Will BITCOIN continue the PARABOLIC TREND? Up, up and..
Just checking the daily charts to see if another lower low could come. I don't think so, the correction could be done and BTC climbing again towards new ATH. This also confirms my last BTC Elliot Waves .in Bitcoin market dip - BTFD or DIE? 5 days ago.
Zoom in to 6 hour chart and we can fill in some subwaves confirming the bullish look.
Be aware though, we could also get a lower low in the correction, as shown here:
This is my alternate count however, and if it comes true it is a really good buy.
Overall the trend is positive, and sentiment is very bullish ahead.
If you have another view on this your welcome to discuss and post your charts in the comments.
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
This is interesting...because a lot of TAs are calling for a final drop which could go to as low as $4k ($4k to $8k was the figures I gathered). But you're calling for an uptrend.
The other thing I also find interesting is that on your other post where you've stated that ETH could go lower to something like $600-$700 (sorry if I got the figures incorrect)...so it'd be BTC up whilst ETH goes down.
Note: I'm not criticizing...just saying that would be interesting if it does happen. Only time will tell.
Thanks
Well I am so unsure about these myself too, the change of trend is difficult to count as the corrective stages can take so many directions. I am not familiar with them all yet.
I'm relatively new to crypto..joined at the beginning of Nov...and have just been observing the trends and trying to identify patterns (I used to do some trading in commodities and did the same). I have identified a few patterns and have done a post...feel free to check it out if you're interested.
On top of patterns I'm also reading TA's charts/predictions and seeing whos more accurate generally...and watching videos to see what people's opinions are..particularly ones whos been in the market for a few years. Now theres this guy whos been in for a few years...and hes saying that altcoins tend to perform during first 3-6 months whilst BTC performs for the remaining of that year. He was showing graphs etc. So I'm observing that to see if its the case. This is one reason why I found it interesting if you think ETH will go down and BTC goes up. But of course I know you don't mean thats the long term trend.
Keep up the good work. I am following you anyway as the work I've seen so far is better than quite a few people out there :)
I've been reading a lot around too, and as bitcoin usually dips every january the elliot waves I draw up with my humble experience also needed a correction. But as this is the first correction since I started studying EW it has been a confusing ride, redrawing and studying.
I have certainly got rect my amount of times the last weeks, but am learning something each time.
Worth noticing is as I got several great trades on my firs charts I got more comfortable, and started to forget the most elementary basics. If you see me do such a thing I'm happily corrected!
I'll follow you back, your probably doing a proper work yourself here soon, with your reflections and friendly attitude! :)
Good !!
Coins mentioned in post:
It actually looks like the alternate is kicking in, as the pink subwave broke down, thus making an ABC correction in the bearish subwave 4.
But I'm still not convinced, as the 60 minute chart also show 5 subwaves up, validating the bullish sentiment and wave 1 up in the post.
