emergency BTC update 11.01.18

in btc •  2 months ago

I don't like what I am seeing today. BTC has completed a big correction for red wave 2.

Why is that bad? Well because it means the timeframe in which BTC is likely to drop is increasing. It also means more down days for alt coins incoming and possibly lower BTC targets.

I don't like it, but this is a BINGO! again. In my last post I did warn you:

Don't be fooled by this support @ 14200$. BTC is likely to show two more lows, bringing it down into my target zone between 11,000$ and 8,000$, where I will start buying into alt coins again. I have cash ready and waiting for that.

I have to adjust this target zone now to 10,000$ -7,000$...


This is how I predicted it:


I can't wait for this correction to be over.

We need to be patient and focus on the midterm future and not the short term (next two weeks). I know that this is super annoying for many of you, but you need to get over it. It is part of the game. No gains are possible without the correction phases.

And if you did not buy BTC @ 19000$, you are one of the lucky guys...

After this huge correction, it is likely that a news will arise to justify the count. This is going to be the biggest and most time consuming correction ever in BTC. So after it is done, there is a big possibility for a prolonged rally to new alltime-highs (and altcoins will profit the most from that).

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If you think this to be useful information:
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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.

Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...

Have a nice day :-)

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That is the best time to buy more and more btc.

This kind of reminds me of what NEO went through. Hopefully this Korean incident would draw attention to Bitshares and Privacy coins. There is too much desire to get rich and this would mean a true alt-coin boom. I'm almost feeling euphoric. IMHO we could see BTC marketshare dip below 25% in 1-2 months.

I wish I had a real job to make some fiat to BTFD.


Do you know how I can buy BTS directly with GBP Fiat? Or is that not possible right now?


https://openledger.info/ had fiat gateways for USD, EUR, CNY but they were temporally closed. Normally I just buy Dash on Cex.io and transfer to wherever I trade (mainly Binance) Dash always confirms in 15mins and it's super cheap. CEX.io supports GBP. I've also heard many good things about http://uphold.com/ from Dash community. Try those two for the time being (or try an ATM if it is available)


dont think its possible just yet. Bank transfer Euro to Coinbase, transfer to GDAX, buy BTC and send directly to Bitshares. Hope that helps


Thank you, appreciate it! I've had nothing but hassle with Coinbase and Coinify but Cex.io seemed to work!


I see that you have been resteeming a lot and getting a high rep. Steem could make you more money than a real job. Don't beat yourself up. You will be fine.


At the current STEEM/SBD price I'm actually making slightly more than a McDonald's employee in my country. Unlike flipping burgers I'm actually enjoying 99% of my time on steemit. Still..... nothing is ever really enough. If it was, we'd still be living under rocks worshiping fire gods.


Fire gods. Me likeeeee.
V you will be fine trust me.


The lords of the 19th century colonial aristocrats lived pretty damn fine lives too. They just didn't have internet, steemit, video games, movies, anime, manga, ice-cream, Halloween candy, theme parks and damn fine music.


İ see some people getting over 1500 dollars per each of their posts. You will het there in time.

Encouraging for the long term, good time to grab some cheap alt coin investments

South Korea To Ban Cryptocurrency Trading, Raids Exchanges, that is the new:


Yes I have read it this morning. News arise to.... you know the drill.

Bitcoin will rise again and it will be a surprising all-time high. Be patient!


Ironic how the meme presents trump as the one who tells you to hold. Because the mainstream media also tell you that crypto is in a bubble.

Well, I don't know how much everyone knows about BTC or not. But one big issue with it is how it processes Blockchain transactions. The fact that it keeps a record, that can be accesses by those in the know, I.E, government, means it's not the safest transaction in the world for those looking to circumvent, IRS or whomever haha. There are other currencies, at lower dollar point I might add, like Ether, that are a much much safer DC to use and transact with.

This is not a promo for Ether, I'm only using it as an example. But I would be silly not to point out, that it's base or foundation is stronger than BTC and therefore has a much much higher growth potential. As we speak, it's being incorporated around the world into payment systems, both banking and business, because of it's more stable structure.

Because of those aforementioned structural problems for BTC, I foresee BTC possibly collapsing over the next 3 - 5 years but dropping significantly before that, over the next 1 -2 years. However, there will definitely be another more stable and safer DC to take it's place, the only question is which???

Forgot to add this last night when I wrote this. Lite coin is also a really good DC to get into right now. It's more stable and way more secure than BTC. And might I also add, at a significantly lower dollar point, so much easier to invest in right now as well!!

Anyway, just adding some food for thought.

I remain hopeful that you are wrong but I do fear that you are right. BTC has gone too high too fast and a correction was always on the cards. It’s annoying as I wanted to sell a portion of my holdings while we were at the high levels a few weeks ago but due to exchange issues, I was unable to do so! I’m still heavily up but it is difficult watching previous paper gains melt away!

I can’t wait for BTC to drop to new lows :)


U deserve a down vote :P


Me too, especially since it is the worst performing blockchain. Hopefully we will see new highs after lighting.

Maybe. Weekly BTcusd 50ma is at 13000 so there is some support there. 250ma is around 11500. I’m hoping we just bounce around here flat while we consolidate. It’s less stressful lol.

Bitcoin captured the attention of investors on its way to a 1400% gain for the year. Debates raged over whether it qualified as one of the greatest bubbles of all time or if 2017’s gains were just a stepping stone to future values.
What does bitcoin do for an encore? We’re comfortable calling it a (crypto)coin flip. It’s clear that the speculative animal spirits of this market rally seemed to concentrate themselves in the digital currency’s astronomical rise. While this type of euphoria is often a hallmark of a peaking market, this euphoria doesn’t appear to be marketwide, instead being concentrated in the cryptocurrency craze. Bitcoin, in our view, is not a systemic asset that poses a threat to the broader economy or investment landscape, meaning a repeat performance in 2018 or a collapse in bitcoin value shouldn’t be a primary driver in broader stock or bond prices.

Very interesting statistics!
Thanks 👍🏼👍🏼

Great info here, thanks

Thanks for the update/warning, @ew-and-patterns! It's gonna be a long few weeks, but as you said, corrections are part of the game, so we have to deal with these.

Thanks for this post, atleast this is will help to make some strategie! good job

Thanks for this post... i am eagrar for bitcoin
also blockchain.......... please informe me

you did a great sir
very good sense of humor and prediction
thank you for the information

its sudden slide spread concern amongst investors, who fear they may lose money as a result.
While it isn’t clear why bitcoin’s price has dropped so quickly, it isn’t hugely surprising.
Experts are saying

All throughout bitcoin’s spectacular recent rise, fears around it being a huge bubble that could burst at any moment have only grown.


Experts really know nothing, most if them with all their speculations...nothing solid.

Koreans raided bithumb and other exchangesa for tax evasions. South Korea is really getting worse than China. I truly have no idea where we stand. I cashed out all my coins and I am on the sidelines now. IDK. Will see price action overnight. But the dip from 11400 bounced pretty hard. IDK I may have to buy higher but I am staying put for now. I was still at quiet a bit gains. I don't normally sell but when there is too much uncertainty I like to play safe and get back in when the charts are clear.

It’s at a dip everyone, don’t worry (: this just means but now and within a couple days you’ll have some good profits!

Nice post, follow for follow:)

Yeah. I do always tell my friends to always be patient will BItcoin. Thry sometimes get desperate when Bitcoin drop. BUt, i do believe that it will rise again and make more profits.

We need some methods, efforts and strategies to earn more form Bitcoin and not making direct conclusion from the actual situation.

I love this info, so I thing I will wait too so that I can buy later. The info is timely

so nice of you friend.. amazing post
carry on

'm in love with this Bitcoin DIP
Weak hands out and made Reversal candle at 1h

Wow, I seriously would have never expected BTC to get that low again- and honestly it may not get sub 8k but it’s possible.

I’m content holding for the mid term- I know that my investments will pay off eventually —and knowing that is good enough for me.

No panic selling for me. Buy the dips and swim in the profits.


Enjoy the vote and reward!

thanks for update..this is very informative info...i really apricate for this post..
thanks a lot for sharing....

The truth is this morning there had been a lot of panic selling due to this drastic changes, well let's all hope and believe in Bitcoin SBD and steem

As per your research, what is the price at which it will get some price support??

Gracias por compartir tan valiosa información

Nice post! You got a good point. I'll try to accumulate as much fund I can get to buy alt coins once this correction is done.

The bitcoin fluctuations shook him out of being a safe investment @ew-and-patterns i follow u please follow me @exchangetimes

For those like, myself who believe in Bitcoin and some of the other coins - this is a good chance to buy at lower prices. Buy low.... always buy low. With any luck we will see a dip/correction across the board and we will be given a good opportunity to buy with a discount!


You are so right! We like it when prices come down in groceries right? Then we can buy more of what we need. Discounts and specials = always good.

I hope Bitcoin does not bring much alt coins with it as it is following the bear and not the favorite bull!

Will buy Alts when BTC is at $10k .

ADA Cardano Prepare for Bullish Rocket

it will rise sooner

I don't understand a,b,c A,B,C in your charts...explanation?


second picture:
Wave B consists of 3 waves a,b,c. Why not just 1,2,3? Because numbers are used to label impulses only. impulses have 5 waves always. Numbers always display corrections.
Some corrections partly consist of small impulses. For example a zigzag is counted 5-3-5. So wave A and C consist of impulses 1,2,3,4,5 and wave B is corrective a,b,c. On a higher timeframe this is still only a corrective structure signalling trend continuation.

I know this is a redundant question but i like to know your opinion on altcoins. what altcoins to watch out for?


All altcoins that I talk about in my blogs are also a part of my portfolio. I only buy when in red, never in green.
I am currently holding 80 altcoins. My biggest stacks are currently XRP, BTS and DGB in that order.