low....but of course if it doesn't drop much you can get left holding the bag.
Great interpretation. Either way I am in it for the long haul. When I invested into crypto, I planned to be in it for a few years at least. I just hope I can prove all of those nay sayers wrong. My dad thinks I am retarded and a loser for investing in crypto, man do I want to prove him wrong.
Depends on what you invested in, but it is likely that you will prove him wrong ;-)
If my scenario plays out, the marketcap will be 2.5T in 2018 :D
I am invested in many different coins, but if the market does 2.5X I am pretty sure I will be doing pretty good. My dad thinks it is some type of get rich scam for lazy people and that I should be out doing something physical to make money, instead of playing with imaginary money. FML
I have a few friends who think the same way about crypto as your dad. But I will certainly prove them wrong this year.
I hope, he thinks I am sick in the head because I invested 40K into crypto. Maybe I am mabey I am not. He is a self made business man, well he was until he lost it all. His concept is, if you have to spend money to make money, its not a good idea. Sadly sometimes you have to spend money to make money
He constantly breaks my balls about all the time I spend on steem. I never really made any money on here, but I hope one day I will and hopefully I can prove him wrong in the process. Thanks for your response.
It is very hard to make money here without investing first. I put in 1400$ when steem was below 1 $ and started posting quatlity content.
If you don't have a niche, that you can constantly post about, it is much harder to earn some money here.
This is my take on how to be a successful steemian:
Yes good
your post is very interesting I am amazed at you .. thanks for sharing post ... if you have time please visit my post.
Useful postings @ew-and-patterns
I like your post well written thank you to you large, please like put it me help a poor man though that to get that in this large world of steemit
Thanks for sharing btv update providing.
I love Bitcoin.
Thanks for the update!
Really love this ..got me thinking ..
How about steem and sbd
I upvote and resteem your post hope you will give me huge upvote thanks
Once again it can go up or down, like always. For this I don´t need TA. The only value created from this post is the upvote reward. And to write in BIG LETTERS doesn´t make it more real.
harsh :( if you got nothing good to say then say nothing .. ?? ;-)
Sorry, but should we really exchange only good news? If so, nothing will get ever better. Without critique, no improvement.
While I'm not all kinds of touchy feely.....big difference between discussing bad news and saying someones post has no value.
great news...Let's hope for the best :)
You are right.
Great post sir.
Thanks for searing.
Wow impressive news :) Thanks for sharing us
@upvoted
Thanks for sharing such a useful and informative post...
Nice Graph show..
Gud work..
Excellent analysis.
Nice analysis.
Wish I could run analysis as well, understand charts and discover patterns etc. But that aside, let's wait for the next dip, hopefully it's gonna remain below the belt for quite sometime and I believe it's gonna come during or just before the March G20 Summit in Argentina (I think).
very nice post mister... thanks for sharing.. keep it up!
Does it mean the price will fall below $10000 before making a run to $18000?
Because I was planning on getting a few dollars worth tomorrow.
That is exactly what it means. In my opinion it is likely to drop again, once this bearish pattern is completed.
I'm no EW expert but I see lots of good signs from alt-coins. So what are the possibilities of alts (at least some big ones breaking away from the reigns of BTC bear and at least resist falling down? ETH seemed like it's on a good mode.
On the rise to 14k altcoins will likely gain more than 50% and then drop 40% again when BTC drops.
Thanks for your inputs.
im waiting for this retracement and oops
Ja, das könnte richtig noch was werden. Ist das Lightning schon gezündet, weist du was darüber @ew-and-patterns ?
Ich habe einen super post mit video über lightning resteemed. Schau es dir mal an. Von diesem neuen payment channels wusste ich gar nichts vorher.
danke dir, schaue ich mir gleich an. Das soll ja die Kosten und die Zeiten enorm kürzen bei bitcoin. Vielleicht gibt dass einen weiteren Schub an neuen Investoren , wer weis...
Here is my idea , that I posted on 19 th of January:
The latest dip is "C" and now we are not clear, if the bounce from 9000 is the first wave in impulse or the A-B-C for before the second ZigZag in double ZigZag pattern. I expected the move to 14 400 - 15 600 zone, but it could also be a smaller wave 1 (so now we are about to go ahead with 3). The other option - we follow the red A-B-C pattern.
Popcorn...
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