Good morning Traders! BITCOIN is working on Wave 5 (see chart below), and after completion of this last impulsive wave, we expect the development of a corrective structure (ABC).
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Actually, the price drop may happen a few days before October 25.
nole_89
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Here is what I think will happen. On about October 25 the bitcoin price will start to drop. As people get their free bitcoin gold secured they will sell their bitcoins and the price will noticeably drop. Money will start to shift to alt coins. Then around the first week in November after the Segwit2x hard fork the Bitcoin price will drop significantly. Massive profit taking will occurr. It will take several weeks to recover much like after how the price dropped after the China news in September.
w3bist
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@nole_89, You've got the de-central 1 man copy & paste crypto-coin factories, acting like central banks, by the ball. Somebody has to pay the quantitive easing.
nole_89
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@w3bist, um thanks......I think. You have to understand this industry and what is going on in order to get a bead on what it is going to do. Otherwise your charting will get blown away. Last week most of the analysts here were going short on Bitcoin. They didn't incorporate the forks and the free bitcoin gold crypto which would incentivise buying. I predicted this and the so-called experts here insisted that this industry is no different than the stock market and that their fib retracement lines pointing bearish were right.
The reason why they were so wrong is because they couldn't get their heads out of their charts long enough to pay attention to what was going on in the industry.
tagaymo
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Thanks once again for the great analysis!
synolog
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Hi, could you explain the bullish signal in the last graph? Thanks
TheAnonymousBanker
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@synolog, sorry, I have to delete it, it was a previous analysis signal... :(
Fahadafzal
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@SignalSwiss, great signal
CryptMeAlone
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would love to hear your opinion on XCP #counterparty since it's so close to Bitcoin
invisiblefriend
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nice chart --- sold a drop as it hit the high --
any suggestions of maybe a good spot to jump back in ? NamAste