Long overdue update on BTCUSD
Hi everyone, apologies for the lack of posts over the past fortnight. A combination of exorbitant data limits and a dangerous new strain of manflu took me out of action and put me behind on a lot of projects. Back up to speed now and daily posts will resume.
Full Disclosure: I was long BTCUSD when I last wrote and have obviously been stopped out of that position. Loss was $1000 USD, but it was all profit so not too fazed - this stuff happens, if you can't afford it/take it on the chin, then you're in the wrong game!
Bitcoin has taken a big hit over the past couple of weeks, but the bounce off the breakout zone is just beautiful if your like me and you get your rocks off on chart-art:
Trend is currently sideways, with a bigger-picture bullish bias taken off that bounce. The descending trend-line falling from the highs is a little steep for my liking, so be wary of false breaks. I see continued consolidation over the next few days with potential for drift back towards 3200. That drift would no doubt be met with significant buying interest.
We need to clear 4100 to relieve immediate down side pressure and this would reinforce case for a bottom at 2800. A breach below 2800 would turn the whole picture very ugly and a lot of us will be found in lock up garages with engines running. On the bright side, I don't think that scenario is very likely at all and I wouldn't be surprised to see new record highs in October.
Thanks guys, hope the past couple of weeks weren't too painful and you're all still solvent!
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A breach below 2800 would turn the whole picture very ugly and a lot of us will be found in lock up garages with engines running.
Back in our days we survived much more severe corrections
It's not so much about the size of the "correction", but the technical implications of such a move :)
I'm happy to see BTC moving sideways personally. Seems like when there isn't any action there, the alts start getting some love. In a viable alt market that doesn't move in lockstep with BTC, there is room to trade and profit.
Yep and can't have high conviction breaks without consolidation
Always reassuring to see that someone else's analysis matches my own: https://steemit.com/bitcoin/@stocks29/bitcoin-elliott-wave-update-where-will-this-correction-end
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thanks for sharing the analysis
i hope so btc will go up again
once again the crypto will rock the market
It will. Dont hope. Just matter of time.
Thanks for your work as well! Followed @bulleth
Good analisys.In couple days BTC will go up
@bulleth Really good post.
Your publications are really beautiful @bulleth I've checked most of them and found them amazing you're really worth it all thanks for sharing I hope to be like you in the future I work with all my efforts and perfection of God
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