Bitcoin poised to test 8,000 before rebounding to new all-time highs.

in cryptocurrency •  10 months ago

Elliott waves, price will do anything to meet its destiny

Albert Einstein once said:

“I have deep faith that the principle of the universe will be beautiful and simple.”

Its the same principle I use when I see a beautiful chart. If it is so beautiful, it's very likely it will happen. Bitcoin ended third impulsive wave at $19,735, and the current correction is normal. After an impulsive wave there are two types of corrections, A-B-C and A-B-C-D-E. Price currently retraced ABC, it seems that there was enough resistance at wave D and it is very likely the second setup will come into play.

What excite me is that the descending wedge touches 61.8% retracement and $8,000 barrier. This is a perfect entry for a fresh new long position.

If we see another crash, remember I will be excited.

Follows and upvotes are appreciated :)


Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.

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Great article, you’re one of the most undervalued bloggers on steemit. Keep up the good work.

From a fundamentals point of view, it's the transaction backlog that's sandbagging the price.

The $8k bottom seems to be a growing consensus. Selling buying and holding are all squeamish ideas to me right now. So, have turn my eyes away. Still looking forward to your next post, though.

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Fundamentals are not playing a major part, its just trading psychology. Price goes up, people take profits, etc.
If fundamentals played a major role, ETH should be no1 ny market cap.

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You have a point. Maybe fundamentals is the wrong word. Transaction backlog does have a psychological impact.

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Bitcoin won’t crash just brcause of transaction backlog, it will just lose market share, as it has been losing. But still most value comes from soeculation then being used for payments, so we can have another bull run.
How many people you know that buy bitcoin for payments, or to ger rich.

It's going to fall before start to grow again

It seems interresting i followed and up voted. Please keep doing your great work

I wish i viewed this post 22hrs ago ,could have hedged against btc . Nice post , started following you !