LONG-TERM BITCOIN Analysis of recent events and my explanation. China has banned ICO, closing local crypto-exchanges. People go to exchanges of other countries and those who are seriously engaged in this business really move and continue to develop their projects. Some countries have already accepted and support the blockchain system, develop their own crypto-currencies, switch to the payment system with bitcoin. I see the positive development bitcoin in geometric progression, sometimes with obstacles. In the near future there will be serious confrontations for the cryptoworld. On the chart, I've showed Elliott Waves 12345-ABC with Fibonacci lvls(2 retracement). Waves at bitcoin work very well by lvls. Also we can see the interesting zone. From which there were two identical rebounds and it seems to me that this zone will still pop up. Many visions BTCUSD will be 15K$ or BTCUSD fall about 1K$. They make me laugh without facts.
I guess you are seeing some unforeseen negative event happening next year which is entirely possible. Nobody saw the Chinese doing what they did this month. The more over bought the market is the more sensitive it becomes to negative news.
Be wary of the potential Bitcoin hard fork known as Segwit2x which is scheduled to possibly happen in November.
That being said, if at some point after the Chinese communist party meeting October 18, it is entirely possible that China could announce that it will be reopening it's exchanges (likely under new regulations) and if that happens it could start another significant bull run.
It would benefit anyone in this market to pay close attention to bitcoin related news and rumors. FUD happens sometimes.
CovidScamIsAnIQTest
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So, we buy at 3400? I wish it could drop there in the next week !!!
PeacefulWarrior
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@sifeij, it could go down to the black trend/support line.
CovidScamIsAnIQTest
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@PeacefulWarrior, Okay, will definitely watch that black trendline....it might not be 3400 by then, oh well...
Supernova_elite
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Great work, mate!
I have the same vision about BTC situation!
CovidScamIsAnIQTest
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@Supernova_elite, why is your wave 1 is longer than 3rd wave, may I ask? thank you.
Be wary of the potential Bitcoin hard fork known as Segwit2x which is scheduled to possibly happen in November.
That being said, if at some point after the Chinese communist party meeting October 18, it is entirely possible that China could announce that it will be reopening it's exchanges (likely under new regulations) and if that happens it could start another significant bull run.
It would benefit anyone in this market to pay close attention to bitcoin related news and rumors. FUD happens sometimes.