Bitcoin (BTC) Mid-Day Update: What are the Alternate Counts?
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SUMMARY
Technical Analysis is merely a process of identifying as many possibilities, narrowing them down to a handful of probabilities and selecting the primary and alternate counts. I have consistently said that awareness keeps the panic and FOMO away. Being aware of these alternates allows one to first be rarely broadsided but more importantly react accordingly to any change. Awareness can help prevent a trader from bouncing back and forth like a pin ball between panic and euphoria; while seeing his account go to zero. There is no happiness to be found in unawareness!
To that end, as I've been presenting for several days, the below chart is my primary count. I believe we are due higher highs.
The below pretty much supports my primary count but in a slightly different pathway. This is the broadening pattern which I've often affectionately referred to as the Jaws of Wealth. Price is bouncing off the bottom line and I've laid out the Elliott Waves and midterm targets that pretty much jive with my primary count.
Here is my next alternate count which shows that price is merely bouncing off the red A wave and now completing the red B waves. This means that if C wave decline starts, then a five wave impulse down could lead to a low of $8,350. I'm seeing the permabears coming out and preaching this like it's the gospel of certainty. Perhaps having alternate counts into awareness could be helpful for them.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Steem
Wave E may be incomplete in the triangle because it is bouncing off the 1.618 Fibonacci
Thanks @solisrex, I had a feeling this was happening. A little time to add before take off.
yes
On which Platform do you make your TA ? UPVOTE
tradingview.com
free with email registration
Follow you now...
Buy at C!
So.. when is STEEM's BOMB(!!!!) day??
really clear and good analyst
BCH breakout
To the moon !!!
Litecoin started to rise in price from $220 to $300 as well. The increase in market cap is helping most cryptocurrencies rise in value.
You have been calling, I have been waiting..come on bch!!
When you least expect it, by design.
https://www.coinigy.com/s/i/5a514948a7d24/
It is still inside my triangle but I see it too! Didn't draw it here but this bull flag will give it plenty to breach. I have also counted the corrective waves... so if my count is right... sweet!
NEO
Awesome. Thanks for also showing the bear path.
I am really starting to doubt that Bitcoin will ever make it past the 20K mark. Sure it's had an astronomical run, but the cracks in it's architecture are really starting to show (tx costs and tx backlogs).
Obviously, I have no empirical data to prove it, but just like reading charts and waves....It's more of an ART than a SCIENCE!
Most of these issues are because most of the exchanges like coinbase have yet to implement segwit. In coinbase they are not using batch transactions either. Just by Coinbase doing this it will cut congestion on the bitcoin network dramatically . Next year at this time we will be complaining why coinbase hasn't opened a lightning channel. All of us bitcoin users need to apply pressure to these exchanges. I'm personally looking at bitflyer here in the US to by bitcoin with fiat as coinbase is a failure as far as i'm concerned.
Why would anyone buy bitcoin at a site like coinbase ? I've been using bitpanda, they have BTC, BCH, LTC, ETH, XRP and DASH, so you buy the least volatile, send that to an exchange you like and buy bitcoin there when it's convenient.
Is bitpanda open to US customers?
No idea. As luck usually has it, probably not... but give it a test, bitpanda.com
Oh I remember now, they has an exhaustive ID check at the beginning.
I completely agree. I heard yesterday from my buddy it's now taking 9 days to get BTC after your purchase! The market will find a workaround and then Bitcoin will have no choice but to get on with Segwit and speed up the development of lightening network. I bought an interesting coin, ENG that: "Enigma is a second-layer, off-chain network to solve the two biggest blockchains problems: scalability and privacy". Maybe they will come to the rescue. I doubt Bitcoin would move on it though.
Yea it's crazy. I have a like .05 of bitcoin that i have been accumulating with scheduled payday buys that i stopped because of the issues. I think i'm just going to sell it into fiat near the top of the next run up. Set up a bitflyer account and buy back in on a dip. I'm done with coinbase.
In 2018 there should be at least one electronically trades fund for cryptos that will make it easy for everyone to purchase. You'll be able to just open a brokerage account or buy it within your retirement savings account. So you'll certainly have your chance to stash some savings as you get it.
I think that if it falls down, a lot of people will want to buy cheap => rally => even more to buy because bullrun => 25k$ at least. That's why some downtrend to 10k$ could be really good for btc.
Or it will just go up to 25k$ in a few weeks, then something will happen that will make it go even higher, some tech or some new use of btc (nasdaq, amazon or any other kind of thing that bring money into the system)
As long as these cracks remain, I also doubt we will see much dynamics. It will put more pressure on to solve scalability even more, which I believe is possible. When solved, we can see similar dynamics as in 2017 again.
Personally I think Dash will steal the torch from BTC. Everything about Dash looks a lot like what BTC was at the beginning of the year. Dash has an on chain lightning network with 1.3 second Tx and they are on their path to 400MB blocks.
Do you recommend investing in Ripple now?
I noticed when skyrocketing coins like Ripple, Tron, Stellar Lumens peaked. It started to crash in value once it reached it's ceiling. I would wait for Ripple to drop in value before investing.
Wait for a decent pullback.
thank you for your updates.
i finally signed up for steemit to upvote you!!
Good for you! Remember me when you're rich :-)
They are going to short it straight to $50,000.
bittrex and binance stopped the registration,
cryptoworld is becoming bigger ,it s hard to believe btc will go down
Not really a point, these exchanges are primarly btc pairs, so btc falling make alts go up in btc ...
But yes, in a few months BTC will reach 25k$.
btc will not go down
i heard that you can re apply the registration on binance at jan 18th
Any thoughts on the 'staircase/diagonal' on the sell order book for TRON? Curious to see if you have any insights, thanks as always for your analysis and thoughts!
