The exchange rate may start to rise in a correction phase. The rate of increase would be between 16-17%. The current trading area is characterized by a low volatility declining ATR. Therefore, I do not expect greater movement upwards.
The movement indicated by the analysis has arrived.
Slippery09
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Looking at a totally basic daily chart for BTC now, I find it hard to imagine a rise.
@meszaros you have far more insight than me, we shall see!
meszaros
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@kryptochristo, There are currently two ways ahead of the bitcoin exchange rate. Unfortunately, the actual direction has not yet been decided. In this case, rather wait. The above analysis has not yet been completed and the downward trend has not yet been established. Maybe we will be smarter this weekend :)
meszaros
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@kryptochristo, The weekend bitcoin movement is still following the original analysis. Therefore, the long entry direction is still valid.
Slippery09
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@meszaros, Great, thanks.
I already took a small long at 7980, i will follow your advice for TP.
Captain_Walker
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@kryptochristo, As many will know, I had voiced expectations of BTC getting to $30-50K in a about 2 - 5 years. I've now revised my opinions. This doesn't mean it won't get there. But the issue is not about who is right or wrong. The issues are about risk, volatility, minimising exposure and maximising profitability.
In my latest video I said 'move away from bitcoin' based on easier high gains, and far lower risk in other crypto markets. But I'm nobody - and what people want is instant money and to gamble their money. That's fine - it's a free country!
meszaros
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@Captain_Walker, Thank you for your comment and analysis. I agree with you that bitcoin could be avoided for a few months. As far as I am concerned, I think there is some competition between gold and bitcoin. Either gold can move north more or bitcoin. The picture is not clear yet. I expect both exchange rates to be much higher. But as if they could only rise at the expense of each other.
Captain_Walker
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@meszaros, I think a lot of people are not focusing on the math - instead just being led by crowd sentiment and 'herd instinct'.
The mathematics in relation to probable gains is unarguable. Lets say you're a small trader and you throw in a $100 worth on BTC, the time to appreciation by say 100% is say 2 to 5 years - conservatively. That's fine but what if there was another similar instrument that could give far better bang for your same buck over the same time frame?
The recent pump on Bitcoin represents a change in mindset of China. India, Malaysia and other eastern nations are likely to follow suit. BUT it's not really about Bitcoin. It is about Blockchain technologies.
The BTC pump is therefore a signal of something seismic about to happen (possibly). Yes - the pump is representative of investor interest but mainly because of a mass effect.
I've looked more deeply into Bitcoin's history and projected on the newer faster blockchains that already have in-built utility. What if 'your' $100 could be worth 4000 in 2 to 5 years? Some say 'ridiculous' - but that's exactly what happened with Bitcoin.
meszaros
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Thanks for the comment. My bitcoin analysis is still valid today. Tomorrow ..... we see. If there is a change I'll update the analysis.
Felix000
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I worried today's close/breakout - 16th October 2019, could impact the above analysis. Going to be really interesting.
The movement indicated by the analysis has arrived.