BTSBTC - Longterm Perspective

POLONIEX:BTSBTC   BitShares / Bitcoin
BTSBTC is rounding out a nice cup and handle pattern. The current ABCDE correction can be seen as wave 2 of a higher degree impulse wave up. I have drawn an extended 5th wave, as BTSBTC seems to love those. Extended 5ths often lead to very significant corrections, which is why I have drawn a steep ABC correction to follow.

You may also notice that wave 3 and wave 4 of the impulse up form a higher degree cup and handle pattern. A cup inside of a cup, if you will! Not much significance with that, I just love recursive patterns :P

All signs point towards 0.00040800 BTC! But how much will that be in USD? It's difficult to say...

If BTCUSD holds at its current price of 10k, then 0.00040800 BTC would be worth roughly $4.08. However, I see BTCUSD dropping to as low as $1200 over the next 2-3 months (see my analysis), so 18x gains in BTC may translate to little in terms of USD. With that in mind, I am somewhat hesitant to trade this, despite the strong technicals.

Legal Disclaimer:
This is not financial advice and I am not a financial advisor. This is merely my opinion and is intended for educational purposes only. All investments have risk and you could lose everything. Never invest more than you can afford to lose and always do your own research prior to making investments.

Idea Berkaitan

Lol, short this shit instead of long.
@dinc, In this short term, yeah. However, I believe BTS and other DEX coins could play a very important role in future and the chart patterns seem to be reflecting that. This projection is for the very long term -- a year or more. If another DEX coin comes out and accumulates a large market cap, then it's possible that BTS could go to zero. But for now, we'll just have to wait and see.
+1 Balas
kazefal jshunia
@jshunia, it wont happend.. your elliot wave is not valid
jshunia kazefal
@kazefal, It is abnormal, but still valid. I drew an extended 5th due to the history of BTS (see: May-June 2017 impulse). I believe that every coin has its own personality, and so, I will sometimes adjust my elliot waves to follow the trajectory of the previous impulses for a particular coin. Extended 5ths are very rare in other markets, but they show up quite often in alt coins (I suspect this is due to FOMO).
+2 Balas
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