Usually I don't update my bitcoin analysis until after a few days but due to my last analysis being a smaller time frame which is a lot harder to predict the movement in the markets, people still had something to say. Even after this post, they will still have something to say but you know what? All you have to do is a little bit of research and look at my previous posts on a much higher time frame before you start judging and let's get one thing straight, do you people actually think I care about getting my analysis wrong? If you are real trader then you will know that losing is part of the game. I can get my analysis wrong most of the time but I'm still a profitable trader and I've even done you the courtesy of giving you the link to myfxbook account where you can see my 5 year track record in trading and I only have a winning % of 57 so what does that tell you?
For those of you who don't any idea what strategy I trade, i'm gonna tell you....My strategy is based around understanding the behaviours of corrective patterns in wave analysis and being able to predict the direction of movement, on a lower time frame I break it down to contraction and expansion and if you understand that then you will see from my last analysis, there was always a chance that the market will break upside first, creating what I call the "trap" before reversing in the other direction but some people saw that trap as my analysis being wrong!! OK
Anyway, enough rant, let's get back to the current post. We are currently in a corrective structure and I think we will break to the downside because the corrective structure is preceded by a bearish impulse leg and if you look at the first box we will see the opposite scenario, we had a bullish impulse leg followed by a corrective structure which breaks to the upside. The market will likely crawl up some more and the bigger the correction the bigger the drop that's coming so i'm not worried if it keeps correcting for the next couple days because we will get the drop.
For those who are wise, they will learn something from my analysis and I really hope you do. For those who keep supporting with their kind and positive comment, I appreciate you taking the time to do that and for those of you who just feel like trolling and criticising with no facts, I pray that God will inspire you with some knowledge.
SORRY FOR UPDATING SO SOON, I NEVER WANT TO TAKE UP TOO MUCH SPACE ON TRADINGVIEW BECAUSE I WANT OTHER PEOPLES IDEAS TO BE SHOWN AS WELL! BECUASE EVERYONE WHO PUTS THE EFFORT INTO CREATING SOMETHING THAT CAN BE USEFUL TO OTHER TRADERS DESERVES SOME RECOGNITION.
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My previous update on a lower time frame
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My higher time frame post where I predicted bitcoin to go to 9k before we look for shorting opportunities
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A corrective structure similar to the one on the current chart and did you notice how it was preceded by a bearish impulse leg?
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The thought i was on drugs when i made this prediction
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This still remains the long term view on bitcoin where i see it going to 14k and beyond but i'm following price action and currently we are in a corrective structure which i expect to go down one more time
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We had a small pullback and for those of you who are looking for a trend continuation trade, here's your chance to short again
Dude, bitcoin going to 20k, you missed your chance to buy bitcoin below 5k. Never going back bellow 6k, or even 7800 USD.
Marc_408
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Clear as day! 7700 then moonshot you 14k in 2-3 months
Everyone should be taking profits now
Joseph_Yabwa
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@Marc_408 yeah that is definitely a possible scenario!
ngunghocnguyen
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when I saw your last post that price would go down, I immediately short.
now I'm watching price going down like you predict !
Thank you so much for your post !
Joseph_Yabwa
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@hung01206108826 oh glad you took the short, well done! Now let’s see how far down it will go, if price action doesn’t change we can just let the profit run. If price action changes then I will post an update so keep an eye out 👍
thatsblatzphemy
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At some point it becomes not a corrective structure.
If you ask me, we could be looking at leading diagonal wave 1. Alternating into an explosive wave 5.