BITCOIN (BTC) Update: A Significant Top (Wave III) Approaches
Bitcoin has and continues to put in newer all time highs. However, I offer two time scales. The first is a Big Picture view of where Elliot Waves see Bitcoin at present and going in a few weeks to months. As shown in the chart, Bitcoin is currently finishing wave 5 of Wave III. This means once it's complete, prices will seek lower lows to put in Wave IV. This correction will be sizable and retrace could bring prices to $2,000 area which is where prior wave 4 resides.
The second time scale is on a daily basis going back a couple months to present day. This is basically a zoom in of the Elliot Waves showing that Bitcoin could be building the sub waves to wave (v) of 5 of III. The last sub waves have been labeled in red as i,ii,iii,iv and v to designate a top approaching. Once five waves are in place, what happens? A significant three wave retrace.
I've posted before that for me, such terminal waves are not times to buy but to take profits. And I've begun doing so, with much gratitude. Many have read my previous blogs containing the sell ladders for 2/3 of my Bitcoin holdings. I first started with 1/3 and decided to sell another 1/3. I may sell all, depending on how high Bitcoin goes.
Meanwhile, let's enjoy the Altcoin tide that is rising. And yet, this tide too share recede, once the Bitcoin moon wanes.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: 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.
do you think that the altcoins could rise with BTC crashing?
When Bitcoin sneezes a correction, Altcoins catch the flu.
There may be some immune to flu, but not certain.
How do you think a crash in BTC would affect BCH or Dash and maybe some Asian coins like NEO, Bytom, OMG?
I've gone in record predicting below $5 billion market cap for BTC by 2020 and BCH being stable above $1000 by the end of the year. I'm betting heavily on NEO, Dash, PIVX, Monaco(I got out little before it hit the recent High) and to a lesser extent Bytom,NEM, Factom, Maidsafe and Sia.
I'm just a guy looking at fundamentals. I'd like to know what TA has to say about any of this.
I don't know as I have no crystal ball. But, BCH might be one of the exception that could explode with BTC crash. But, I don't yet see the TA to support this.
I'll be posting on just about all popular cryptos and BTC once the correction begins.
The key is to consider the buying opportunity in BTC once it reaches bottom of Wave IV because a huge wave V will lift to perhaps $7,000 to $10,000 if my fibs are correct.
There will be a buying craze when BTC hit $3000 and if it gets near $2000 that would become a mania. Still $10,000 seem too high. BTC has zero long term value in the fundamentals department. It's a steam engine. The price will be purely driven by sentiment.
With Dash Evolution coming out it will get a good boost from a BTC crash. NEO might get a boost too. One thing I've learned the hard way is to trust TA for day trading as I haven't made a whole lot of money despite nailing every single and MEAN every single call right and....... just miss the money.
Trying to mix fundamental and TA for me has often given inconsistent results. I often comletey ignore the fundamental. Why? Elliott Wave states that an event or a reason shall arrive to justify the forecast. This means TA begets fundamentals and not the reverse.
Thinking when this wave begins alts will suffer as well as many have said have done so in the past. I plan to convert to btc to eth to hold as I dont want to covert to usdt. how do you store money or will you reinvest in a large cap coin?????/ thanks for your opinion if you have one.
With BTC being legalized tender in more and more countries around the world (Japan/Vietnam) along with increased regulations in Korea, India, USA, along with Venezuelans using it as a store of value in their hyperinflated country, why would it start to drop in value? We're seeing major upticks in Africa as well. That's fundamental value right there? Whether BTC is the old horse here or not, it's the one the world is betting on and where significant capital is going.
For BCH to overtake BTC or for the new upcoming hard fork of BTC in November to overtake BTC would require something cataclysmic to take place. That's not to say the forks can't survive and thrive. But I think you underestimate the power of BTC with enthusiasm over BCH and other cryptos based on their very recent gains.
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BTC isn't just old. It's a prototype. The biggest cataclysm of all would be cryptocurrency going mainstream. That would be the killing blow for BTC. The only reason BTC is even a thing is because of its first mover advantage.
Take a look at Tx/S and Avg Tx fee. It's theft in broad daylight. BTC isn't even very user friendly. We tech geeks have no problem but for most people it's too much.
Japan's #2 crypto NEM (which is also Japanese for the most part) has been capable of 3000Tx/S Think how easily NEMmwould clear the backlog while providing near instant transactions (60 second block time) or think about Dash and PIVX offering privacy features and 1.3 second transactions for almost 1/ 100 of transaction fee.
BTC is destined to die. The only reason it hasn't been dumped for better coins like Dash,NEM,PIVX is because cryptos haven't gone mainstream yet. Crypto is still the early adopters market.
Haeijin can you make update for the Rep coin
Here is the analysis for REP, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/augur-rep-update-bullish-or-bearish-find-out-in-this-blog
When Bitcoin peaks in wave 5 of Wave III, would it be better to buy out into USD, other cryptocurrency, or something like Nubits which is defined to be 1 Nubit = 1 USD?