We've highlighted this symmetry 2 weeks ago and we are getting closer and closer to the target. We expect to see a major price reaction at 5177.
We believe that now we are correcting the impulse from 8313 to 5858 and after that we will be going to 5177, the final target, probably the last low of 2018. Everything lines up perfectly and wolfe wave gives us a very juicy target for this buy: the intersection between the price and the dotted line.
Thx for your analysis. What is your opinion on all of this aligning with SEC ETF dates? And also your analysis would complete a H&S pattern which suggest a downside target around 4K'ish do you find that likely?
Br.
JohnNMex
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@pragmaticbestfit, Hey. There is a lot of hype surrounding the SolidX-VanEck ETF and we think that this is the only one that will really impact the market if it's denied or delayed. We don't believe in the H&S anymore because there is a big difference between the shoulders but assuming that it can be traded as a H&S we find it very unlikely for btc to reach 3715 only because it broke the neckline of a big H&S. We can see btc reaching 3715 if we don't correct the fall from 8315 and we are hit by a series of bad news (denial after denial of etfs or even worse - REJECTIONS). Based only on TA our first candidate for the bottom of the bear market is 5177 but if we don't reach at least 6800 before starting to fall again we might need to change the title from potential bottom of the bear market to "just a good buy".
pragmaticbestfit
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@NewMexCapital, Hi, Thx for the reply. Completely agree with your arguments. One reason I would be probably more worried than you if/when we get the ProShares ETF delay/decline is the fact that the Winklevoss ETF decline seemed to have an impact on the market even though it was the VanEck ETF that was causing the ETF hype imo. Agree that the 4K bottom is unlikely (especially if H&S are invalidated) though going below 5800 would be very bearish imo. Originally I had a 5K bottom in my idea but changed it to 4K because of, the above, H&S & fractals. And yes with your arguments in mind one could change the title (actually I am more interested in the buying opportunity than the short however thats maybe for my next TV idea). Thx again.
@dongrui, so..you recommend people to buy the support of a descending triangle that is in the making for 6 months and it has a higher probability of breaking down.
Ronnie_Dong
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@NewMexCapital, You may be right, but the risk/reward ratio at this position is perfectly reasonable
Thx for your analysis. What is your opinion on all of this aligning with SEC ETF dates? And also your analysis would complete a H&S pattern which suggest a downside target around 4K'ish do you find that likely?
Br.