Bitcoin (BTC) Mid-Day Update: A "Ghosting" Fractal
SUMMARY
Fractal applications can be unlimited. I was discussing Bitcoin (BTC) with @hardingmedia who shared the below charts. Basically, the July of 2017 correction lasted about 36 days and the price movements of that correction was "ghosted" over the current correction which also is lasting as long. The initial target provides $35k for BTC and the subsequent extension of the ghosting leads to $80k target. Very interesting as to how the July correction in time and pattern ghosts quite well over the current as a fractal.
Here is a close up showing how the fractal overlay can be used as a guide. IF this is fractal in relationship; then likely one more lower low could be expected as shown below.
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With the inherent problems built into Bitcoin at the base code level, I find it hard to believe these prices will ever be attained, no matter what trend analysis says.
Such an amazing example of True Market Sentiment. Fractals and Fibonacci to the rescue!
Thanks @haejin !
Looks like the 5 wave correction we've been waiting for is almost over - substantial bounce from low early today. We are about to get resolution and some clarity my friends...
Do you think we're due for 1 more bounce at 8k?
More than likely @justarobot
Tic Tac, Tic Tac...
So what do you thinks guys, is the correction complete ?
1 - YES
2 - NO
It is in the process of completing.
1
😂 I summon an analyst in attack position.
Isn't @haejin supposed to be on Jupiter or something?
He is. But he is not the owner of the card. I am. And my target is the moon.
Based on what? Your wish, or because you know what you're buying?
The card.
such wow!
My Bitcoin price targets for the end of 2018! https://steemit.com/bitcoin/@investingtips/bitcoin-price-targets-for-end-of-2018-preview-the-moon
I agree. One more lower low for us to jump back in then onwards and upwards.
others are saying it could go lower to 5-6k levels
It could go to zero, or close to. It could have all been a bubble and it’s all over now. All possibilities but we will have to wait and see. It doesn’t take much to move this market as seen by recent price drops!
But remember this time last year bitcoin was at one eighth of the price! Even after the crash, it’s still worth 8 Times what it was a mere 12 months ago.
..........the whole project could collapse!
Bitcoin is currently sitting around $8500. That is to be expected since a lot of news have been bad this whole month. The market doesn't behave in a rational manner as other mature market. We are at an infancy stage where bitcoin is treated more as an investment and less as a currency. The higher the price goes...the more stable it will become. Now, can it reach 35k -80k? We can perform a simple calculation. The current market cap of BTC is close to 144B. If bitcoin where indeed to reach an 80k the market cap would increase by 10x. That brings us to 1,44T just for Bitcoin. It can be reached but it will definitely take way more time than what we expect. Until then...HODL!
It is the biggest gamble game of the world based on nothing! Buy RDD, for what? Is it gonna bring you dividend. They don't even have a platform and are around since 2014. Think of that before you make your first moves
Nice one, we use the same approach, I was also looking at fractals in the past but what I've found was something from the beginning. Check it out
https://steemit.com/bitcoin/@drumsta/ta-btc-usd-is-the-bottom-in-i-don-t-think-so
Excellent analysis Haejin.
With all the bitching about your posts by other whales, I suggest they have a read of what they should really be working on fixing in Steemit if they are that upset from you making money on the platform - the Steemit incentive and valuation model - which is frankly a failure at this point that needs drastic improvement.
Please have a read: https://steemit.com/steemit/@newsandviews/why-and-how-steemit-needs-to-improve-or-face-future-competition-that-will-come-in-to-replace-it
Ghosting ?? i love it.. the Ghost doesn't go down.
Cool, except there is legitimately nothing supporting why the next 5 months would act like this?
I'm likewise in my thougts about that