Bitcoin is overdue for a correction. My proprietary model has produced the following targets. The percentage points communicate the probability of the level to be hit. The lower the probability the higher chance of a reversal. If Bitcoin continues to make new highs this idea becomes invalidated.
Hi... sorry for the newbie question. But, how do you get these probability? Using FIBO?
sotito4life
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So you wouln't say the last 2 week where part of the correction, and that the correction is still taking place.?
GWaves
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@sotito4life, The correction has already started yes. My model helps produce targets of where the correction might end. The lower the probability of the target, the higher the chance it has of a reversal. TG4 and TG 5 are very unlikely to be hit, but if they are, expect new highs from those levels.
Flajoshis
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the red one is unlikely to say the least
GWaves
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@Flajoshis, Hence the 15% probability (extremely low)
alpakal
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Hello, @GWaves , been following your ideas and I'm on the same page with you here; (we have talked about this with you before also, but that time I was leaning more on the long side). I have an interesting extension to your idea. Please watch here: youtube.com/watch?v=BPPjZ7TbmgE (A Mr.Robot scene). I have been watching XRP in correlation in BTC these days, and the correlation seems to be turning on the negative side.
Please note that Ripple just opened an office in China and India (just before this coordinated FUD has started). I think Ripple will be US's government controlled overseer of the cryptocurrency markets (i.e. a walled garden for the masses), and this bashing of Bitcoin will somehow "spread" or "extend" to other G5 countries.
I'd love to hear what your model says about XRPBTC pair. Cheers!
GWaves
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Hello @alpakal, Thank you for the continued discussions. Unfortunately the video you sent is blocked in the US. What is the title of it, maybe I can search it on Google and see what I find. I will apply my model to XRPBTC and XRPUSDT
alpakal
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@GWaves, thanks for the kind feedback. Sure, you can search in youtube / google for "mr.robot ecoin", think you will find interesting.
Regarding your model, I find it really interesting; it was spot on for ETH and although it lagged a bit, LTC nearly hit your targets too. Has much potential in my opinion.
GWaves
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@alpakal, Thank you sir. It is a fairly new discovery. Maybe a few months or so. It clearly does not work in strong trending markets but has great potential of identifying tops, bottoms, and sometimes continuation of trends after a correction.
alpakal
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@GWaves, well; anyone can trade the trend. But isn't identifying the tops, bottoms and continuation we're all after ;)