BTC update 23.09.17
I exactly called the low yesterday, which means my count has been right so far.
At 3513 level I wrote yesterday to @cryptopassion in the comments:
15mins looking good for that. There was a volume spike again and the candles look bullish. Maximum downturn I expect for green 3 is 3370, but this could already have been the low (3513 @ Bitstamp, 3490 @ Bitfinex). Watch this correction right now. If there is no new low your position is quite safe.
Here are the pictures of yesterday again:
The green wave 3 is complete and we are now likely at the end of the fitst move up of green wave 4. The three wave move down has just started a few moments ago.
If we are lucky, the crash won't start until monday. I would love to see that because I want to profit from this expected drop.
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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 :-)
Can u do this for eth?
I am on it right now. Your support is really making a difference for me.
done
Are we looking for higher high >3800 before drop?
Looking at ichimoku there is strong resistance at ~3800 (4h). If that will break out of green kumo many ppl will go for long
It doesn't have to, but from experience I always expect stop fishing and fake breakouts before the market is cleared to break down. If it makes a new high above 3811, I have to assume that the count of this correction is wrong and it could start crashing shortly after the new high...
Counting the corrections is always more difficult than the impulses. There a re 32 possible types of corrections... and I always assume the two most likely to happen
one thing is very clear right now. It will break down again soon (90% probable)
It went slightly above $3811 and currently on a downtrend (hopefully). I'm betting short based on the H&S hoping to take profits near $3000 levels. Any advice on that? I'm specially interested in possible price levels. Thanks in advance!
If it is not going to go down several hundred $ tomorrow it will most likely breach the 4125 level on monday.
On my bitstamp chart the 3811 was not broken yet and everything is still in waiting mode for a decision of direction.
Momentum is a little bullish at the moment, but this could change in the next two hours.
Thanks for your reply. I'll be staying in my short position. Any recommended closing positions? I'm thinking of near $3000 levels just to be safe and not too greedy.
yes the 3000 level is not too greedy. Keep watching my updates and be careful if 4125 is breached
I'll keep an eye on your posts. Thanks for the comment.
If BTC moves above 3811, 3930-4000 could be next, but this still would not be an uptrend and still fitting the bearish count
are you that it will either hit $3811 and downtrend to about the $3000 level or will breach $3811 and move up to $4125. If it does breache $4125 will the correction to $3000 be invalid and not happen, but rather will just keep moving up to higher highs ?
Excellent brother! Loving the effort you're putting into your content.
Keep up your hustle :)
Upvoted and RESTEEMED :]
So it "looks like" my opinion that GBTC wasn't ripe for short entry turnt out pretty well. I will likely become more excited about a new short entry if strength continues into the open on Mon. I'd rather see the dollar dumpf but based on teh most recent spews I posted about the dollah...I don't think it will be brought down too far early next week. Dollar will affect BTC methinks. But that's only becuz my "destruction of Silly Conn Valley, Cali excesses" theory has failed...so far. :-)
I still do not understand how Bitcoins work. I guess I'll have to dig down deep and do some real research instead of waiting for the answers to come to me.
Good post
@ew-and-patterns got you a $6.89 @minnowbooster upgoat, nice! (Image: pixabay.com)
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Excellent post. This technical analysis looks complicated, but very interesting.
Upvoted and Resteemed.
Interesting perspective! I just made an analysis about why i think it's the other way around. Let's see whos' right :)