BTC update 15.08.18
UPDATE: The expected drop will likely start soon.
This is an alternate count which is starting to become more probable. A week ago I already wrote a note in Edit2, that WXYX2Z comes to mind again. This was just a minor update, so I didn't want to make a new post consisting only of 2 lines of text without a picture. I wanted to wait what pattern red wave A might form.
So here it is:
If true, new lows are approaching slowly, even 4k is not impossible with this count. But first, we need to see blue wave 5 complete what I think is wave A of yellow Z.
This would probably mean STEEM at 40-20 cents in wave C of yellow Z. I would love to see that again. More than 2 Steem for 1 $? Awesome if it happens...
Keep in mind that this is not my primary count (yet). But if it happens I will power down as much as I can into red wave B, to transfer it into SBD, which could potentially buy me 3 Steem each in October or November. (I love high risk, high reward trading :D) This could totally lose me a lot of money, so I don't recommend anyone doing this as well...
UPDATE: My current prediction of the terminal low for the entire BTC correction is either 5600, 5200 or 4000. (I checked the fibs)
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DISCLAIMER: This post / analysis serves general information purposes only. I am not a financial adviser. The material in this post does not constitute any trading advice of any kind. This is just the way I see the charts and what my trading ideas are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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If this becomes true, i'll buy as much as i can!
Yikes!
I think it is only a dream...
Glad to hear :D
More time for accumulation of of coins can be great. I'm totally cool with another month or two sideways. The drop would hurt and hopefully things will end quick.
Personally I think the power down would help the platform in the long run because some idiots are definitely going to sell off: https://steemit.com/analysis/@vimukthi/in-depth-analysis-on-the-steem-wealth-distribution-and-economics-power-downs-are-great-and-good-times-are-ahead
Happy steeming!
Great update thanks.
Thank you very much. I had steem for at least 50 cents in mind too ;-)
Resteemed.
What confirmation are you looking for, for this to become your primary?
I am tracking 4 different counts. The problem is that there is no for sure way to know which one it is at the moment, because the expected short term movements are quite similar in 3 of 4 counts.
I can only take a guess based on the "right look", fibs and wavestructure. We have to wait for more price data.
Whatever it is though, we will definitely not miss the wave 2 buying opportunity ;-) I will post it early enough.
Hi, you mentioned that you think STEEM may drop to the $0.20-0.40 range. Doesn’t it look like it wants to be done an abcde triangle correction? It looks like a nice set up but I agree it will fail it if BTC drops a lot.
You are right that this is probably wave 2. But in a wave 2, there can never be a triangle. It obviously can look like a triangle, but from an EW perspective it can't be considered or counted as a tringle. It's a rule.
In my opinion the only count that fits with STEEM is WXYX2Z.
Thanks, I appreciate the feedback. There is always something to learn!
Bitcoin and cryptocurrancy is the great exchanging system.. Sir @ea-and-patterns i already followed you ... Always with you