This is my technical analysis on BTC for today, I believe that it is ready for a correction similar to the previous one before it continues growing, may be to the 6000USD. We could see again also a bulltrap like in the previous correction, may be up to around 3988 before it goes down to around 3148 (0.5 fibo) to start growing again to around 6000 (5913 or 2.272 fibo) when we will probably see another correction.
I should probably have sold BTC at around 4347 but FOMO prevented me of doing it, in any case I'll load up more at around 3150 if the other indicators show a change of trend when it reaches that level. I hope the next time I'll have the guts to sell (at least some) at around 5913 ;)
Do you agree or do you have a different analysis?
Komen
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For the moment is tracking it precisely ;)
Komen
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It keeps tracking perfectly! :o
Komen
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is it forming the bull trap earlier than I expected, or is it going to go higher? We will see if it manages to break the previous resistance around 4350 but if it doesn't it could continue to go down to the 0.5 retracement or even to the strong support around 3000. We'll see...
Komen
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Just at the point of finding resistance or breaking it! Let's see what it does, may be were not in a bulltrap as I thougt and it was only a small correction. The news move so much BTC -there is so much sentiment- that Fibo may be is not a good tool right now for BTC. Would Elliot Waves work better as they are supposed to reflect market psicology? Let's try ;)
Komen
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Correcting towards 3148 as I predicted? currently at 3311. Would it continue going down or would it recover to 6000 as predicted. If it goes to 6000 I think it will start a long downturn (as per my other chart with Elliot waves, 6000 it will be the completion of the long term wave 5)
Komen
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It seems that my chart predicted the move to 3000! Well I was expecting 3148 and it went to 3000 but it was close ;)
Now it is moving up again, let's see if I was right on the target of 6000 in November! After that I suspect that it could be wave 5 and start the bear...
It seems that my chart predicted the move to 3000! Well I was expecting 3148 and it went to 3000 but it was close ;)
Now it is moving up again, let's see if I was right on the target of 6000 in November! After that I suspect that it could be wave 5 and start the bear...
Feetard
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So much as i love you and hope your my future ex wife... i have to disagree. Now im not an expert shit im not even a noob but i got this funny feeling bitcoin is on its way to the floor. Took three years to implement a scaling solution, which ended in a hard fork anyway. In those three years other coins have innovated circles around bitcoin. It is the inferior technology at this point. Now BCH is proving to be real competition, as its now a large percent more profitable to mine BCH than Bitcoin, im expecting btc to fall a great dral. If one big miner/pool switches to bch expect the flood gates to open, sell your btc as fast as possible and hope you still have your ass when its done.
@Feetard, No problem. Not sure if BTC is going down. I agree that the functionality of BTC is a bit behind now, but it has the advantage of being the first and the biggest valuation. Also if BTC has a fork with SegWit2X it will be a new "free money" like with BCH so people will buy BTC again to obtain free of the new currrency that appears after the new fork, what would be BitcoinPal or something similar?
Great price targets, but timing is way off. It will happen faster in my opinion.
jorge964
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@hubavka, Thanks, and yes, the timing could be different. I used the same slopes as in the previous correction/recovery but they could be different, in any case I'm not basing my strategy on time but on the levels whenever they happen ;)
CryptoAddict77
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@jorge964, For my trading timing is very important, but if you trade long term based on support/resistance levels you could do really good :-). Good luck!
jorge964
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@hubavka, it seems that for the drop my time frame was off by 8 days ;)
Now it is moving up again, let's see if I was right on the target of 6000 in November! After that I suspect that it could be wave 5 and start the bear...