SUMMARY
Overnight BITCOIN (BTC) price action is little changed. However, as discussed in my previous essay on phasic/non-phasic relationship between BTC and Alts, it would be interesting to see if the Alts will now take up the batton and begin to print some green prices. The chart below identifies the dotted white line in both fractals to which prices adhered closely. As long as the lower solid white support line holds, my call for an Expanded A,B,C correction is still on. This would mean one more All Time High for Bitcoin, afterwhich a swift and surprising downdraft of prices towards Wave C which marks the final bottom of Wave IV. The key for me is not current price or price at Wave B with a new all time high...the key is the bottom of Wave IV...this is the time where BUYING ACTIONS will be warranted. Once Wave IV is complete Wave V will take prices up to never seen before levels. The video analysis has more details.
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Nice post,
Check out my Bitcoin analysis for today
https://steemit.com/bitcoin/@ohamdache/bitcoin-price-configuring-resumes-height-analysis-09-10-2017
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hey @haejin if alt coins are at a very low point right now and it is highly likely that they will head upwards.... does it make sense to use our BTC to buy some? I want to buy some but then again I am faraid BTC will Drop in a few days or weeks and I wont be able to sell... is this the right way to look at it?
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I would stay in BTC until after the Oct. 25th fork. Bitcoin will continue to climb as people convert alts into BTC for their free BTC Gold. I think we will see the big correction shortly after the fork.
EDIT
I believe all alts will fall until after the fork. Just look back to when BTC Cash was released.
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so it would also be wise to transfer my btc out of GDAX and into a different exchange? given that Coinbase will most likely not be given their members the free BTC GOLD?
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I am wondering the same and was hoping Coinbase would give customers the BTG
If You move your BTC to nano ledger (or other wallet) are you worried the price could drop on 26th October before you've had time to sell BTC ? What is the best strategy to avoid this ?
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Transfer BTC to Bitfinex - they will credit BTG.
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Thats intersting ! although are you not worried about leaving your BTC on an exchange without access to your private keys ?
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I am trading it, so I am taking that risk. What if someone somehow get in to the possesion of my private key? This is also possible and for me it isequally probable as loosing bitcoin hold at the exchange. If you transfer your BTC to a reliable exchange just for a couple of days the chances you loose your funds are close to zero.
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fair enough - looks like we may hit a new ATH before the fork and best to sell before a crash to bottom of wave IV
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@Haejin What are your thoughts on extending this last wave before the correction to the 25th (after the fork)?
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I believe a new all time high for Bitcoin likely and then crush to Wave C down to around $2,400 or so.
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Good one but my one is better. :)
https://steemit.com/cryptocurrency/@attila73/bitcoin-the-king-of-the-crypto-currencies-big-momentum-is-coming
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Coinbase and Kraken told me that they will not notify BTC owners of a BTC GOLD COIN Until after the fork. Therefore, why hold BTC until after the fork when in the next 2 weeks it will reach its 5000-5200 high. If you sell it after, it might already decline towards wave 4. What then is the gain in holding for a BTC GOLD. You don’t know if your exchange will give you a new coin and it seems a self fulfilling prophesy BTC will decline if it reaches 5-5200 high before. IS MY THOUGHT PROCESS CRAZY AND OUT OF WHACK?
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If I understand you correctly you are asking why would you hold BTC past 25th if it hits ATH before, since many expect it to dump afterwards ? If so I think your thought process of selling beforehand and waiting for bottom of IV is sound and preferable to getting some free BTG. The problem I see is that we do not know if it will hit ATH before 25th so in order to get free BTG we will need to transfer BTC out of Coinbase. The risk here is that transcation times are really long and you cannot sell your BTC quick enough if prices plummets after 25th ? What is the best strategy ?
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That was very interesting. Nice action for the 3 top voters.
Thank you.
Resteemed :-)
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Falling from $5200 to $2000 is scary. I hope that won't happen
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Or sell at $5200 and wait for it at $2000 lol
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Never sell bitcoin :)
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I would to take a profit and buy back in on a drip ?
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Hi Haejin!
What do you think of this? if you think this is invalid please tell me why.
If this is somehow correct the target is higher than what you say in the video at around 6750.
Thank
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God damned. This is the second fork and second time I'm making the mistake of not having any BTC in the month of the fork.
If the ALT prices are going to go even worse. Is it wise to take the risk of selling them here with loss hoping to buy more when they fall more? Or would they magically have some green days after we sell? That's the question.
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Alts will have their green days. This is how it turned in the last $3,045 bottom, the July bottom...and so again this time.
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Do you think green alt days are possible before the fork?
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Yes.
This bitcoin gold fork is nonsense as the rason why everyone seems to be piling into bitcoin now. One only need be in bitcoin 24 hours before fork to get the forked coins.
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I think you should hold it. The BTC price is too high now but if you can sell your coins with profit you can try it. I am stucked too unfortunately. In the last 2 weeks every TA expert said positive things and look at the reality. :)
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TA's can not go down to the level of common people whose only consideration is to get free BTC GL. They are smart people. Smart people will always loose at times like these and I cannot believe that we are having such times twice, two months apart.
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Why not having tight stop-loss orders? I have sold all alts qiuckly after they started to drop and bought BTC.
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I am a newbie in the crypto space so I was not in at the first fork. Hopefully after the segwit will not be a big crash.
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This post has been ranked within the top 80 most undervalued posts in the second half of Oct 09. We estimate that this post is undervalued by $13.07 as compared to a scenario in which every voter had an equal say.
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