BTC emergency update 21.01.18
I hate to tell you this, but if this line gets breached just by one $, BTC is likely to produce a new low for wave 5 of C of 2.
This could bring it down to 5,000$ in an extreme panic low scenario.
The BTC bears showed up right when they had to...
The good thing about this is the wavecross between white wave 1 and 4 in this wave C, which means it is an ending diagonal if this line gets breached and after the final drop, it must go up again. And it means I might be able to buy cheap altcoins one more time.
There is still a possibility that this line will not be breached, but right now it looks like it will be... the wavecross makes it obvious what's planned now. FUD is what's planned.
IF however the line remains unbreached, this is the most likely scenario in my opinion:
The bulls need to work hard now to prevent the drop from happening.
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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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.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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Have a nice day :-)
looks like the bulls still have breath and are alive the minute I'm writing! retesting 12000 as a support
Here's a tentative discernement:
The SHS that had formed (above the dotted line) reached its target of $11650 (end of circled wave ii), but failed to break below the ascending right triangle that was identified. Now we may be witnessing a reversal.
Still BTC must break above $12300 (dotted line again) to prove itself able to stand on the bullish trend.
Since there is so much FUD in the market at the moment, I have reduced my portfolio to mainly EOS and STEEM as the future of blockchain technology. I was never a fan of BTC and wish it would be replaced by another scalable and stable coin - it´s simply annoying, that all altcoins depend on a dying technology like BTC.
that is because almost all trading pairs are against btc. So when BTC value goes down alts dip hard as well. A true trading pair would be against USD, USDT or native currency. I truly blame the exchanges for it. If most coins were traded against fiat you would see bitcoin not affect other coins as much.
True and I wonder, why the exchanges have so much power? What is their "official" reason to do so?
It just makes no sense....
Yes, yes. Placing stoploss orders to somewhere $11 400 can be an option, if you play for bulls.
For me A-B-C red scenario is now very realistic (trading view idea is behind the image) and that is what you consider as a wave 4 :
Thank you for the updates, @ew-and-patterns. Following you.
Who are the bitcoin bears? I see only posts about how btc is going up to the moon. How come no one is posting when to short it?
I agree with the analysis and I contribute the important inflection points in my opinion (G and F see graph)
I see at this time a very complicated ascending channel, with many resistances (A, B, C and D see graph) and few bulls, to be able at this time to define a clear trend
Where it is going to matter more to keep under the btc so that those who sold the future contracts earn a lot of money, while we small savers are trying to see where the btc goes to maintain our investment.
I don't think the bitcoin losing value would be such a bad thing.
It could leave room for alt coins to grow more.
Not so good for BTC holders....
More that 10000$ BTC don't go!
Well, so let's get some more Bitcoin as long it is on sale!
Like your post but don't look like bitcoin going down to 5000
I just love it sir..... Thank you sir for sharing Outstanding perfomance for bitcoin... Thank's for sharing.....