Another Bitcoin Drop Setting Up

in bitcoin •  13 days ago

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For my subscribers, I call the 15m charts of Bitcoin and Ethereum several times a day and talk about where I am trading them. Both coins are a continual income source for me, both long and short. Right now I have a bear flag that preferably is white wave iv. However, if it gets over $6450 it is likely orange wave ii and will drop much harder. This next drop has the CHANCE to be final in the C wave that started in February. That doesn't mean that the bear market is over, but there is a chance.

BTCUSD - Bearish - Sep-11 1020 AM (1 hour).png

Note that free 15 day trials are available for our trading room and community on Elliott Wave Trader, where I am a full time analyst. You'll rub nose with, professional, amateur and traders in the learning process, while getting trade calls and ongoing direction for the market. No credit card is needed for a trial.

https://www.elliottwavetrader.net/cryptocurrency

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Will there be a projection for BCH in the near future? Would be nice to get an opinion from an Elliottician's perspective apart from the discussions about fundamental differences.

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BCH will die.

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No I don't have a good read on the BCH chart. It has moved in three wave moves since it started, or put in a 5 wave and failed support. So, I have nothing to base my work on that I'd consider reliable, and likewise don't trade it.

It doesn't mean it isn't bullish long term, but that I don't trade it because I have a reasonable view of where it is going. I it the messiest big cap chart I follow.

Are we going to see the corpse of BTC?

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Ah. A bear I see. Good. I've been wanting to see a few more of your types 😉
You get an upvote!

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I read something on Twitter, shared here with you to see what is your opinion on this :)

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I watch price action not Twitter.

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But twitter is a fun place :P
Just keeping on steeming and earn free steem but then again if we see the corpse of btc will most of our crypto holding are fucked....

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Some will, sure, but I short breakdowns, so don't worry about me. Too funny guys.

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I would short but then I feel bad bc I would lose more money if I am right about my shorting...
At max the only "shorting" I am doing is the Sbd to steem conversions right now it quite profitable bc of steem is under $1

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I trade for a living, besides being an analyst, so I have to maximize maximize maximize every opp given.

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and if we do so will every other crypto....

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What if any other coin takes the place of BTC?

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Not happening any time soon

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This is fun feeling, mixture of fear and excitement :p

I reckon BTC can drop as low as 4000 within next two years, but will rise back afterwards

Posted using Partiko Android

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It drop to $4000 or lower in the next week if it wishes to.

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How much drop is minimum for btc mining to be profitable?

I can feel this slight run up doesn't have enough momentum and we will drop down again. However the longer we stay in the 6-7k range I think is good for the long term.

I have no clue about waves, C or otherwise, an absolute dummy with meager financial resources but would like to invest in crypto. How much do I need to get started and what are ur charges after the free trial period? Thanks

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Free Trial is free, for two weeks. But it is $99 a month for the full trade room, my constant posts, model portfolios etc, and I have very good traders as members who also post. We have a lower tier at $49 where you don't get the constant posts, but get a nightly 5 day a week, report on Ether and Bitcon, plus a weekly webinar.

As far as starting, honestly, you can put $5 in cryptos a month if you want. The beauty is low cost of entry. It isn't worth joining my service with so little. I wouldn't do that if you have less than $3K invested.

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Noted. Thanks!

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Thanks for the update! Quick clarification: where you have C (5) circled c iv, is this also circled v?

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I think so

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C/iv is for the entire correction if it holds. V of an ending diagonal that started in February., that diagonal is C of the wave iv we started in January.

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If we follow orange the ending diagonal is incorrect, and Iv ends in a WXY. (that isn't labeled yet)

I think a slightly bigger drop will follow in the next coming weeks and then it's to the moon by the beginning of 2019!

Analysis help young traders to make right decisions. Great job @wildtrader

I hope its only a bear not collapse.

Cool, I am learning TA myself at present. Do you use the ichimoku cloud pattern to map out your trades ? I think it’s an important indicator.

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I don't because it gives another form of support and resistance over EW and that's distracting to my trade system.

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I see, I just find having as many indicators as possible is beneficial to find areas of confluence

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You said 'learning' above. At some point you will settle on what you trade well. More is not better. Less is more.

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Ok notes. I am still trying to see what works best for me. Thanks for your input, always thought more is better but I suppose charts can get very cluttered.

15m means 15 min or 15 months ?

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15 minute charts, as in the bars are 15m. Trader speak.

I just joined steemit so I want to be friends with you all. Greetings from me. @rahmifirdaus

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Hi
What price $ are we looking at for wave C ?
Do you also trade GBTC if yes can you give some insight ?
I noticed that BTC moves pretty much in the same direction as GBTC but GBTC moves sooner so I guess that looking at GBTC gives some time to react and to take position . Do you agree with my opinion ?

Thanks for the great work much appreciated.

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One of my subscribers swears by GBTC timing, but I don't follow close enough to concur or disagree. Last i looked at GBTC I was looking at the $6's for a bottom. For C of BTC, $5700-5600 is what I have using standard projections but BTC often extends in its fifth, and so can beat my estimates lower. Also, I have a large fib of high importance at $4700. I can't see a projection that far, but it warns that if we don't hit it now, we get a large B wave, maybe to $12K-15K and come back to $4700. Those bigs often matter a lot.