BTC big pic update 29.08.2019
This could become my most famous post ever if BTC bounces on 8500$ and ends wave 2 there.
It would fit with the count that I have been posting in the last two months, but it also accounts for areas of support and the big picture.
I highly recommend checking out the enlarged version, because without it the details are not showing.
IF BTC bounces from this resistance, people will NOT be able to get in at cheap prices. I know thousands of people are waiting for a good entry point right now. But it might not ever go below 8500$ again.
For this reason, I will have to split my entry again. One tranche @ 8600 and one tranche @ 7600 (which might not be filled).
I also wanted to share some of my past big picture updates to see how they developed:
Posted at the bottom to be able to compare:
I will not let this opportunity of a lifetime pass. I am ready when it hits.
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
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I had 7 entry points starting at $8950 down to $7750, but now your post made me think again about it.
I have also considered the idea that we could be in a consolidating symmetrical triangle since June 24th whose current red candle on the weekly could turn into a bull wick (I know, we just have two days for that to happen, very low probability, but still faisable...). What had me think about this is the weekly RSI forming a downward pointing wedge, that is ending around... september 23rd (Hello Bakkt). I like considering every options, even the most farfetched ones, so that I'm not surprised IF any of these scenario take place!
I expect this correction to end by september 20th whatsoever, up to around 60k by May 2020 (BTC halving anticipated and priced in before profits are taken). And then 140k/BTC by the end of 2020. Still a possibility, but the upcoming bull market should be jaw dropping for many.
Hope you could grab some more Steems at a bargain! ;)
I don't see the triangle, but I agree with your price targets (even 280k is possible, this time is not retail bull run, it's institutions. The FOMO can get ridiculous...)
Yes, I bought 6k more Steem so far. If we go lower I'll add.
here it is (caption reads "48 hours left to turn green and become a bull wick?")
Wave 2 can never be a triangle. This rule cannot be ignored.
I think it will drop tomorrow when wave 2 of c of Y is done.
Good point, I had honestly forgotten about this rule. Gotta do my homework again...
But now what if this was actually wave 4 of a smaller degree (not minding the "1", "2" annotations)?
I would say this has a 2% chance of being wave 4. Because it is 10 times bigger than the corresponding wave 2 is. That is very unlikely.
And WXY in wave 2 is also a very common pattern in commodities. (Many people consider BTC to fit best in the asset class of commodities a.k.a. digital gold)
Hey great stuff! Do you know if there exists something like a combination of a zig-zag and a flat for a correction? I have tried to make sense of steem/usd and in my opinion the correction isn't so easy explained by elliott wave theory. Impulse waves cannot occur for a larger scale correction right?
https://steempeak.com/bitcoin/@tobetada/crypto-trading-with-tobetada-or-26-08-2019-or-steem-usd-outlook
to answer your question, yes a combination zigzag-x-flat is a valid pattern, but it is not the pattern in STEEM big pic. See my other comment for details
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