Bitcoin Detour, or Bottom In?
I last posted that we had a break down scenario in BTC but instead we had a strong spike into the upper part of the channel that has governed the price of Bitcoin since February. This spike, as most know, was catalyzed by rumor or news that Tether was going under. While this spike could increase the likelihood of a bottom in using Elliott Wave this belief relies on truncation where the fifth comes in short. This is possible, but not reliable, and rather rare. Further, we have a micro downside setup to resume my preferred path to $4600. Still, in my own trading I am on guard until we either break over $6750 or break under $6360 again.
I now have added the red diagonal path as I see the most likely path for a breakout. I don't see a standard impulse because we are not moving in impulsive subwaves higher. In fact all of our recent drops are impulsive, while retraces up corrective in structure. This particularly does not bode well for the bottom being in. That said, until we break one way or another, I need to be careful about being cavalier.
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The Week started with pretty good new from Fedility, I think that the only way from here is higher !
Thanks for the analysis mate !
Waiting for developments and Pom start
analyze
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I think we are most likely still in a bear run but the next few weeks should confirm that. My take is that btc will touch 5k and then start a nice upward trend. Till then I'm scrapping in between daily ranges. Lol
Interesting observations 👍 See my latest post on Steemit with two Bitcoin price hypothesis.
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STOPNot sure what has started but I see that one can make money in any circumstances :p
Yes of course. I have scalped both sides of this market for months.
your favorite coins right now where I can invest :p
Such lists are left to subscribers sorry. I have to preserve the key value for them.
you can share the link for me so that I can find you from the thread ;)
I'm talking about my subscription service which is $99/month. The link is at the end of the post above, but I don't care if you take a free trial and leave. The lists are under the tag 'CryptoLt' on the site. They will be done again once we have a confirmed bottom.
Here's my take (from my TA/post about 12 mins ago; my writeup):
We have just crossed our FINAL resistance preventing from largest #parabolic #bullrun of #cryptotrading 2018 has crossed ✅ ✅✅
Don’t believe me? Check with any of the hundred #cryptotraders who are seasoned brokers & have been trading since the early days of #BTC; they are MUCH more optimistic than I am...
Personally, I think we're set for a #bullish run to $20K yet I'm hearing some (very educated & brilliant analytical economists might I add) pegging #BTC at 1 million by Q1 2020. I'm always a cautiously strategic trader so I always err on the side of conservativism even when I'm extremely optimistic... and right now:
I AM EXTREMELY OPTIMISTIC! FOR THE FIRST TIME IN 2018!
Peace & Love all! Safe Trading & don't forget to set your stop losses!! Do not let the greed/fomo/fud get you! ☮️💜
P.S. GREAT stuff here wildtrader. Word of advise; use 5 tags instead of 3 when you're posting so that your content with reach a larger audience. Then again you've got a higher rep than me and have made $130 off this post already so what do I know haha =D Either way; you've earned yourself a new follower. And I don't follow many people :)