BTC is in the C wave of and ABC correction of the larger Crypto Bull market. It has an extremely high probability of dropping below 5500 within the next few weeks.
This analysis is based on a multi market analysis of Coinmarketcap.com, BTC, ETH, NEO, XLM, LSK, and more using tricks picked up from 30 years of technical analysis of markets and years of managing tens of millions of dollars as a top ten ranked series3 licensed former Commodity Trading Advisor. I only tell you all of this because there are too many new and inexperienced traders and market analysts giving bad trading advice to other newbies. I want to save you some of the pain I went through over the years. I learned the hard way.
Happy Trading.
Comment
⋅
I know it has been a while but just updating you that my BTC target is still in play as certain high probability events have not yet occurred in LTC, BTC, or in Coinmarketcap.com. BTC has so far reached a low of 6450 since the target was published and has bounced to its current price of 8174. Right now the daily RSI is at 55, a level not seen since a previous major high area around the March 3rd time frame. There is also Hidden bearish divergence in the Daily RSI, suggesting a high probability of a continuation lower to begin soon. Happy Trading
Comment
⋅
BTC at 6093 as I write this. The 5500 target is looking pretty realistic to a lot of doubters now. My coinmarketcap.com target still requires a significant drop before reaching a high probability support area for possible long term growth, so lower prices will likely be seen first, before a buying opportunity presents itself in the crypto market as a whole. Happy Trading!
Trade closed: target reached
⋅
This target took far longer than I expected but It has been exceeded as expected, keeping my Tradingview Crypto currency target success rate in excess of 90%.
Nice Chart Mate, thanks for sharing. I recently put together a chart on a log scale with similar target btwn $5000 and $3000, the area of wave 4 of one lessor degree, area highlighted in yellow. I borrowed the idea from @HugoGlatzl and I made some minor adjustment to his count to reflect the more likely completion of minor wave 3 and 4 (labeled in green). And then added the larger wave sequence (labeled in blue) to give it more perspective and broader context. This correction appears to be unfolding as an ABC zig-zag it could morph into an ABC flat correction or even a triangle. To the extent corrective wave (2) blue unfolded in an ABC zig-zag corrective (4) blue is more likely to be a flat or a triangle or both and more in line with Elliott guideline of alternation.
WaveRider1423
⋅
@tuamen, I forgot to post the link to Hugo's chart:
ChrisKazana
⋅
Thanks for the contribution. I don't use log charts very often but they seem to be very useful for a long term view of rapid growth markets like cryptos. @tuamen,
samiswilf
⋅
Bitcoin is highly manipulated. Do you think that fact could makes technical analysis worth little? For example, whales can easily create a head and shoulders pattern and then do the opposite of what it indicates. It happens so much I now say h&s means nothing.
GustavoBrucestavo
⋅
@samiswilf, This guy is a big picture guy, I'd be interested to hear his answer here to this question. @KazanaWave you're a hidden gem on TradingView, thanks for your work man. Am I right to call you a big picture guy? Certainly a guy who doesn't get caught up in the trees.
ChrisKazana
⋅
Thanks for the comment Gustavo. Yes I am more of a big picture guy. Good luck in your trading. @GustavoBrucestavo,
samiswilf
⋅
@GustavoBrucestavo, I've answered my question myself to my satisfaction. The two predominant approaches in trading that have evidentiary backing are Wyckoff market analysis and Elliot wave theory. Neither rely encourage making predictions based solely on the price chart picture without considering volume.