Bitcoin market dip - BTFD or DIE?
I wrote BTC/USD New Year Rocket? for the new year 16 days ago, followed by
Bitcoin's path ahead and how Bitcoin Cash could play in 14 days ago
Bitcoin update - One last buy opportunity at $13k? 12 days ago
Bitcoin - BTFD - Can we see the Light(ning) coming? 3 days ago
Bitcoin (BTC) A possible path to $100,000 2 days ago
Now what do they all have in common? Quite bullish forecasts, or what? Here's the chart from the first New Year post:
Stretching this a little in time and counting the waves once again I find it likely for Bitcoin to breach the $10k - barely.
Both MACD and volume seem to agree with this too.
So if you woke up finding Bitcoin below $11,000 today DO NOT start panic selling, This is the dip we have been waiting for to buy more! After an ABC correction the usual way is UP!
Comments are highly appreciated, and if you profit from this chart, or enjoy my post, please upvote, resteem and follow!
I have learned this profitable EW charting by @haejin btw!
These charts are done at Hitbtc exchange
If you feel like buying me a beer:
ETH: 0x478c06b33f2b03892dcbb03cd353defba356bc26
LTC: LQ3Jc2bq46Dc8FBkdDoDKtAtYp6mNdLDSa
BTC: 1NXnrq9WcF2BoL2dwAgNg85MZ2qiwN5e1j
BCH: 1GTzQYiTn2EqNt3YVp9LoCbzVvouHiHJAD
Is there a chance that right now we are in "c" of a,b,c,d,e...? that would make "e" 7000 - 8000 USD. I personally wait until the dust settles, I've already filled the bags... so there is nothing more to do :D But this "e" makes me wonder... and it will make me wonder even more... but if we get there, i probably empty my bags and wait until the dust settles once more.
I was thinking this too a while, but after a full cycle up we should have an ABC correction and not a triangle. It is hard to understand when almost all I have learned was learned in a bull market.
I filled up too, it is just the wait.. And reading more :)
Yes, experience is biggest profit right now. But other profits may follow. This market is crazy. What what I see now when I look at BTC/USD 1 hours chart is wave 1 almost done, subwave 5 probably forming up and going to 12400. Other cryptos like LTC, TRX, SNC, STORM, XRP, seems to follow that pattern with BTC. Amazing how market is so dependent on BTC performance. Maybe it will panic once more when subwave 5 is done and start freefall in that correction. If all the panic sellers are not away already :D But we may be out of the worst...
Seems we got the bottom confirmed, at least on Hitbtc:
Tide is going up again :)
Or... it is just ABC and we continue down as @haejin suggested. I better put some stops at A or B...
I am not setting any stops here. We should know within hours if it went down as Haejin's. Your last chart here too indicate one more wave on the last subwave, so it is probably needed.