BTC update 22.06.18

in btc •  last year  (edited)

UPDATE: It now looks like WXYX2Z, because the target is lower than 5920:

shATAfg4.png

UPDATE 2: MtGox not selling any BTC anymore^^. News arrive to justify???...

https://cointelegraph.com/news/mt-gox-crypto-exchange-begins-civil-rehabilitation-proceedings-ends-bitcoin-sell-offs

BTC turned bearish which I expected in my last post. The ABC pattern is finished.

Today I want to show you the best case scenario. In the best case scenario, this is the last wave down:

bfgFyFx5.png

There are a few worse counts than this one, but there is hope for the bulls...

If the drop ends above 5920, it might still be wave 1 and 2 on a bigger scale. If it drops below 5920, the next best alternate would be WXYX2Z.

Let's follow the waves and be patient... stay tuned...

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If you think this to be useful information:
DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk.gif
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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.
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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.

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Have a nice day :-)

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I hope we will see the direction change soon and BTC price will go up today

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I hopr BTC bouncr back well soon. And people will make there intentions on btc investment more

I favour the scenario of upwards momentum in July but with a moderate target around $7,000. I tend to see it as a sell opportunity for another test of the $6,000 zone into August.

I have not smelled fear and capitulation yet.

Last time to hit 6K should be 3 July. Bitcoin should be AT LEAST be 6725 at 1 August and never look back. If it does fall through though, then we can see it fall all the way down to 3K and even 1K.

Yes. I take such scenario into account although below $3,000 seems to be an outlier. The biggest pain point does not seem to have been reached already.

Hopefully, this is the last drop. Otherwise, it is far from the predictions of reaching 30 000 dollars until the end of 2018.

This outlook is much better than your last BTC update in which you indicated a possible low in the area of 3.3K.

What has changed that you are now more optimistic as I haven’t noticed any change in the external environement?

I am not really optimistic about this, but there is a chance. Double bottom @ 6k sounds good and is plausible. I noticed that wave 2 usually retraces very deeply in BTC which raises the probability for this a little...

But somebody already pointed it out in this comment section. Such a huge downtrend usually ends with capitulation (4000-2000$). I am already mentally prepared for this downtrend to last the whole year of 2018. Anything other than that would be a positive surprise.

Great analysis. Thank you for the awesome content.
I also post some good TA daily. Please consider checking it out at my blog @abyzee

Thank you.

You do forex Analysis as well or crypto only?

I do forex very rarely, because I only trade the weekly chart in forex. Shortterm movements seem to be very manipulated.

I think that in this year will be 2000 USD