BTC update 18.09.17
You might think BTC is bullish and will easily hit 5k again. Yes, it is possible that it will go straight to new alltime highs, but there is a chance, that it will collapse again before that.
Today I wanna warn you about a possible bearish scenario, which is likely to occur when BTC is unable to bust through 4378$ (which is the 100% extension level). Right now the chance for this is basically 50/50. It does not look too bullish yet, which could change soon.
This is what you don't want to see, if you want bullish BTC and altcoins:
If BTC happens to turn bearish around this level, there is a high chance of another collapse. It could just be an wave X opening a very low target of 2222$ or even 2000$.
On the other hand the bullish scenario, which I am sure you would love to see could look something like this:
Also be aware of this trendline. But a breach of this trendline does not equal a bullish scenario yet, which is shown in the first picture:
I will keep my followers updated on what is going on once I see a new development.
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. 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 are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
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woosh
Thanks! As always a very helpful interpretation of the chart. Scenario 1 could enroll a double top...
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Money buys many things... The best of which is freedom.
That's thing. It's not really about worrying if it WILL get there, because it probably will. It's simply a question of WHEN, and WHAT will happen in-between.
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Thanks for the post. The volatility of BTC is like a bouncing ball to most people. Even with analysis and prediction, it is still just a speculation. The believers of cryptocurrencies and blockchain technology knows in their heart that it will go up eventually. As @photobomb said, we just don't know what will happen in between.