BTC set to drop and begin its 5th wave to drop lower than the previous 3rd wave low ($5900) which leaves a single level reachable $4700. I have called the $5900 drop in the beginning of February and I was right. I called it using Eliott Waves market structure and I said the price was set to drop to the $5800 range which it did only to bounce back all the way to $11 000. The 4th wave is coming to an end and the big boys took care of all the squaring up they needed to clear. Odds are the 5th wave will begin from the area we're currently in ($11 000 area).
I have had a long term strategy for BTC since it was at $17 000 and I was able to predict very accurately all of its move which proves to me that my initial assumption about BTC doing a 5 waves down was and still is true. All the waves I predicted happened and now I am predicting the 5th and last wave. The 5th wave of an Eliott Wave pattern has to take the bottom of the 3rd wave (which bottomed at $5900). Now based off of this idea we have to look at levels on BTC and the first tangible level right under $5900 is in the $4700 area meaning I am left to believe that BTC will visit that price area.
TA wise we are now looking for a reversal pattern/confirmation and the daily may very well give us one in the next hours. We are looking for a bearish engulfing candle meaning if today candle close lower than the starting point of the candle of yesterday (under the red line on my chart) then we have a reversal pattern confirmation and we can expect at the very least days of price reduction.
I would not be surprised if we get a bunch of bullshit news in the upcoming 2days to drive people crazy and help the big boys drive the price down. If BTC drop below $10 000 today then dont expect it to recover. Chances are its going down and it will be FAST.
BTC is still VERY bullish to me in the long term and this could be the best entry for BTC you will ever get. You can refer to the Related Ideas on this post to see that I did in fact predict the moves on BTC.
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Like the chart if you agree!
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If BTC breaks past 11700 and does a hook and go (retrace back to 11 700 ish then goes up higher than what it initially broke to then this idea is more than likely no longer in place. Otherwise it's still on.
To me BTC price movement today is a bull trap. Nothing else. Stay tight!
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The update is here... Bitcoin needs to be 10 700$ else we are still on a downtrend.
# Bullshit news wants to bring the price down
# Big boys wants to bring the price down.
# Denzoss wants to bring the price down
# Innocent citizens wants to buy the TIP !
UnknownUnicorn2029062
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@MILIND_SHARMA, haha nice comment. Gave me a good laugh :D
Om_Sharma
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@DENZOSS, Your analysis failed buddy ! now BTC is around 11400 k..like i said, people who missed the ride at 6k will jumpin now and BUY THE TIP....BUY THE TIP....at 12 K....Hmm...something is better than nothing !
@Edward78, well, its coming down...no idea how low it can get....:(
jamesaphoenix
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I think you might be spot on with this one tbh.
SilverStar_Trading
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@jamesaphoenix, I think he is, we may see another bump up to try and snap off the majority of shorts with a tight stop then a trip down. I think I am watching alot of wash trading right now to keep the price up
mmmp12
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@SilverStar84, yep, it's hard to see bots fighting and wash trading, it makes my eyes go dry.
@JA.piotr.bor, I understand the dry eyes lol I have had very little sleep the past few days, I put the majority of my buys in when it turned below $7000 and have had to slap myself hourly to stop from FOMO buying more on the way up haha. I feel this one may play out like I charted and planned from 2 weeks ago.I notice a lot of the wash trading when volume starts to fall, . I watch a lot of BIG orders go in then a bunch of small ones to follow then when support builds a major sell off. Very irritating, Best of luck trading!
# Big boys wants to bring the price down.
# Denzoss wants to bring the price down
# Innocent citizens wants to buy the TIP !