BTC update 08.01.18
Oops! I am not happy about it, but BTC showed a sharp decline. And you were prepared for that, if you read yesterdays analysis.
This is just for your awareness, but if you see a sharp decline before BTC is able to make a new high, be alarmed:
This is what I warned you about yesterday:
You can read it again here if you want:
https://steemit.com/btc/@ew-and-patterns/btc-update-07-01-18
Today I took profits in some of my highest earning altcoins. I am expecting a few red days and I am waiting to buy back cheap. But I never sell everything. Because whenever I sold everything, the next day had a 30% increase guaranteed :D
I sold 30% (but only of my biggest stacks) to have cash ready when the next wave up finally arrives.
My bet is, that 10k BTC is the target for this ABC correction. After this, the market should be cleared and ready to break 20k effortlessly.
Maybe a news of the scaling problem solved (at least temporarily) will arise after wave C?
.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 :-)
That's the simple idea. Thanks for sharing this short, simple but great post
With BTC Market share at all time lows and many altcoins surging (My biggest position was XVG bought through 15-16 cents) and boy I was glad, do you think there is a chance that the bearish pressure would be lower on alt-coins this time?
Even ETH was going up. I really hope we'd see less BTC influence in the market.
I think the correlation is weakening. Coins with strong trends start to ignore BTC value which is FANTASTIC
And those fantastic stuff are happening at the moment just the way I expected them to. It's amazing to look at. I don't know how long this would continue. But lots of money is flowing into alt coins. In few months BTC would end up just another coin. I proudly stand by my claim for sub $500 BTC before the end of 2020.
Bitcoins has stand the test of time and still the top coin you can bank on to bounce from a fall and rise higher. From his previous trends.
Thank You for sharing @ew-and-patterns for the information
That's the idea bro
Yeah
Typically I’ve been having exchange issues so I’ve been unable to sell off over the past few weeks ready for this drop. Ideally I would have a decent amount of cash left. Still I’ll look to sellnoff a smaller amount and buy back in at around the 10k level, ready for the surge to 20k!
Well deserved sideways movement while alternative coins make their swing versus bitcoin as ICO's deliver on products and promises.
Any price above 10K is remarkable seeing as we flew past that point in the same fashion that we flew past 5K, and missed the bounce for that matter. The same pattern is repeating.
I did the same. I sold all my neo on the bounce back in the morning at 101. I think if BTC dumps again like this morning it will hurt everything and then I will have cash handy to buy any alt I want cheap. ITs a risk worth taking. i left eveyerything else alone though.
Everyone should be careful watching prices today. For instance, if Coin Marketcap is your go to, they have made a change in their price finding formula. Since the WAR threatened Korean's are buying up their local price way above the world average on most coins, Coin Market Cap has decided to suspend using BitThumb in the price discovery.
It's really a sad view...we are putting hopes high and waiting for it to rise again
Nice update. Guess need to hold firm the little. Upvoted @mamuda
Am not happy it falling, I hope it rise soon so I can continue my trading