Bitcoin (BTC/USD) near fib 0.618 - end of correction?
So, after being wrong in my last Bitcoin price projection I decided to change tool to Tradingview, for better control of progression. Hitbtc charts are not saved, and with limited history it is easy to think too small scale.
I also introduced two new indicators, most prominent being the Fibonacchi retracement. I also added ZigZag, wich is helpful when it comes to spot the elliot waves.
As you can see price is moving towards fib 0.618, and the lower triangle line.
We can have yet another lower low if we count the correction as a big ABC where the triangle is the C wave, as here:
Volume indicates the correction can take a bit longer, it should decline towards the apex of the triangle.
These are just my thoughts, not a trading advice.
If you have another view on this charts your welcome to discuss and post your charts in the comments.
Comments are highly appreciated, and please upvote, resteem and follow me if you profit from this chart, or enjoy my posts !
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I love that you are honest and state that you were incorrect in an earlier post. We are learning from each other. I recently have becoming familiar with the tools on trade view. Thanks for sharing!
I started this blog to learn from my mistakes so hiding them is kind of useless. I'm double happy if someone else learns from it as well, so thanks for reading :)
I sure hope you and some other TAs are right...its not nice seeing all fall in prices across the board. There are people who hope that it keeps dropping and so can buy more. But the thing is how can we guarantee that it will go back up? The way I sort of see it is if it does drop more it'll just scare people and will create a snowball effect and could make it a lot longer for it to recover. Back in 2013 Bitcoin hit over $1.1k or so and then it fell to $250 area...it took 3 years to recover!
It is so many people coming now, and so many new companies building services on bitcoin blockchain that the price have no way but up after reaching the consensus of technical analysts wich most of them say $7500 as absolute low.
Most EW analysts see this fall as a wave 2 on the BIG picture, after a 2 + year wave 1. After wave 2 comes the most violent bullwave of them all, and I think it might even surprise us.
How many people was involved in blockchain tech in 2013? Now it is amongst the most searched jobs.
The thing is...the crypto world is so full of FUD and FOMO (as I'm sure you know)....I saw that TAs were calling for $7.5k...but then I started seeing $5k and even $3/4k figures....I try and not read those comments...but it does worry me sometimes...because after all who can be 100% sure. But I guess I haven't been in Cryptos for long enough to ignore those comments completely..but defo much better than when I first started..e.g. not panick sold. When we pass through this storm, which I hope is very soon...I can probably be able to withstand that next one with more confidence.
Re your comment on wave 2....I really hope thats the case :) So can I ask...if wave 3 comes next...should that take place for longer than 2years+ and is wave 3 meant to be almost double of wave 1?
Many thanks and your comments are much appreciated as always.
Wave 3 should definitively be longer in price range than wave 1, but not necessary as long time. My guess is we have the panic here a week more or so, and after that I think we will see an explosive bullrun coming.
Learn as much analysis you can, and apply it whenever you feel fear or fomo. If the trade can't wait 15 minutes to do a quick drawup it is not worth it anyhow :)