I draw a reversal (bullish) Eliot wave with the same slope as the previous one. This may be an error, because there is not the same sentiment now, as it was in November of 2017. The only two exiting things now, are the Robin Hood trading app. opening to Bitcoin in some states, Coinbase implementing SW2 and the Lighting Network developments.The structure that I drew towards $23K may take a little longer, maybe even 'till November 2018. But who knows there is always something positive in terms of news that pop out of nothing. Taking the credit cards out of the game, may slow down things. A lot of the money that was used to buy Bitcoin in 2017, may have come from credit cards. Now to get pass $20K, the money will have to come from real hard cash.
I really don't see any sign of price action at any level lower than ~$5,700. Off course the market could move outside of the comfort offered by technical-historical indicators, but those events are outside a TA. If they happen, they happen right!? Market's patterns are as they are because us, the humans, not too much because of the asset in trade.
I'm not trading too much these days. A bad timing or bad advise could leave you with little money at hand and no coin/s. There are not a lot of BTC out there. Out of the ~16.8 million mined, 4 are said to be lost. That leave us with 12.8mill. Take out to that long time holders that don't trade often, lets say that these are another 4 million coins, that leaves only 8.8 million BTC in active trading. That is relatively a low amount, for a market so widely spread through the world. When the bull run starts, if you missed the re-entry point, you will kick yourself in the rear, for missing out on a possible ~300%+ gain, chasing a $500 retraction.
Play it safe, and patience, traders. Big money institutions are after our coin/s. Notice how negative news come out bundled when its convenient to cool off this asset, like a gigantic ice cube poured over our heads. Humm.. news manipulation?? You bet! don't be naive and believe in all the FUD propagated by the news (even the crypto news sites), isolate yourself from all that BS. This coin keeps negating its own rise because people are still scared and dumping it, plus others selling, betting on a magical drop to ~$3000. If selling were to stop right now, and sell orders were to be put at more than $14K USD, this thing will be back at $20K very soon. Unfortunately, we are a small group of collaborative enthusiasts .
I really don't see any sign of price action at any level lower than ~$5,700. Off course the market could move outside of the comfort offered by technical-historical indicators, but those events are outside a TA. If they happen, they happen right!? Market's patterns are as they are because us, the humans, not too much because of the asset in trade.
I'm not trading too much these days. A bad timing or bad advise could leave you with little money at hand and no coin/s. There are not a lot of BTC out there. Out of the ~16.8 million mined, 4 are said to be lost. That leave us with 12.8mill. Take out to that long time holders that don't trade often, lets say that these are another 4 million coins, that leaves only 8.8 million BTC in active trading. That is relatively a low amount, for a market so widely spread through the world. When the bull run starts, if you missed the re-entry point, you will kick yourself in the rear, for missing out on a possible ~300%+ gain, chasing a $500 retraction.
Play it safe, and patience, traders. Big money institutions are after our coin/s. Notice how negative news come out bundled when its convenient to cool off this asset, like a gigantic ice cube poured over our heads. Humm.. news manipulation?? You bet! don't be naive and believe in all the FUD propagated by the news (even the crypto news sites), isolate yourself from all that BS. This coin keeps negating its own rise because people are still scared and dumping it, plus others selling, betting on a magical drop to ~$3000. If selling were to stop right now, and sell orders were to be put at more than $14K USD, this thing will be back at $20K very soon. Unfortunately, we are a small group of collaborative enthusiasts .
Comment:
This rant is for entertainment purposes only. I'm not a professional trader or advisor.