RE: BTC big pic update 29.08.2019
I had 7 entry points starting at $8950 down to $7750, but now your post made me think again about it.
I have also considered the idea that we could be in a consolidating symmetrical triangle since June 24th whose current red candle on the weekly could turn into a bull wick (I know, we just have two days for that to happen, very low probability, but still faisable...). What had me think about this is the weekly RSI forming a downward pointing wedge, that is ending around... september 23rd (Hello Bakkt). I like considering every options, even the most farfetched ones, so that I'm not surprised IF any of these scenario take place!
I expect this correction to end by september 20th whatsoever, up to around 60k by May 2020 (BTC halving anticipated and priced in before profits are taken). And then 140k/BTC by the end of 2020. Still a possibility, but the upcoming bull market should be jaw dropping for many.
Hope you could grab some more Steems at a bargain! ;)
I don't see the triangle, but I agree with your price targets (even 280k is possible, this time is not retail bull run, it's institutions. The FOMO can get ridiculous...)
Yes, I bought 6k more Steem so far. If we go lower I'll add.
here it is (caption reads "48 hours left to turn green and become a bull wick?")
Wave 2 can never be a triangle. This rule cannot be ignored.
I think it will drop tomorrow when wave 2 of c of Y is done.
Good point, I had honestly forgotten about this rule. Gotta do my homework again...
But now what if this was actually wave 4 of a smaller degree (not minding the "1", "2" annotations)?
I would say this has a 2% chance of being wave 4. Because it is 10 times bigger than the corresponding wave 2 is. That is very unlikely.
And WXY in wave 2 is also a very common pattern in commodities. (Many people consider BTC to fit best in the asset class of commodities a.k.a. digital gold)