BTC overnight prce action shows 5 waves up and the start of an ABC correction, which should be done today.
I don't expect much action in the BTC price today.
The volume is still very low, the waiting game continues.
My "no new low is needed" scenario has not been invalidated yet and is still my primary count.
All we need now is a strong move up (bigger than shown in this picture) preferably within a wave 3 and fomo will begin. There is a lot of money waiting for a good buying opportunity, trying to catch the low now. If they think that they missed it, they will likely jump in, trying to not miss out on the next rally.
But for now everything is calm and boring. STEEM/BTC is starting to look bullish though. If we see a rise, I will make an update about it in the evening.
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Right now daytrading is like !
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Hilarious!
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lmfao
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What do you think of the BTS chart? I am considering two variations of a 5-3-5 zig zag abc correction. Do either of these look likely to you? Appreciate any feedback.
Or truncated c:
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Your first picture is more likely but the target could be lower. Never expect a truncated C. It's rare. But I like that you are able to identify one, if you see one.
The triangle of tombort is also a scenario.
here is another one to keep in mind:
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thanks, I hadn't considered that!
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The former chart is more likely to rewind. I edited it to show my point.
p.s. Discover the new way of Technical analysis. More here: #4.
Last one: #31.
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thanks for the response!
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Some good points. Let’s hope your primary count is correct and this signals a change in trend.
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it seem to be stabilizing and most of the market is starting to trade in the green zone, lets hope this continues
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i see a diffrent story
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Nice presentation ! lets hope this will spike soon !!
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bitcoin is amazing and workable currency
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Let’s hope so- I’m ready to see what the beginning of January brought...
Even if we can get back to all time highs for altcoins—
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The value of bitcoin plunged last week, amid fears that trading was about to be banned in South Korea. It then stabilised briefly, before plunging again.
The volatile cryptocurrency hit a record high when it passed $19,850 in mid-December, but then tumbled rapidly, falling to below $12,000 within days.
Its value has shifted unpredictably ever since, with frequent wild drops and recoveries.
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nice work. thanks for sharing.
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The primary scenario is very attractive. Agree that lot of people are waiting for the entry point. We should definitely monitor the volume and the structure of the upcoming 3 wave of that scenario. If there is no volume or it will look more like A-B-C... plan B is on the stage.
In case of primary scenario, it could be also a very good entry point for the ETH buyers. ETHBTC looks like that now:
It has recently broken the 0.1BTC level with no los problemos. More details in my recent post.
Probably entering the ETH with a solid piece of the depo in case of the launch of the 3-rd wave soon is a good idea.
Thanks for the updates, @ew-and-patterns!
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$9235 on Bitstamp. Attention!
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Yup. Have a look at the evening update. ETH is dangerous in my opinion unless there is a new alltime-high
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thanks!
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This is pretty much what I'm expecting. I refrained from all buying and selling. The market is acting pretty stupidly. Guess we'll have to wait a bit more for any action.
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Exactly what I was looking for!
Upvoted, resteemed and following!
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