What will happen to BITCOIN if this happens? Big Picture Emphasis using Elliott Waves
SUMMARY:
I posted the very ominous Head & Shoulders Top patterns of ZEC/BTC, ETH/BTC, LTC/BTC and others and stated that something is approaching to cause these very massive bearish patterns. Here are the H&S charts again:
https://steemit.com/bitcoin/@haejin/altcoins-and-bitcoins-update
I want to share the longer term projections using Elliott Wave counts to show that it too signals that something ominous is approaching. We all know of the Wave IV (green) bottom I'm awaiting to catch the wave V (green). However, once Wave (V) is complete, a MASSIVE correction in the form of A,B,C (red) is due. Could this portend the replacement of BTC as the king of cryptos? I don't know. I do know this: A news or an event or a reason of some type shall arrive to justify the forecast.
What happened to $9k, what happened to $27k? I dont think im on board here. I dont see bitcoin tanking. It would destroy cryptos in general imho. Im thinking this whole China thing was to purposely manipulate the market for the bulls to get wetter. Im holding my coins and waiting for the big bull.
Hold strategy works.
Surely not if bitcoin is replaced as the king of cruptos
Hi Haejin
Really like your posts and have been following for the last two months learning alot. I have a theory which could lead to the massive crash at the end of wave 5. What do you think of massive profit taking at the end of wave 5 causing something like a USDT credit collapse? A correction of such magnitude where people are liquidating their tethers at an insane rate causing a collapse of exchanges, it seems like the cracks are starting to show with all the bitfinex scandals and it seems like with more money flowing through crypto it seems like its only just a matter of time before the volume exceeds what exchanges are capable of and everything just implodes on itself?
Nice one! I'm thinking that maybe the SEC/Central Banks will put out a concerted retaliation.
Your sound is much better now, welcome home )
Good to know! Home Wifi is much faster too!
If I short BTC what would be a good point to start taking profits? I'm thinking of $3000 level to be safe.
Please review my BTC analysis just posted.
https://steemit.com/bitcoin/@haejin/bitcoin-btc-update-probable-pathways
At best we might get a bounce and then dip to 3s ,2s , and even 1s acourdimg to you and others ,
Safer to be in the sidelines and wait for dip ? What do you think ? Because we might not get the bounce after all ....
Yes, safer to be out of the market wishing you were in it than in the market wishing you were out of it.
Im back in now and bought big on Eth , I'm hoping for it to trade much higher % than btc because of the upcoming hardfork , and will exchange for more Btc after ...or just cash out and wait for big dump and buy more btc ..
Unfortunately things don't happen as planed .
But your charts help significantly!
Thanks for all your hard work and time you sacrifice to share with all of us .
Excellent video. I love the realistic projection. The movement in bitcoin will be an extreme love/hate relationship for some. For some, all will land just as it should. Thanks as Awlays
good