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RE: Bitcoin (BTC) Morning Update: Why a Completion of the Wedge Pattern Could be Better..
haejin - Do you think this is an alternate possibility if the wedge breaks out but fails to continue North? I plotted an ABCDE but using a larger wedge/triangle
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I drew a similar wedge and was about to post it to ask @haejin and then saw yours! @Haejin why do you not consider the first peak in your wedge like we did in these larger wedges?
That's my thought as well. Why is the first peak not part of the pattern?
Possibility, yes. However, there is quite a bit of sentiment out there about this 'lower low' that may occur. It comes down to the sellers vs the buyers, and if people quit buying, well... we'll see that lower low sooner than later. If BTC hit 13k and dropped to 11k, and now bounces up to 14k+, I'd be very surprised. Right now it appears Haejin's analysis would be more probable.
Still, thanks to both you and @kwaman for sharing your input! It is appreciated :)
I did a post about it a few days ago, check it out :-)
https://steemit.com/crypto/@adri1202/future-of-cryptos-new-apocalyptical-hypothesis-descending-triangle-for-btc-and-ltc
Nice work. It seems most TA people are in agreement about being in a major correction, just not exactly the depth of how far it may go South or when it will make the final turn North.
This could be a possibility but I wouldn’t risk not selling now if the price decided to plummet all of a sudden
I have a "core" holding in bitcoin. A few BTC I will not sell (or spend) until the really big pay day. A couple are digital and one is a physical CASASCIUS bitcoin that has never been redeemed. I will hold that coin until I can auction it off at one of the big auction houses some day. :)
Any other fractions of BTC I buy or sell trades around that core position. Looking at it that way it is no big deal to me if I miss this entry or that entry as I will always have a long position in Bitcoin. I bought into Bitcoin when most people didn't know what the heck it was because I saw the future potential of BTC. My opinion has not changed. It has only been reinforced with all the crypto mania of late.
Indeed that was @haejin primary count from a few days ago.
Though I observe that the last C correction started a monday - the 15th of January ... Could that be a coincidence, where we repeat the same scenario?
In this case, tomorrow monday 22nd could be the start of the final E correction.
I see it as a more likely option at the moment, specially with the 1st official announcements from South Corea and European regulators arriving in the beginning of this week.
There is always a probability it goes up to D before that the way you say. Thats why we should learn to ladder the buys just as a master analyst would do...
Not an easy job, but thanks @haejin for bringing this information accessible to the newbies and really pleasant to hear and learn.