This is one of thee most perfect Head and Shoulders I've ever seen... on the right side of the picture, clearly visible. Lets see if it forms out... after pros like cryptopassion and haejin have been hinting that another healthy downwards correction may be coming ($8000 were mentioned), this is my "alternative scenario."
BTFD, so lets go for it. Take care...
Thanks for pointing this out, I did not see the Head and Shoulders and have not heard anyone talking about it! You may just be right, and if we zoom up to 24k soon everyone will "hindsight 20/20" this analysis.
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Then again, we might just keep slowly jittering our way up within that orange trading channel. Have you read about all those exchanges refusing to admit new users ? Bitfinex actually said they don't want many "small" accounts, they want a few big ones...
It makes sense business-wise but in our day, they might get accused of being racist - once enough Feminists understand crypto ;)
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Yes, as a matter of fact just when I wanted to sign up on Bittrex, that's when I learned they were not taking any new users. I didn't know it was in relation to account size. Thankfully, I don't see crypto being a big enough target to be attacked by bullying social just warriors.
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They don't check for a deposit of 100k minimum yet, they just said they'd prefer "professional traders," which shows their understandable irritation ;)
Kraken says they're implementing an entire new system, they've been working 24 hrs on the weekend - their "fiat partners" (banks) who do the dollar deposits and withdarwals are out of their depth as well, so withdrawals will be delayed by up to two days - doesn't matter really. But deposits can at this time only be made in coin, such is business volume. Or lets say doesn't matter to me, I only deal in coin at this time, switching it to and fro - but may matter to someone who is eager to get into the market for the first time.
Always good to know the takes of the guys who are at the core of trading, I love detail, and you can see how this can make Elliott Waves falter - though the general tendency MAY still be correct.
Thing is, there will be a pause for new small money flooding into altcoins for awhile.
Looking at the daily, hourly etc bitcoin charts, I now tend to believe it will stabilize and go up again.
It really has dipped enough by now... we should basically be at the beginning of another 4-6 month upwards lunge, so if the H&S doesn't come true I'll be in again ;)
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Haejin just mentioned the H&S in his latest video - he has no idea either - he;s an analyst, not a prophet. Says H&S doesn't go together with the way volume has been/is developing.
So in the end, we all agree that BTC falling to 9.5k is entirely possible, but maybe it'll just climb again ;)
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I don't think it goes that far, but close. My chart 5 days ago is still good but the D wave surpassed the triangle..
https://steemit.com/bitcoin/@thedolphin/bitcoin-update-one-last-buy-opportunity-at-usd13k
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Agreed
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Professora jojof,
I see the head and shoulders, but to me it looks like it failed around 12/30. I've heard H&S is a very good indicator but nothing is perfect.
What price level or date/price combo would lead you to conclude the H&S is not going to happen? I had a couple of incremental limit orders fill this morning when it retested 13500, but my order at 13012 is looking like an orphan.
Due to a mistake a few days ago I'm really fat BTC and lean ETH right now. I hate learning from mistakes, ouch.
Regards,
Rick
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No, the H&S failed to really form out - I couldn't understad what was wrong with it but haejin says it's to do with volume, volume did not correspond the way it should have... also, I've seen a few HS "fail" lately, apparently a H&S can only be safely identified as a valid one in case it wreaks great damage !
There were a few reverse ones in the Bitcoin chart, but I didnt realize that though they might explain a few things everybody was surprised about... but I only realized that after it had happened. It helps holding the screen upside down.
Oh that's bad, you really should be into Ether these days... everybody seems to have fled into Ether where I would have fled into fiat.
That people are crazy being the only reliable rule while all the rest gets erased from the huge blackboard in the sky... I actually hate learning from bad luck much more than learning from mistakes ;)
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People, what are your opinions? Can Bitcoin 🚀🚀🚀🚀 and be 100 000 in the end of the year? Or this is fool's gold?
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If you look at BTC from early 2017, this Christmas correction doesn't look so bad, there were a few similar ones, it's like it rises for about six weeks or so, then does two, three weeks of correction. But maybe once a year, it can fall into a really bad one that goes 80% down and then goes flat - some see the signs of that now, applying the instruments of normal markets...
They may be right, though this isn't a normal market, there's the new capital flowing in, about 100 billion added every month (albeit from fickle, panicky new users), there's institutions going to come in... all good basics.
But still, what IF this happens ?
Well the naysayers believe that this would mean the crypto market would be dead, though there may be exceptions, FOR ABOUT HALF A YEAR this time.
There would still be opportunities for day traders, at a very low level, but everybody else would have to wait, especially those who held coins, and then it would just rise again, probably at a very fast and steep level. If so, I would expect 50 oder maybe 75 rather than 100k.
There's also the possibility that the dead calm would stay over two years (which has happened to Bitcoin in the past), or that Earth gets hit by a slimy asteroid, or that BTC shudders on and gets back into track ;)
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Depends where you think the crypto market cap is going. Currently, 1 BTC is approximately 15,000 with a market cap of 250B (Roughly 35% of the entire crypto market cap (750B)). If BTC reaches 100,000 that would imply a market cap of between 1-2T. Assuming BTC market share of 35% remains constant that would put the entire crypto market cap at somewhere between 3-6T. Global AUM currently around 100T so that would put crypto at about 3-6% market share.
https://www.cnbc.com/2017/10/30/global-assets-under-management-to-double-by-2025-as-the-world-population-ages-study-says.html
Considering crypto could theoretical replace the majority of the entire financial system (50+%) that would put crypto market cap at around 50T and BTC market cap around 17T.
So to answer your question yes I think 100K is feasible but optimistic, 50-75K more conservative estimate. Definitely think higher but hard to approximate the timing each price milestone.
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