Dear reader, I hope you have an intense desire like I have to do whatever it takes to reach your financial dreams. My goal here is to share my money making an idea about bitcoin and altcoin markets on " long-term perspective". I am not professional writer neither English is my native language.
Fundamentals: Bitcoin is widely used for the purpose of money laundering, the instant transaction of a large amount of money and SPECULATION and that's all. Because of the limited amount of bitcoins ( and fiats keep exponentially printing), has a potential to replace fiat and become a new source of value. But it is just the experiment and NOBODY knows what will happen in future, nobody. If bitcoin reaches 100 000 or 100, I won't be surprised. In my opinion, if electricity spending on mining in near future won't decrease, as the growth is almost exponential, bitcoin is doomed. DYOR
Technicals: In past year, almost everybody started to know what is bitcoin, and, this is the main reason why we should NOT buy today. AN OPPORTUNITY IS LOST WHEN EVERYBODY TALKS ABOUT IT. Dumb money euphoria should wear off and medium professional long-term investor should forget about bitcoin forever until it reaches new ATH.
Setups to buy: 1. 3 lower lows with a final low at support around 4500-5000. Also called Buy-Cry-Die Stine sett up. If weekly price closes below weekly BB, we should see big overlapping green candle next week. Great for short term momentum squeeze but for the long term we need more confirmations. 2. Buy when the price touches lower trend line. Great for short term. For long-term we need more confirmations odds are slightly in our favor. 3. Light and tight consolidation. Series of narrow range weeks will indicate us of deep smart money accumulation. 4. Dumb friend indicator. Do what unsuccessful long-term investor says. 5. If we break lower trendline on very high volume, weekly close required.
amazon.com/Insider-Buy-Superstocks-Turned-Million/dp/0615818455 Read, learn and study this book forever and you will make your long-term fortune. Do not overtrade. Better not day trade at all. Stop trying to get rich quick because you won't. Do not watch charts every day, when your account added 1 more digit is enough. Enjoy your life, trading is just the tool for making money.
Sorry but Your Elliot Wave in Invalid. Wave 4 can never over lap wave 1. Meaning it was an ABC correction
TonyCryptano
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@astars111, I didn't use Elliot wave in these setups. They are based on analogy. Painting is for beauty ))
astars111
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@TonyCryptano, then your prediction makes no sense, what so ever. why draw the waves? To confuse other traders?
TonyCryptano
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@astars111, I drew them to represent 3 lower lows. If you think that my prediction makes no sense, then you should show me what you can. Blaming and trolling is simple. You better show me some deep analysis. My analysis is based on the history of overperforming stocks that very remind me of bitcoin. Now what your analysis based on?