A few days ago I just posted that we might be in a flat correction while most people was waiting on confirmation on the inverse-head and shoulders pattern.
Last post dragged loads of attention. I even got mentioned by @ew-and-patterns who made a post of my chart
You can read it here: https://steemit.com/beyondbitcoin/@luiggih/bitcoin-expect-the-unexpected
Then I updated the idea with the potential targets for the C wave
This is what happened
You can fully read the second update I made here: https://steemit.com/beyondbitcoin/@luiggih/bitcoin-expect-the-unexpected-2-entry-points-to-ride-next-bull-wave
Also I would like to thank @cryptokeepr who mentioned me in his last post and @morseke1 for the support
Now I'm asked if the correction is over. So let's update the idea again
This is how Bitcoin's price has evolved
Third target has been reached already. We're looking for clues in the price to see if the fourth target will be also reached
Yesterday Bitcoin bounced. However, the pattern looks like a bear flag. Bear flags are a continuation pattern of prior trend.
Check out that some shorts are accumulating around these levels. This could lead the price for another (and hopefully the last) leg down.
Conclutions
Our prior low risk entry point levels remain as a strong possibility indeed.
If the bear flag gets confirmed, most indicators lead to our main key level:
1)EW Symmetry
2)Fibonacci Ratio Retracement
3)Fibonacci Ratio Projection
4)TA: Bear flag.
Idea will be invalidated if we break with high volume the prior acc. shorts level because that could mean we've bottomed already
For informational purposes only
Thanks for Reading!
Thank you @luiggih for the mention...
There are a lot of governments announcing crackdowns of exchanges this week. I think this could keep Bitcoin down for a few weeks.
My crypto newsletter editor mentioned that May is one of the worlds largest blockchain conferences and he expects the bullishness to come back with the conference.
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5.09% @pushup from @luiggih
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I was waiting for BTC price to go down again and confirm the low at $6K like it always happens in the markets, but I´m not a specialist by any means, and with this last weeks almost breaking $12K I thought the way would be upwards... I don´t want to be mean, but I really want the markets go follow your prediction because that will be the best time to buy, after that the year will start for crypto.
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I have seen the argument that the February drop to $6k was already the retest of $6k from the November drop. Anyone have thoughts on that? I don’t know enough to make a judgment.
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Don't try to justify every market move. Most of the times is purely noise and weak hands doing random buys/sells. Fundamentals are stronger than in december so crypto will rise again.
If central banks start holding crypto.... we're talking about a 3-5 TRillion market cap. Bright future ahead!
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Well said. But, I believe we are likely to see $10T market cap by end of 2019. The institutional money will start coming in this year and that means, hedge funds, pensions, endowments and family offices. Then we will have dozens of ETF created starting this year that allow the average person to buy instead of going through all the pain we have to endure directly investing in cryptocurrencies. That means retirement accounts will be able to be invested. My newsletter guaranteed 10x for our portfolio in 2018. The future is bright and I can't wait to see it develop.
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Me neither, and in November I was just starting in the crypto world.
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Thanks, if you find the content valuable please upvote.
Below 10k is a good buy long term investment.
You're here only since november so you're only seen massive gains weekly. Markets move in cycles and now we're at the last stages of a correction. Next bull cycle soon.
Remember: one year ago bitcoin was less than 2k.
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Exactly, that's why I'm waiting for BTC price to come down a little bit more and then I can buy for even more potential profit, I´m truly convinced that cryptocurrencies are the future, and while some projects/coins will fail, on this early stages I think everything is going up with BTC price rise.
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@luiggih thanks! I'm new so apologies for not fully understanding. But based on this you're saying it looks like we could uptrend to break prior resistance (9.5K maybe), or if not go down to your 4th target between 7.7-8.1K area. Correct? Also, after this 4th target is hit, can you clarify if this means the uptrend (bull run) would then likely begin? THANK YOU!!!
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Thanks for your upvote. I don't have a crystal ball yet! I'll be updating my views on crypto so keep tuned!
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You got a 8.24% upvote from @upboater courtesy of @luiggih!
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You got a 6.90% upvote from @dailyupvotes courtesy of @luiggih!
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You got a 17.91% upvote from @getboost courtesy of @luiggih!
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This post has received a 6.55% upvote from
thanks to: @luiggih.
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Looks to me like this rebound could have some legs...I'm glad I did some buying over the weekend, especially STEEM under $2.40 and BTC at about a $8,900 average over two buys. BTC is chomping at the bit to hit the 10k mark again as I type here on Monday morning and all of the top 50 are in the green (tether is down 0.3% but I don't count it for obvious reasons).
Cheers to a green monday. Maybe the market knows that Saint Patrick's day is coming soon and will wear green this week to observe the holiday.
And last but not least, thanks for the mention. It's always great to meet people who I see as very worth adding to my following list and allocating my votes to.
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Much appreciated for your comment and your vote. Check out my last update where I see a potential double bottom could be forming.
Keep it up!
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Yeah I saw that post this morning as I'm trying to catch up from being absent much of the week from steemit. I agree a double bottom near 6k level is very possible given the price action we saw this week and the continued trend downward.
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