So as expected in my previous BTC chart where I looked at a log scale chart of bitcoin and saw that every major correction had:
1) Drop 2)Rebound 3)Huge drop
The rebound is in processes and the price will reach somewhere in the 16k range and then it will be time for the huge correction which could possibly be on the end of the year. *note the rebound could actually stop anywhere and is not completely predictable, so it doesn't have to be head and shoulders as I showed above. Further correction will leave us with BTC in the price range of 4000 to 7000. Most likely something along 6000 or 5000.
Be careful, understand what that means for altcoins... and have a happy new year. By the way, altcoins might have 1 final pump before everything goes down. (would be a good chance for you to exist the market)
Thanks, Digital Currency Freak
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No one can predict something 100%, TA is about possibilities. (and this is a strong possibility) Hence this is what I think will happen due to historical previous waves. I could be completely wrong.
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strong resistance at 16k but it will be broken soon.
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I don't know about you guys but most of the crypto world is owned by a few whales. Ofc there is a lot of normal people who own 1 bitcoin or a fraction of it. However, big whales and investors own a large chunk. That said, watching gdax order book closely for 5 days straight, I have seen whales exiting the market at every chance they had. I'm talking about a whale placing a 1 million dollar order out of no where every 5 mins. So far everything supports that the market will drop soon. Again this is just an observation, this is just a probability with 50% chance (50% going up, 50% going down) If anything comes up, I will man up and change my idea and update eveybody letting them know that Bitcoin is going up instead.
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Just as mentioned 12 hours ago BTC will break through and will reach 16k+ That said we are at a very very crucial level right now. The next 24hours will give us a much clearer picture on what is going to happen.
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4 million dollar buy order in Gdax.. keep in mind, he is not buying and he doesn't want to buy... he is just showing that BTC have a strong support hence encouraging people to buy. On the other side there is a 50 BTC + sell order So 250 BTC buy order pushing people to buy 50+ BTC (maybe someone is getting rid of his bags to the fish?) *the 4 million dollar order got canceled after the 50 BTC sell order was fulfilled
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If the current support fails, a drop to 10k will occur today. 10k will be crucial for either double bottom or a huge correction.
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Read the following post regarding B2X and segwit
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13.2k is like a crucial level. If support fails its either 10k or 8k or 5.6k then a new cycle.
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Looking bearish, be careful guys.
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Just as expected, if anything changes will let you know.
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Bitcoin is in a stable range, so alts could have the chance to reach targets.
@ DC Freak Grt admiration for your TA. Pls guide if we have bottomed out or whether there is more to come. Also considering that Alts not falling much in terms of BTC, which one du u suggest which would be faster gainers
@silentgiggler, I believe it will stay in this level for a little bit, a lot of buying from the fish hoping for 20k and a lot of selling from the whales to get out.
That said this "stay in this level for a little bit" means stability which means Alts should go up.
I need couple of hours to make sure that this is the case. So dont take my word for it.
silentgiggler
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@DCFreak, Thanks for sharing your insight! I'm actually looking for a good entry point for some alts XRP, NEO, OMG, IOTA (mid term investor, not trader). I missed the Christmas sale cause my money got stuck. Hoping that if Bitcoin goes down, so will the price of the alts.
Alkist
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@silentgiggler, just guessing - if people are out of BTC they are into altcoins?