One of the oldest and most effective techniques to keep fooling people is to constantly show them dreams of a new world which is so common nowadays, and widely used by Politicians, Illusionists and speculators.
Bitcoin has meteorically increased so high in a very short span of time compared to other class of assets, now its getting unlikely for Bitcoin that it will keep managing its growth like before and sustain for higher levels.
There are lots of huge huge Long term bullish predictions which are based only through some minor chart analysis theories, recent price action, some kind of fundamental hype, or personal bias of so called cryptocurrency experts on twitter, but in the end its nothing more than price speculation.
Above you can see that we've perfectly completed the 10 yrs Elliot Wave cycle, also the corrective B wave formation, now according to Elliot wave theory Wave C will bring us to new lows and the first very likely target is fib236 between 1100-950, for detailed elliot wave projection have a look at my previous analysis
now lets take a look at some other factors...
my custom indicator has caught an strong sell opportunity in weekly chart, just like it did in feb 2018. note that there was no sell signal or my indicator moved to purple zone from red one's during the whole bull market of 2017 where Bitcoin move from $890 all the way towards 20000 level.
here's an another view over Bitcoin's 10 year cycle, through my custom indicator, you can see that my custom indicator is so reliable to identify Bull and Bear markets.
you can see that in 2015 Bitcoin made a double bottom at 200 WMA but it did not in 2018-19, although prices do came back to the support in feb19 but did not test the weekly 200 support, so might be we could get a second opportunity to buy Bitcoin between 4500-5000 where the weekly 200MA will strike again, maybe in q1 2020. but that doesn't mean we cant break 200 weekly MA, if a support level gets tested 3 times probablity of breaking it in 4th gets higher and higher with each next attempt, and 200 weekly supports do break.
check this S&P500 weekly chart of 1981-2001, where 200 Weekly MA hold the prices in 1982, 1987 and 1990, but broke the major support level in 2001.
Bull market creates dreams and Illusions, whereas bear markets shows truth and reality, there're enough dreams now, its time to open your eyes and see the reality, wake up...
alright guys, that's all for now hope this idea will help you to make huge huge profits like the previous one's ;), dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:) and to join our premium contact me on telegram, we're going the increase premium fee in the coming days, so hurry up...
thanks you, this is Husain Zabir signing out
Trade active
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just updated my views on short term price movement of bitcoin do check it out and get all the insights for max profits...:)
Trade active
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just updated and released the 4th part of the trap series which shows more technical data that we are heading towards lower lows, still this idea is valid and as predicted
Trade active
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Just made the final and very last update long term Elliot wave cycle hope you guys followed this idea
I really respect your analysis, and follow eagerly your updates.
Having said that, I believe your target for wave C might be a little "extreme". I'm not saying the analysis is formally wrong, mind you. It is quite elegant and convincing, actually.
The problem is: it will take some time to get there, right? In the meanwhile things will change, as they do ever so rapidly in the realm of technology and crypto. More and more people will become a believer, get to understand what a great invention blockchain is, Libra will push governments into creating a framework of legislation, setting the standards for what will be acceptable and what won't.
Basically, a year from now we will be one (very small, indeed) step closer to mass adoption, which means that more capital will have entered the space, and that should be enough to keep btc from reaching so low.
To put it another way, for btc to reach 1000$, we will need one panic sell after the other, believers in disbelief, more and more quitters, capital leaving and all that.
Yes: things change rapidly in this environment, and they could very well change "for the worse", but still it looks like an unlikely turn of events as mush as it is seeing 100K within the same time span.
Husain_Arkghazi
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@pegonzi, not just you mate even i myself give this scenario a 20% probablity, the high probability scenario will be that we could get a bottom around 4500 5000 zone and than buyers could take control over it and yeah we need a huge mass adoption at that point which could be the legalisation of cryptocurrencies by china and india two major and most important markets of the world also blockchain has still not completely solved the problem of scalability, there are 3 major factors on which blockchain generates trust and they are distributed ledger, security and scalbility and every blockchain has to sacrifice from one of the factors for bitcoin blockchain is well distributed and secured but not scalable and xrp blockchain is well secured and scalable but centralised, ofcourse there are some minor solutions like sharding or lightning or we get semi centralised and semi distributed blockchains like eos, but still we need to find more solutions, before going to be a global currency bitcoin has to cross this technical hurdles, regarding to wave count so lots of chartists count waves on bitstamp chart which does not shows previous data like you will get in blx chart that why their wave counts are bit different than me
Winnie-the-Pooh
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Any updates?
PinkCryptoVN
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I think, first it goes to 5.6k, then up to 16k to complete wave B. After that it will be heading down to 1K range.
RobbeV
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Hi Husain, I believe this is absolutely possible. My theory is that the cycles always expand and such a down would definitely create room for such an expantion, although 1000$ might be a bit on the hefty side. I was wondering wheter you could share that fabulous rainbow bear- & bullmarketindicator. Thank you and keep up the good work.
Husain_Arkghazi
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@RobbeV, hey mate thanks for reply, well i do give this scenario 20% possibility and i think if this is a new wave than bottom could be between 4500-5000 which is most likely scenario abt that indicator so its my custom indicator which ive reserved for my premium members to generate better signals:)
tcapb
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Many consider your wave 1-3 as initial global wave 1, your wave 5 as global wave 3, and global wave 5 is still yet to come (@PentrahUdi for example)
Husain_Arkghazi
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@tcapb, lots of chartists use bitstamp chart which does not shows the previous data before mid 2011 thats why they get different wave count, blx chart provides more sophisticated data for long term analysis thats why you see different wave count on my chart
TradingSafely
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Interesting Perspective my friend!
We are currently bullish short-term with targets of 8600 and 8900.
Long entry 8030!
Good Luck!
Having said that, I believe your target for wave C might be a little "extreme". I'm not saying the analysis is formally wrong, mind you. It is quite elegant and convincing, actually.
The problem is: it will take some time to get there, right? In the meanwhile things will change, as they do ever so rapidly in the realm of technology and crypto. More and more people will become a believer, get to understand what a great invention blockchain is, Libra will push governments into creating a framework of legislation, setting the standards for what will be acceptable and what won't.
Basically, a year from now we will be one (very small, indeed) step closer to mass adoption, which means that more capital will have entered the space, and that should be enough to keep btc from reaching so low.
To put it another way, for btc to reach 1000$, we will need one panic sell after the other, believers in disbelief, more and more quitters, capital leaving and all that.
Yes: things change rapidly in this environment, and they could very well change "for the worse", but still it looks like an unlikely turn of events as mush as it is seeing 100K within the same time span.