important BTC update 15.10.18
BTC jumped 600$ today. But this bounce is not necessarily very bullish yet.
It could be counted like this and might be the usual bulltrap:
In the best case though, there are also two bullcounts, which could be in play now. One is only shortterm bullish:
In one of my last updates, I already told you that we might have already seen the low of this entire correction:
So I am seeing three possible scenarios:
- One more low (three waves) until the bottom is in.
- Shortterm bullish, but new lows thereafter.
- The entire correction is done already and we are seeing the start of the next impulse to new ATHs.
Which one is it going to be?
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It looks like you may have revised your downside target upwards to the $5500 range. Is that true and/or intentional?
For the first count yes, because of symmetrical reasons.
Apparently the spike was only due to fears of tether collapsing, people were exiting into BTC.
The difference in exchanges was massive, thinking only reached 6700 odd on Bittrex, whereas reached 7600 on Binance, different again on others. More where there was a BTC/USDT pair... don’t know how most are reconciling that, and using EW.
Interested in your thoughts?
The candle on binance is definitely strange, but it is collapsing as well. I will treat this as I would treat a fat finger (some hedgefund adding one zero too much). Just pretend it doesn't exit. Seems also like only tether pairs show this anomaly. And I never look at tether pairs...
Yes think you're correct, currently for example 6730 on binance and 6420 on bittrex, with binance having the tether pair..
Do you have a preference for either of your chart scenarios, as in do you favor very shortly down to 5k odd?
No I am neutral right now. Need more price data to favor a count again.
I don't know what the sentiment is right now, but if everyone is waiting for a new low, it is not going to appear.
Seems to be a lot waiting for another low, however that’s people like us which I would have thought would be a low proportion of people in Crypto. Only assuming of course but would think most people investing or trading are not watching EW charts or on forums.. as silly as that might sound. I’m on some paid forums as well and seems very low percentage of gen pop on there??..
Yeah, but even people who think EW is BS are expecting a lower low.
We will know when the sentiment is very bearish, because BTC will then start to pump like crazy.
It’s interesting and I agree seeing many that are expecting the one more low, however also seeing quite a bit of ‘it’s about to explode’ sentiment so almost feels 49/51% don’t we need a bit more sell off for that pump? I’m on the fence to me at least.. would almost prefer the lows first, accumulate a bit more perhaps
Btw very much enjoy the updates