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TheKingOfAces
Sep 5, 2017 2:07 PM

BTC on its move down to the $3k? Short

BITFINEX:BTCUSD60
Bitcoin / DollarBitfinex

Description

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I had posted a similar chart previously, but I was using BitStamp exchange without noticing. This one is on Bitfinex and it should follow the pattern a bit better. I am expecting BTC to move up to around $4400 - $4500 wave (B) before a big drop to the $3600 wave (C) comes along. Then a run back up to wave (D) around $4200, if BTC doesn't break over $4200 then we might see a final wave (E) down to 3k.

Trade active

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BTC has made it to the top of the corrective wave (B), we should see it work its way back down to wave (C) down to the $3600.
Trend AnalysisChart PatternsWave AnalysisFibonacci Retracement
Comments
Dubee83
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Thank you for your analysis. It makes a lot of sense. I also believe a real correction is needed.
Can you estimate the time frame for reaching point C (maybe even D and E)?
synolog
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Double bottom at 3900? Then 5k dtop and then 3600?
TheKingOfAces
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@synolog, Nope, will hit between $4400 and $4500 then drop to $3600.
yeshuyesh45
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@anibal.cabral.ac, will it fall to $3600?
TheKingOfAces
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@synolog, we are going down first, If we don't break below $3900 then it will be a double bottom, but if we break bellow $3900, we will hit $3600.
yeshuyesh45
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@anibal.cabral.ac,

this analysis says it going back up
i am confused i am new to this btc
TheKingOfAces
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@yeshuyesh45, BTC not done correcting.
yeshuyesh45
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@anibal.cabral.ac, so when i should buy ? what buy price i should wait for
? please tell me
TheKingOfAces
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@yeshuyesh45, Sorry, my friend, I can give you a chart to see where I think it will be going, but I can not tell you what you should do.
yeshuyesh45
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@anibal.cabral.ac, tradingview.com/chart/BTCUSD/IGqrT5bI-BTC-idea/what does this mean its gonna fall?
and which book u prefer to learn tch analysis
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