BTC morning update 01.02.18
BTC overnight prce action shows 5 waves up and the start of an ABC correction, which should be done today.
I don't expect much action in the BTC price today.
The volume is still very low, the waiting game continues.
My "no new low is needed" scenario has not been invalidated yet and is still my primary count.
All we need now is a strong move up (bigger than shown in this picture) preferably within a wave 3 and fomo will begin. There is a lot of money waiting for a good buying opportunity, trying to catch the low now. If they think that they missed it, they will likely jump in, trying to not miss out on the next rally.
But for now everything is calm and boring. STEEM/BTC is starting to look bullish though. If we see a rise, I will make an update about it in the evening.
.png)
If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
.png)
MUST READ!
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
Right now daytrading is like !
Hilarious!
lmfao
What do you think of the BTS chart? I am considering two variations of a 5-3-5 zig zag abc correction. Do either of these look likely to you? Appreciate any feedback.
Or truncated c:
Your first picture is more likely but the target could be lower. Never expect a truncated C. It's rare. But I like that you are able to identify one, if you see one.
The triangle of tombort is also a scenario.
here is another one to keep in mind:
thanks, I hadn't considered that!
The former chart is more likely to rewind. I edited it to show my point.
p.s. Discover the new way of Technical analysis. More here: #4.
Last one: #31.
thanks for the response!
Some good points. Let’s hope your primary count is correct and this signals a change in trend.
it seem to be stabilizing and most of the market is starting to trade in the green zone, lets hope this continues
i see a diffrent story
Nice presentation ! lets hope this will spike soon !!
bitcoin is amazing and workable currency
Let’s hope so- I’m ready to see what the beginning of January brought...
Even if we can get back to all time highs for altcoins—
The value of bitcoin plunged last week, amid fears that trading was about to be banned in South Korea. It then stabilised briefly, before plunging again.
The volatile cryptocurrency hit a record high when it passed $19,850 in mid-December, but then tumbled rapidly, falling to below $12,000 within days.
Its value has shifted unpredictably ever since, with frequent wild drops and recoveries.
nice work. thanks for sharing.