important BTC update 28.01.18
New pattern alert in BTC. For me, this looks like a classic 3-3-5 expanded flat pattern. It would fit perfectly into the current big WXYX2Z correction.
It should complete the X2 part and end with a new panic low in wave Z which right now looks like it's going to be at least 7,500$.
BTC is has managed to stay above the downtrend line for now. This is short term bullish, but as you can see I expect a sharp reversal @ 14,000$ or even 15,000$ at the latest. The invalidation point for this pattern is 16,100$, but I am quite confident, that it will not be able to go this high and that a new panic low is needed.
This downtrend line might play a big role in the coming weeks. If we bounce off it after a panic low, this might just end the downtrend and start a new impulse wave towards my target 45,000$ or even 66,000$ (target of my friend @passion-ground, I resteemed his EW post).
This bounce could also happen at the range of the next support zones, starting @ 7,500$ (62% retrace from ATH) and ending with 4,356$ (78% retrace from ATH). Within this range, there are many strong support levels, so I am confident that it will turn there.
Maybe around this time, there could be a news arriving that the lightning network (which is already partially initiated and working) has reached its full capacity and is running without any beta testing bugs...
We will find out soon... Stay tuned...
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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 :-)
Let's see who will be able to play a short term bearish market! Many opportunities if well played.
Oh yeah! Can't wait for it. Big corrections are soooo annoying.
Another great post, upvoted and resteemed, thanks for sharing, keep up the good work,
Check out this Dtube video, Elliot Wave analysis by John Piper (Pro Trader) - Bitcoin section starts at 12:15s -
good video, but in his BTC analysis he doesnt even count the subwaves, so his count doesn't make much sense. He is just counting what he sees at first glance lol
Thanks for the reply, I'm just an enthusiastic amatuer, I enjoy looking at the different way that people interpret Elliot Wave, keep on posting !! ;-)
Every time I see your analysis I learn something new. I try to study your TAs by comparing it against previous charts with the same trend, and almost 80% of your analysis are on point! Thank you for sharing and keep it up! Cheers!
wow very nivce post friend
Useful postings.
Thanks for the information. It would be nice to have one more lower low to get a stronger holding in BTC, but I have the correction as done. @ew-and-patterns can you please look at my chart below as I have only been doing this for about a month and would like some feedback if possible:
This is what I thought too for a week. But after a low which ends the downtrend, there should be a new impulse forming. If you ask me, this next move up was a clear 3 wave structure, so the correction can't be done. An impulse can never start with 3 waves up...
Okay, so more than likely still waiting on waves D and E to complete. So probable destination is around 8-7800k. Thanks for the input and critic. Still very bullish on long term price path. Here's to lots of made money and happiness to all
Well here is to a couple more sleepless night. Oh bitcoin, why cant we go back to the good ole days like December 12 2017 :(
This might be better, if I'm understanding @ew-and-patterns.
If it happens as he thinks it has a good possibility, and if I am understanding it correctly....we may get some record lows (relatively/recently speaking), that may end this downtrend. This could propel us to new record highs in the not so distant future, especially if some new info about the lgithning network drops while this is happening.
So if played correctly, one could not only HODL, but buy in a little more at these lows and make a nice little extra profit. If one is really savvy, one could try and sell shortly at a high before the drop and buy back in low....but of course if it doesn't drop much you can get left holding the bag.
Great interpretation. Either way I am in it for the long haul. When I invested into crypto, I planned to be in it for a few years at least. I just hope I can prove all of those nay sayers wrong. My dad thinks I am retarded and a loser for investing in crypto, man do I want to prove him wrong.
Depends on what you invested in, but it is likely that you will prove him wrong ;-)
If my scenario plays out, the marketcap will be 2.5T in 2018 :D
I am invested in many different coins, but if the market does 2.5X I am pretty sure I will be doing pretty good. My dad thinks it is some type of get rich scam for lazy people and that I should be out doing something physical to make money, instead of playing with imaginary money. FML
I have a few friends who think the same way about crypto as your dad. But I will certainly prove them wrong this year.
I hope, he thinks I am sick in the head because I invested 40K into crypto. Maybe I am mabey I am not. He is a self made business man, well he was until he lost it all. His concept is, if you have to spend money to make money, its not a good idea. Sadly sometimes you have to spend money to make money
He constantly breaks my balls about all the time I spend on steem. I never really made any money on here, but I hope one day I will and hopefully I can prove him wrong in the process. Thanks for your response.
It is very hard to make money here without investing first. I put in 1400$ when steem was below 1 $ and started posting quatlity content.
If you don't have a niche, that you can constantly post about, it is much harder to earn some money here.
This is my take on how to be a successful steemian:
That was a great investment :) I don't think I have ever asked for a up vote nor I have I ever really seen it done. So that's one positive quality about steem. I am starting to give away other forms of crypto on my channel as well . So its all about sharing with the community :) Have a great Sunday !!
Yes good
great news...Let's hope for the best :)
Really love this ..got me thinking ..