Bitcoin: Recovery at $2,000
What's up everyone, due to numerous requests for the future direction of Bitcoin here is my current view for BTC/USD on the 4h chart with a three drives pattern.
I'm expecting a similar move to the one we experienced 2 months ago, you can check out my previous analysis here.
The prediction shown at the link above was used as an indication of future price direction from $890, rather than waiting to short upon completion of the pattern at $1,600.
I will be treating the present setup in the exact same way.
The 0.886 retracement for point B ($1,980) aligns with a bullish bat pattern and bullish reciprocal AB=CD (chart is shown below).
This provides additional validation for a reversal at 0.886 rather than the 0.786 retracement level.
Once we see a reversal between 0.786 and 0.886 I expect a move up to $3,250 creating a new ATH.
There is a lot of speculation that BTC will drop to $1,000 due to it losing a further 13% in the last 24 hours, however, bitcoin has proved many credible analysts wrong time and time again, it will be interesting to see how this trade develops over the next month.
We'll see how far we go down in the short-term, in the end we go back to $1200 probably and then finally in 2018-2019 the mega 10-30x move :)
$3,000 seems to be a critical level going forward, but we'll definitely see a larger correction later this year.
Yeah round numbers are psychological levels, especially after a long rally so pullbacks on those levels are extremely normal. But i don't have to tell you all this probably ;)
Lol at least you cleared up the subject for those reading :) do you post a lot of technical analysis on here?
Nah not really, i might be in the future. But currently i'm focusing more on (technical) articles about improving SteemIt and a lot other interesting topics. There is a lot of technical analysis out there already. When i can add some more value to the topic i will eventually.
I'll keep an eye out for your articles.
Is there normally a lot of technical analysis posted on here by other users? Not seen much if I'm honest.
Welcome to Steemit. I've been following your work on TradingView. You should be getting some good payouts in no time if you start bringing some of your following over here.
Thank you! I hope you've gained value from my posts. I plan to bring a lot of my following on here, some have already joined.
Once I'm more familiar with the platform I will get the word out.
I definitely have gained value. Thanks.
A couple quick tips to increase your upvotes: join discord and post your articles in the steemit-trail group and the Whaleshares group, use Chainbb to get upvotes from a couple whales there, and use randowhale to get some more big upvotes on your best posts that could boost your followers more quickly. There are good "how-to" posts about all of those things.
There's a lot to learn about the platform, but with your valuable content, it will be easy to gain followers.
You're welcome.
Do you have links to these websites? Even if you could link me to a good how-to post that would be excellent. Thanks for the info :)
Here's one about whaleshares:
https://steemit.com/whaleshares/@jphenderson/what-is-whaleshares
And randowhale: https://steemit.com/@randowhale
Those will help in the beginning, just to get your posts boosted a bit.
And ChainBB is a "forum" layer on top of the steemit blockchain. The whale who runs it will upvote you if you use the platform:
https://steemit.com/chainbb/@sandstorm/what-is-chainbb-and-why-does-it-matter
Steem Trail might be of interest too to jumpstart your following here:
https://steemit.com/steemtrail/@steemtrail/steem-trail-daily-introduction
With your following, these may not even be necessary, but there are so many bots and apps on steemit, you kind of have to explore and see which ones suit you best.
Thank you!!! I'll check out all of the links and see what is best for me.
I might as well mention busy.org, which is basically more of a FB "layer" on top of steemit which makes things a little more user-friendly. That's what I'm posting from right now.
You can sign in with your steemit password (always use your private posting key to sign in, not the owner or active keys).