ew-forecast

(Video Analysis) BTCUSD: Is Correction Already Over?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Traders, welcome back to our new Video Analysis on bitcoin . The question is.. are lows in place, or are we going down for 8k? I think it can be too early to say that lows are in, simply because we do not have enough of upward impulsive structure and bullish momentum that are needed to confirm resumption of an uptrend.

I will stick to 8k, or just simply wait on five wave rally above 14k before we may say that lows are in. Check out video for more details.

Again, I would appreciate your feedback in the commentary box below!

If you have any questions let me know.

And remember, trade with your stops in place or you can go broke!

Grega

p.s. I have no position open, and this is not an investment advice. Please do your own research!
Comment: welcome back everyone. A lot of you asked for an update so here it is:

we have seen move up towards 13 k recently, but noticed that recovery is clearly in three waves, also retraced by a recent break beneath the channel support. This looks like a temporary bounced, therefore, it would be too soon to turn bullish. I still think new lows will be seen.

Comment: Recent price move confirms an important fact that bulls are having hard times breaking above the upper side of a trading range. This now looks like a triangle in wave four, so bias remains unchanged; looking for another final leg down. Be aware of some volatility during weekend.

Comment: BTCUSD is again back below 11k. There were a lot of attempts for a breakdown. "Longer in time is consolidation, sharper and faster is a breakout in price" which normally happens from a triangle.

Also, when others will realize that BTCUSD is not that "slow anymore" traders will try to act on that breakdown, but it could be too late then as will be time for a bounce.
Comment: New lows... if someone did not notice :) New video update coming soon, not today but soon.
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Comments

I really enjoy watching and listening to your analyses, great work and thank you.
One question tho, if we see another drop, let's say it's 8k in this case. What is your opinion on how long will the price stay at this level, last time it touched 9,2k it almost instantly bounced to 10k?

I am asking because I'm afraid that btc could drop even lower and I don't want to get in on 8k if it drops even more. But on the other hand, I don't want to miss the shoot on 8k if its the lowest it can get at the moment.

Maybe my questions are stupid but I am only a few weeks in the crypto world and still learning.
+10 Reply
Maximilian108 AntonioObrvan
@AntonioObrvan, layer your buy in... if you dont have any skin in the game you could look for entry for a part of your position above 10k as well in case your 8k levels don't come.
+1 Reply
AntonioObrvan Maximilian108
@Maximilian108, That still does not answer my question... I don't want to layer in, especially not at this moment. I'll rather go in if it breaks 12,500 or if it drops below 10k again. I made some money in last month because I was careful and ready for everything. If I have left it on hodl my portfolio would be 50% lower at the moment. Now I have more fiat and can create a better position for the long term.

How long do you people think when/if BTC drops it will stay on that level. This correction was too weird but there are many new aspects of this game we have to consider unlike in the past.
Reply
Do you want to buy more? Or you want to convince others so they just wait and vol stay low?
+3 Reply
@marcotini, funny guy! trade well!
+3 Reply
marcotini ew-forecast
Yeah it's a joke but I mean, how many traders are waiting to see BTC to 8k? Too many, and 9.2k of yesterday confirm that. Give some time to see what's happen to the market, if today Bitcoin had reached 14k I think that we're having other problems.
Also consider that all traders look at the same chart and make the same consideration, so... we'll see at 8k lol.
+1 Reply
@marcotini, I hear you, but I do not care about others, I explained my views. I also do not have time reading others analysis to be honest, so not sure what are their views really. But now when you said, maybe I shoudl go in with 1/3 :D anyhow, structure is what matters to me, not opinions .
+2 Reply
imminent ew-forecast
@ew-forecast, I love your attitude man!
Reply
urketadic marcotini
@marcotini, Nope. It always bounces little above the expected price. We might not see 8k again.
Reply
bwymore urketadic
@urketadic, How true this is lol. Personally I've been betting on 7800-8.5k and put an order around 8750 or so for that reason....then it only hit 9k ha. Just always do slightly different than me and you guys will get rich ;) I still have my buy set at the same price unless it continues up. Glad to see someone more experienced than me like ew-forecast here is in the same boat as far as having similar thoughts on all of this while I'm learning the ropes. Side note @ew-forecast - Thanks for these videos man, they are great. I hope they roll this feature out to the masses because it allows for these thorough explanations vs just some brief text for a description. Thanks for taking the time to do them.
+1 Reply
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