BITCOIN (BTC) Update: Projected DOWN Pathway
Bitcoin continues to grind lower with occasional bounces like the current one. If waves 1 and 2 (green) are in, then wave 3 has clearly started. I've labeled the minute (1,2 green), minuette (1), (2), (3), (4), (5) and subminuette (i), (ii), (iii), (iv), (v) waves. I don't have the circled font for the minuet, so am using colored numbers. Regardless, ignore the boring details of labeling, as what's more important is that Bitcoin should go sub $4k in short order. If so, this would take price below the low of corrective wave A (red) and that's a significant confirmation that lower lows are coming.
Here is the rule on labeling. I violate this all the time because my chart system does not have the circled fonts.
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.
Guess it can't stay magically above $4000
We should see an official chinese gov response by monday, then we will see which direction this market goes for a while. regards
That is good news. My sense is that BTC is going to go down further.
We need a further pullback to really reload for a powerful run upward. 5000 is a difficult resistance level....
I really think the run from 5K to 6K will be quick.
Where do you see the bottom and when? It shouldn't go under 2500$ if we are descending till end of month... all the rest coins are following btc so it will be a red month I think
Firs bottom potential is around $3,000
Second is around $2,000 to $2,600
Refer to my BTC updates early yesterday for the big picture.
You do have it as an ABC down.
That count still holding up?
Yes. There will be bounces along the way down.
I'm not sure we will go under 3000$ but if we will i don't think we will go under 2500 and with the new extended waves 3k could be last bottom.....
already making lower lows. Psychologically $4000 key level. when that break many stop losses will be triggered.
Yes, and nothing goes straight down as there will be bounces. Nothing also goes down forever.
yes nothing goes up or down in a straight line - hence the waves and corrections
Medical costs go up in a straight line.
Sounds like you live in the US
Yep.
You forgot up US Debt - certainly goes up in a straight line..lol
Yeah that one too....lol
upvoted
Priceless analysis again! Thanks. This would be best if we could optimize our reaction to the Bearish Market. I believe money can be made in these times, just don't exactly know the best way. :-) And would appreciate inputs. Selling high BTC to Tether, then buying back low BTC comes to mind. Also, how do we identify those altcoins which somehow moves against and still goes up?