BTC morning update 14.05.18

ew-and-patterns (70) in btc • 7 years ago (edited)

The bearflag is about to be broken. If BTC drops below 8200, it will likely fall down to 7800 and complete 5 waves of wave A. That means the correction is not over and could take the whole month of may, or even longer.

In an earlier post I already predicted a deep correction to scare off investors. A 50 - 78% correction is quite common for a wave 2 correction.

A bounce off this channel is also possible, but not very likely.

UPDATE: I have cast my SBD rungs (buy ladder) @ 1.75$ ,1.37$ and 1.00$.

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7 years ago by ew-and-patterns (70)

$28.57

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grizgal (55) · 7 years ago

Wow how things have turned! Looking for the trend change!

$0.18

1 vote

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riccardo47 (57) · 7 years ago

Good Morning

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1 vote

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away4pro (54) · 7 years ago

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5 votes

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bafspotlight (53) · 7 years ago

I am not good with trends and bitcoin terminologies. Can you explain it in a way that a layman can understand

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1 vote

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teukurival (63) · 7 years ago

Makin lama makin lemah

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cryptobling99 (25) · 7 years ago

I'm not following what u mean... ur previous post u had wave 2 down going to the 8200-7800 range, then wave 3 up. Now ur saying if 8200 is broken, it may be a deeper/longer correction? Please be more specific if you can, it helps. Also what "target" would this new deeper/longer correction be at. Chart? :)

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ew-and-patterns (70) · 7 years ago

Because now it is about to become is a five wave movement. If it happens there is only one chance out of 34 that it might be a complete correction (WXYX2Z). If it is not WXYX2Z, then it must be a bigger correction. The most common correction is a ZigZag (5-3-5) which would likely take the whole month of May.

$12.11

2 votes

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stiggy (34) · 7 years ago

I shall then watching it closely then for a possible good entry point.

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cryptobling99 (25) · 7 years ago

"If this is correct, the buying zone is in the range of 8,400 - 8,000$." - You wrote that last chart.

Now you write above " If BTC drops below 8200, it will likely fall down to 7800 and complete 5 waves of wave A. That means the correction is not over and could take the whole month of may, or even longer."

So first post you say buy range can be 8-8.4K, then you say if it goes below 8.2K probable longer correction.

I'm sure you can see my confusion. Care to elaborate and help?

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ew-and-patterns (70) · 7 years ago

I tried to explain it to you. You don't seem to understand. 8-8.4 buy zone was for a complete correction scenario which is still valid. As you can see price bounced @ 8200.

If 8200 is breached the scenario is invalid. It's not that hard to understand.

There is no 100% guarantee, I usually post the most probable scenario at the time of posting. I usuall have 3-4 different scenarios in the back of my mind for when the invalidation point is reached.