Houston, we have a problem!
What I am about to show you still needs confirmation, but to me it already looks like a sure thing. I would give this a probability of 75%.
This is just for your awareness, what you do with this info is in your own responsibility. It doesn't have to happen like this, but I have seen this pattern hundreds of times and most of the time it turns out as in the picture. I am very cautious right now.
It could start to drop any moment now. But it might also take 24 - 72h and could go as high as 18700$ before starting to drop... would still be valid to my count.
In my last post I already pointed out, that a major ABC correction could be forming:
But I certainly did not think about wave A dropping to 11200$!
You may call this really dangerous, because my target of wave C is 6000$ BTC, but you could also call it the opportunity of our lifetime! Because the expected rally afterwards is likely gonna dwarf everything you have ever seen.
If BTC drops to 6000$ or close to that, I suspect we have major wave one in @20000$, this is gonna be biggest wave 2 (down to 6000$)!
So if you see a sharp drop in price in the next few days, expect the worst, or in my case, the best.
Update: most likely startingpoint of this expected drop is 17350$ (100% extension)
same pattern repeating, missed the 5K bounce just as we are missing the 10K bounce.
Just did a small article about this: BTC scewed double bottom pattern down to just above 5K earlier this year, now down to just above 10K
Don't panic, buy the panic
6000 USD is most certainly a possibility, but I really don't believe in those patterns... Anything is possible in Crypto
I'm not sure this is anything else but wishful thinking... There is no patterns whatsoever with crypto. There is no fundamental underlying assets to 'revert' back to when determining a 'floor'...
Bitcoin could go to $0 overnight. Who knows?
A lot of people cashed in prior to Christmas hence the dips we've seen across the board. Likely some money will return to the market in the new year and depending on the trends, you might see additional build up, until people have to pay taxes or whatever and then another dip will come...
And please, can we avoid the LARGE LETTERS IN THE POST? especially when you don't want to be 'dramatic'.
Don’t go on somebody’s blog and COMPLAIN about they way the authors p0st
Title got my attention and loved the CAPS ! keep it up.
I agree... nothing wrong with the caps. I like it. news articles do it all the time. it makes sense.
Yeah I kinda liked the "emergency" title, and then "don't panic" in the blog :D gotta confuse the reader right? To this point this is all just about saying "this could go up, but this could go down as well"... oookay then... Let's just wait.
Some altcoins, as of right now, really ARE bullish in their position with multiple ABCDE bull triangle forming. So, Bitcoin may go unphasic with those ones, which would allow alts to have their momentum while BTC takes a nap for a few days. (For those interesting in my analysis, please take a look at my latest blog! I won't post a direct link in respect of @ew-and-patterns)
Well said @postache. I'm always intrigued by the musings of crypto prophets as I agree with you. Who knows? I guess we just have to grab the popcorn, open a beer and sit back and watch the future unfold!
He does want to be dramatic because basically he’s saying it’s gunna down and up. Nothing more.
No, I am saying that it is more likely to drop, but the pattern for B is not done yet, so it can go up a lot before that to confuse people. Wave c of B often reaches the 138% extension of wave a of B, which is at 18700$.
Thank you so much for this emergency crypto news.
@ew-and-patterns I think it's a possibility - like hell, anything is possible in this market. If we've seen 2000% increase in Bitcoin since the start of the year, why not see a 60-70% retrace?
However, you're looking strictly from a technical analysis stand-point, with a strategy that I don't fully understand even.
If we are to think about the fundamental aspects, let's think about what happened after thanksgiving. Everyone sat down with family and friends and talked about Bitcoin, and it rallied close to $20K, then corrected as the hype got consumed. But I am expecting another wave of hype after Christmas, when everyone will be well rested, ready to take on new challenges especially after the new year, and maybe not miss the boat on Bitcoin this year around. It's a huge mental milestone.
In other words I expect Bitcoin to rally soon, probably to an ATH in early to mid January, and then go down in February after all the hype is consumed yet again, and taxes start to be paid.
Going forward, I expect a couple of months of consolidation, probably still around $16 - 18K with more upwards movement going into spring/summer just like we saw this year.
The btc market is in good shape, but we do not know how long @ew-and-patterns
nice work hopefully we make same you for one post
Sometimes the price goes up, sometimes the price goes down.
The best bet is really to do some type of sentiment analysis.However I do respect your want to warn people (
in hope that it's ernest) .Yeah, but those 100 people watching my blog probably won't have 2 million BTC (equal to 31 Billion $) to move the market in any direction by buying or selling...
Of course it is ernest. I have a lot of money on the line, too. I doesn't work out 100% of the time, but I invite you to check and review the performance of my posts.
Thats true, but smaller movements can snowball effect. I'll check out your posts though :)
( why would 2 billion bitcoin be needed to move the market in any direction, I'd say even 20% of the 24hr volume could, though in all honesty thats still around $2.5 billion lol )
Good luck and have a happy new year :)
We are talking about getting BTC down from 16000 to 6000...
Best of luck and a happy new year to you, too.
Don't sell, don't panic, just hodl. What's a correction to $6000 if it goes to all time new highs? What's the point in risking to miss out the next impulse? Except if you literally live stuck to your screen.
By the way, $6000 is way to low regarding nowadays trends and volumes. Worst case scenario would be $9000. Just my 2 cents though.