Bitcoin (BTC) Mid-Day Update: DECISIVELY BREACH THAT UPPER TREND LINE!!

in #bitcoin4 years ago (edited)

SUMMARY

Each time a resistance is hit, it becomes weaker. Bitcoin (BTC) is being like a battering ram to that upper trend line resistance. Price is currently sitting on the trend line and now mojo needs to be summoned by the bulls to lift off nad rise above it and the key is to STAY ABOVE. Re-Entry would not be ideal.

I've raised the blue wave 3 to 3.618 of wave 1 as if the this is 3 of 3; then such extension would be zero problem to hit. This makes wave 3 target at $11,011 and wave 5 at $11,133. Following these five waves, will there be a correction? Yes, to a minor degree. Would I be selling and buying in and out of these corrections of such small degree of trends? I don't day trade.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Just show me a chart of it going up, up, up!

Its like magic buy voting the charts reappeared LOL.
Images were hidden due to low ratings.

Great platform where we can impact so much right? Got to upvote the good stuff ...

you are right and steem and other currencies are very fall down but btc is sitt on one place 10 to 11

While the btc continues to climb the other currencies will be very down
There are exceptions

I do not know if this break-out has enough momentum to keep us above the long-term downtrend line for very long. It is accompanied by somewhat low volume, which is not a good sign.

I believe that a lot of people here are too narrowly focused-in on technical analysis. It is one useful way of trying to predict an unpredictable class of assets (cryptocurrencies), but the overall geo-political/financial/psychological aspects of analysis are even more relevant to price prediction when the overall sentiment is cautious and volatility is high.

A further thing to consider is what is going on in the stock market. Yes, it's a different market, but it's 500 times bigger than cryptos. The overall sentiment has been pretty cautious, or neutral. Last time the DOW took a dip, people kept most of their money in cash, with some small amount moving into gold. Cash then moved back into stocks. The point is, people who are saying that cryptos are a good long-term store of value have not been proven right or wrong - yet. Again, stocks are dropping. It is possible that more people may start looking for other options - and cryptos could go way up. But, I only see minor indications of this happening, so far. People need to remain skeptical and cautious regarding cryptos, and make sure you don't fall into scams, such as BitConnect - which I warned people about several months ago.

So, I don't think this break-out is going to stay above the longer-term resistance for very long. At least, the overall chances seem to be against it - unless we see a big increase in volume.

great stuff. thank you. where do you currently have the A-B-C retracing too after a successful 5?

I provide analysis and graph.

Captura de pantalla 2018-03-01 a las 3.33.59 p.m..png

Possible intermediate target 12.500 dollars at the end of 5 waves lower grade. Then come a correction of less intensity than the previous one.

We will see if wave 5 of minor grade can drill the resistance line of 11.700 dollars. If possible and with a large bullish candle would confirm the inverted shoulder head shoulder that is still valid and targets 18.000 dollars.

Another possibility is that the minor degree wave 5 does not perforate the resistance line, and the bitcoin will fluctuate in a lateral band until it gains momentum.

I want to use this Steem channel to contribute ideas and debate them among all, but it seems to be only a one-way channel if the ideas and contributions of others are not supported by the votes.
Giving your vote costs nothing and helps others grow.

Wow thank you for some update !! :D

Thank you for your effort🤠👍🏻
B5538B7F-3F29-4063-BEAF-7225F344BFBB.jpeg

Antique piece of knowledge

감사합니다^^

Wow ,BTC is something else

Seems as if BTC could soon start breaking the bottleneck. Just waiting for Q1 to finis. Expecting good things for March

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These are deltas of the peaks and bottoms [Identical time frames] of the recent movements of BTC/USD compared to XVG/USD.

BTC1.pngXVG2.png

My question is, is this sentiment bound to change? Or, can we expect this to continue. It seems like the sentiment has already slowed down but I factor in the reality that XVG lags BTC so this recent calculation [of a smaller time frame] of 18.19% : 19.81% is not a fair comparison (XVG still needs to catch up).

screenshot_19.png

I disagree @haejin. And btw, this is not advertisement for my blog as I have been previously accused of doing. This is a comment on your post, which you have invited us to appreciate and perform. The comment just so happens to offer a differing perspective, something I've also heard you encourage of your listeners. And finally, I provide a case for the disagreement in my analysis, yet another action I've heard encouraged. Thus, I am not sure why I am at the receiving end of criticism and flagging by you or your readers when I post a comment with case and point, as it seems to be encouraged.

Anywho, read the case for my perspective here. And thank you for at least encouraging independent thought in your videos. I hope you and your readers will continue to appreciate it in your comment section as well:

https://steemit.com/bitcoin/@stew/hey-bulls-where-s-your-friend-volume-is-he-coming

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @ranchorelaxo valued at 211.01 SBD, based on the pending payout at the time the data was extracted.

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hopefully the future gets better ...

When drawing Fibbonacci Extension (or Retracement) should it be touch the wick of the candle, or only the body?

It's not an advice or recommendation.
Lol
We going to take it as we see it.
Thanks for sharing

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin11116.700$6.52%11.55%
EOSEOS8.545$1.9%3.79%
QAUQuantum0.233$6.08%7.74%
WAVESWaves6.594$6.49%0.91%

I post good quality memes, to entertain The Whole Community, check my timeline!!!

I post good quality memes, to entertain The Whole Community, check my timeline!!!

Lets keep calm and wait for bitcoin to form a bullish flag.

Thanks for sharing @haejin
Great job

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