sciencei
Singkat

Bitcoin could have just topped in a wedge pattern

BITSTAMP:BTCUSD   Bitcoin / Dolar
Did Bitcoin             just show us its top in a wedge formation??? This is now counting as a contracting ending diagonal . It is at the very end of multiple waves of higher degree. The pattern gets invalid as soon as 21,300 is traded. Very risky setup for trading either way currently. Better to wait for confirmation of what is going on.
Komen: Right now this counts either as:
1. Expanding leading diagonal
2. The middle of some 3rd of 3rd junction still accelerating to the downdside

All in all adding evidence to our Bitcoin forecast.
Komen: Bitcoin took a nosedive into the low 12k overnight before rebounding. We are counting 3 waves down from the December 17th high, which we correctly identified as a wedge pattern. There is still no confirmation that this has been the Bitcoin's top. We need followthrough to the downside as further evidence for that.

We forecast followthrough to the downside resulting into a 5-wave pattern.
There has been non-confirmation between various cryptos reaching a new top. Moreover the drop last week was significant and across the board. Moreover we see also a sentiment shift within crypto investors arguing that Bitcoin is less good to some other alternatives. Their main arguments being energy consumption and transaction speed.
Komen: Bitcoin traded 5 waves to the downside. Expect followthrough! Updated chart & idea on the 22nd of December.
Komen: Bitcoin bulls decided to go into extra time. The cryptocurrency traced a choppy sideways movement after Christmas 2017. We continue to forecast followthrough to the downside. Our main reasons being:

1. A concentration of termination patterns of multiple degree elliott waves on December 17th 2017
2. The impulsive swing from December 17th into the December 22nd low
3. A risk appetite shift from the leader (Bitcoin) to the laggards (Altcoins)

Nevertheless, we should be highly aware that the bitcoin may also carry on its trend to the upside and extend into higher highs. The alternative count in red shows an illustrative pattern of this case.

However, we weight the black count with a higher probability. Our base case is another spike into the 18k before the relief rally fades.
Komen: +60%
Closed on March 29th 2018
Good call
Balas
@cpkdr, Thank you. We'll try to dig deeper into this subject again today. There was an across the board selloff in cryptocurrencies overnight. Bitcoin Cash crashing -67% from open into the low. That was just 1 trading day!
Balas
cpkdr sciencei
@sciencei, I will be watching for your analysis. Thanks.
Balas
sir it is right time to convert btc to usdt
+1 Balas
oymer007 shahnwazsam
@shahnwazsam, never sell under 20 000 $
Balas
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