BTC evening update 18.03.18
BTC is fighting at this longterm uptrend line. It has been breached slightly, but not significantly. There is still potential for a bull wick, which would be bullish.
BTC still has a long way to go and could even end up extending this correction until late 2018.
Keep in mind that this is one of several possible counts and not my favorite one. But awareness keeps the panic away.
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I think we have to wait for some more months to see uptrend. Right now market is suffering after the official news release by Google that it will ban crypto related ads after june. So i think this downtrend continues till matter gets sorted out
The sentiment by other "Pro traders" is mostly Bearish short term even down to $6k BTC then, up from there mid term. I projected that price would continue down this weekend and sure enough down it went. It will most likely retrace up tomorrow when Asian jump on to BUY.
Unless there are signs of a reversal such as breaking the daily trend line or candles on a daily chart making higher lows, I think the best level to go long is at $6000.
"But awareness keeps the panic away" - this is such a bullshit. You can't be aware of future events and EW theory just fails in long term predictions. You just have the BELIEF that bitcoin will rise forever. Who knows. It may go up or it may go down. So you really don't know if and when the uptrend resumes. Mayby some other coin will take bitcoin's place because of fees, long confirmation times, electricity consuming consensus algorithm etc. Will it hit 20K again? Also a coin flip. So it is better to panic early and rebuy when you have good odds.
Nice post plzzz follow me...