Bitcoin is Gold (supply vs demand drives market value)

BITFINEX:BTCUSD   Bitcoin / Dollar
For all the "bubble pop peeps" this is some TA for you to consider (at minimal)

I know you are all a bit stung in the ass by the 2013 bitcoin             mtgox market cycle and fractal but you also have to remmeber that bitcoin             has had many pumps and dumps and not all of them fully retraced infect many of them saw continuation in or around the .618 fib retracement not to mention the fact that GOLD             is a very similar fractal to bitcoin            
and as many pro traders are aware GOLD             is doing a rounded bottom and is likely to see continuation to new all time highs so you have to ask yourself is this really a bubble pop scenario ? I have to say no the technical don't lie and I see bullish consolidation.

Bitcoin             is likely to tap 10,000$ form short term resistance and test the upper 7000$'s (7200$ - 76000$) this is another prime entry I have been accumulating this panic many of my buy orders triggered at 8000$ and 10000$

My target for 2018 is still 100,000$ per coin

This correction is scary for people new to crypto but this is normal market movement for people like me that have been around for a while

Stay profitable out there!
(market cycles explained
tapping that .786 watching for a bounce here (not one to call bottoms but this retracement zone has a great risk to reward ratio for buying and could easily be the bottom of this panic
Trade ist aktiv: Buy orders getting filled!
bottom in time for pumping
Youtube channel with lessons on trading
BTC : 3BMEXh53C6wbmFfjUD7pYiHwCjf63u8A
How low do you think the right shoulder will go price wise ?
What I don't get is: the last low hasn't been hit yet, right? So why long this trade? Why not short until you hit 6921 again? Or rather, buy at 6921?
Hi Dalin!!!! I am afraid to say that correction is still not over and BTC may fall further in a zone of 3k to 5k or more lower in coming weeks !!!
As i can see you are continuously changing the bottom from 11k to 10k to 9k to 8k and so on!!! but as far as elliot wave is concerned , 3rd wave is completed and its in retracement downward and this correction seems to complete after 70% to 90% downward movement!!! that will give a tentative bottom between 2500 to 5k zone!!!! So this market cycle is not over yet!!!! After completion of the 4th wave/retracement, the new market cycle will start!!!

+4 Antworten
JEDI_TRADER zeeshaan001
@zeeshaan001, unlikely. Elliot wave theory states that only 10% of wave 4's retrace more than 50%. So the odds are against this being a wave 4. More likely a wave 2 deep retrace in a larger cycle
+1 Antworten
zeeshaan001 PRO JEDI_TRADER
@JEDI_TRADER, Thats why i hv put it different buyz zones to jump in but as the current wave is retraced more then 60% so it can not be counted as wave 4 so its probably the wrong wave count!!!