MikeJoseph
Long

BTC Bottomed out at $6000

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We're now impulsively moving towards 10k
You do not have to draw lines and letters on a chart to figure that one out.
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MikeJoseph Jeffreyyy
@Jeffreyyy, The lines are Elliot waves and they follow Fibonacci ratios so it's quite helpful to have an idea of price points, as well it's important to know where in the overall count you are on a micro and macro scale.
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MikeJoseph Jeffreyyy
@Jeffreyyy, If we fail to break the resistance (upper blue line) you would want to drastically change your trading strategy.
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Jeffreyyy MikeJoseph
@MikeJoseph, Thanks, but I have a feeling things like the what happens with the Tether/bitfinex supeana are more of an indication then simply looking at lines and thinking becuase we passed one we will be good until 10k. Just trying to figure out how much truth this kind of analysis really holds to things.
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MikeJoseph Jeffreyyy
@Jeffreyyy, Yeah totally when I first started I was skeptical, but when you do some research you find out that it's actually mathematical certainty, like a sunflower growing a certain pattern of seeds, stocks/ crypto follow similar patterns (Fibonacci sequences). Thinking the market is run by random world events is backwards actually it's like the "tail wagging the dog" fallacy - don't take my word for it, learn it and apply it for yourself :P
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MikeJoseph Jeffreyyy
@Jeffreyyy,

As you can see I've been plotting it out quite closely
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MikeJoseph MikeJoseph
@MikeJoseph, ^^^ that was my morning count for BTC
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Jeffreyyy MikeJoseph
@MikeJoseph, So you were forecasting it to go down to 7400 level this morning?
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MikeJoseph Jeffreyyy
@Jeffreyyy, I gave it a bit of a buffer yes, and it bounced from 7575, this was only the .382 fib level (bullish indicator).
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MikeJoseph MikeJoseph
@MikeJoseph, and my arrow ends at 7475 not 7400
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