Bitcoin (BTC) Mid-Day Update: Corrective Wave B of ABC Nearing Completion

in #bitcoin3 years ago

SUMMARY

Thus far, Bitcoin (BTC) has put in the blue waves 1,2 and 3 with 4 and 5 still remaining. The below chart shows that price is still moving within the yellow outline of a downward wedge. There is likelihood that the blue wave 3 could go lower than current level but it looks ready to start blue wave 4. The overall fill of the current price micromoves is within the larger red ABC of the blue B.

At this larger perspective, the wave (A) and (B) of blue D is in progress and as shown in the above chart, red (B) is nearly complete. The bottom yellow long term support needs to hold.

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Bitcoin just shot up pretty hard lo Out of no where too. Luckily I wasn't shorting :)

I think it is going back to the 6K low again in the coming weeks/months. Worst case 2,900.

Here is my analysis.
https://steemit.com/bitcoin/@crits/bitcoin-price-drops-in-the-past-compared-where-are-we-going-how-long

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It could really go as low as 3k$, hoping for a bounce to 13-16k$ first and some chart patterns that could help predict if it will happens or not ... it's the 5 3 5 hypothesies where we are at the end of the B of the 3. Taking account of the whole history of bitcoin it makes a lot of sense, but I will be optimistic about the price at the end of this year, it could really reach 30$k if not 50k$, BTC is really sensible to news, and lightning network, atomic swap and any other upgrade could bring a bull rull never seen before. Again I'm hoping we will see it coming on the charts ...

Do you think the same even if it does drop down to as low as 3K? will your prediction of the $30K at the end of this year change because of the current drop? such as roughly bottom at $7-8K or $3K?

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I think the lighting network will save the bitcoin. The two biggest problems the speed of transactions and the transaction costs will be so small that the bitcoin will raise again.
In my opinion with the Lightning network we can reach 60.000 USD this year.

I like your content men!!!!

Any thoughts on the most recent BTC move?

me and many people are tired of manipulation, bad news about crypto (which are mostly wrong) , whales moves etc.
indicators,resistances, flags will not lead us anywhere.all i saw so far, big bosses playing with us and everytime we bought it.sometimes we earn sometimes we lose, it doesnt matter.who can say btc price never go down to 1000 or go up to 100000 in a few months? is it healty?is it normal for any currency?
i think very soon many people will leave, then lets see how whales can make money.

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