BTCUSD - Elliot Wave ABC Correction Pattern (Refinement)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
597 1
My earlier graphs could be incorrect, this is a refinement.

If this holds true, we're in Wave C of B. Whereby retracement to $5k level, takes place around Nov 17-18.

This is more inline with Tonevay's predictions for BTC $5k.

A few things are on the cards right now though:

1. If you draw a parabolic indicator, you'll notice that $5.5k was the last bounce off the parabola. So we may not see $5k, and instead an early bounce around $6k.
2. BCC is currently holding a lot of BTC . If Bitconnect goes bust, it will be a perfect market storm to drive BTCUSD prices below $5k. The ensuing chaos and fear will drive speculators out from the market.

The safe strategy now, might be to buy the breakout at BTCUSD $7k, above the Fibonacci resistance line. Tonevay is entering at $7.5k because he sold around there, so for him it's fine.

The daring strategy for me would be to catch BTC around $6k, parabolic bounce, if you do this, I'd recommend no more than 50% of your liquid assets, that you're prepared to lose.

FA right now (market sentiment) is rather weak for BTC , even though general consensus is that BCH is trash, and Segwit is the better solution for scaling Bitcoin .

We don't want to trade against the market, even if we may hold BTCUSD (Segwit) in high-regard.

BTG has some good promise, recommend to HODL your forked coins.

My scaredy-cat strategy if I miss all the above entries:

1. Buy above breakout from $7-$7.5k
2. Wait for BTC to form strong support at $5.5-$6k, then buy
3. If BTC breaks $5-$5.5k, re-enter around $2.2k, definitely market will be in super-panic-mode.
Why would bitconnect go down just now? it seems random
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out