After a great correction, bitcoin lives. Operation Suggestion: Buy: Between 15950~16100. Target: Between 19700~19800. Stop: 14999.
Bonus: You can exit the operation when the green ascending line breaks, it will be an indication of falling start. Wait confirmation after break (pivot).
Trade active
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Comment
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Trying break green ascending line.
Trade active
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Disregarding the previous ascending line, this line was steep. Now we have a more secure ascending green line.
Don't you think that it is still in abc retracement? and wave C didn't start yet, therefore it won't go up anymore and it will start going down till the retracement is completed at 8000.
What do you think?
Perugini
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@tifo1234, I'm somewhat new to this, so someone correct me if I'm wrong, but there is a high chance it will rise since it broke the resistance line. However, if it does fall, like you stated, the stop is at 14999 to prevent any major loss.
NIKNIKOLAOU
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@tifo1234, this is perhaps one of the best point of views to look at things . I totally agree and well done for spotting it
MrClock
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@tifo1234, It will be very difficult for bitcoin to fall below 10,000.
Elliot's theory in bitcoin never worked well.
But we have a short "stop loss" for any unforeseen.
UnknownUnicorn995432
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@tifo1234, I agree with you completely. I think 160-16.5k range is the grey zone. I am not comfortable investing in BTC at this stage. Also all alts are still too high pricewise. Correction to 8k should theoretically complete the EW. However EWs just like Mr Clock says does not always work with BTC. Also, EWs can terminate at any time.
Now looking at BTC from a financial analysis perspective; no new good news in the spotlight unless the the six ETF applications CBOE filed get approved. That stops the EW Wave C from happening. On the other hand, if they are refused, we will have our perfect wave C.
Also in the pipeline is Bitcoin2X fork occurring on the 28th of December. BTC prices may be going higher as B2X team has promised every BTC holder not only B2X on a 1:1 basis, but also additional proportional B2X share from the share of Satoshi Nakamoto for being loyal to B2X (whatever that means I am still unsure).
So we may continue to see BTc rise until then, just like when Segwit lock on and activation occurred on BTC in July. Then the prices went down. Also, the same way when prior to B2X happening in November, the prices went up, and the moment it was announced as 'cancelled', BTC went down in price.
Hence we may see a 'buy the rumor sell the news' phenomenon yet again. Just like we did after the CME listing.
@MrClock is right. $14999 stop loss is a safeguard. But I am not comfortable losing even 1k on chance.
monsRUS
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Pls. Update idea
drkfear
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i think it is over. thank you all of your charts.
czarly
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is the trendline considered broken now? trade still active till the stop loss is triggered?
What do you think?