Bitcoin is Gold (supply vs demand drives market value)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
For all the "bubble pop peeps" this is some TA for you to consider (at minimal)

I know you are all a bit stung in the ass by the 2013 bitcoin mtgox market cycle and fractal but you also have to remmeber that bitcoin has had many pumps and dumps and not all of them fully retraced infect many of them saw continuation in or around the .618 fib retracement not to mention the fact that GOLD is a very similar fractal to bitcoin and as many pro traders are aware GOLD is doing a rounded bottom and is likely to see continuation to new all time highs so you have to ask yourself is this really a bubble pop scenario ? I have to say no the technical don't lie and I see bullish consolidation.

Bitcoin is likely to tap 10,000$ form short term resistance and test the upper 7000$'s (7200$ - 76000$) this is another prime entry I have been accumulating this panic many of my buy orders triggered at 8000$ and 10000$

My target for 2018 is still 100,000$ per coin

This correction is scary for people new to crypto but this is normal market movement for people like me that have been around for a while

Stay profitable out there!
Comment: (market cycles explained
Comment: tapping that .786 watching for a bounce here (not one to call bottoms but this retracement zone has a great risk to reward ratio for buying and could easily be the bottom of this panic
Trade active: Buy orders getting filled!
Comment: bottom in time for pumping
Comment: Bitcoin moving as planned after falling wedge breakout & all targets are still valid.
so, last low and go up?
How low do you think the right shoulder will go price wise ?
What I don't get is: the last low hasn't been hit yet, right? So why long this trade? Why not short until you hit 6921 again? Or rather, buy at 6921?
Hi Dalin!!!! I am afraid to say that correction is still not over and BTC may fall further in a zone of 3k to 5k or more lower in coming weeks !!!
As i can see you are continuously changing the bottom from 11k to 10k to 9k to 8k and so on!!! but as far as elliot wave is concerned , 3rd wave is completed and its in retracement downward and this correction seems to complete after 70% to 90% downward movement!!! that will give a tentative bottom between 2500 to 5k zone!!!! So this market cycle is not over yet!!!! After completion of the 4th wave/retracement, the new market cycle will start!!!

+4 Reply
JEDI_TRADER zeeshaan001
@zeeshaan001, unlikely. Elliot wave theory states that only 10% of wave 4's retrace more than 50%. So the odds are against this being a wave 4. More likely a wave 2 deep retrace in a larger cycle
+1 Reply
zeeshaan001 JEDI_TRADER
@JEDI_TRADER, Thats why i hv put it different buyz zones to jump in but as the current wave is retraced more then 60% so it can not be counted as wave 4 so its probably the wrong wave count!!!
zeeshaan001 zeeshaan001
@zeeshaan001, and one more thing the 100% elliot wave count is possible only when it has been completed the cycle....when someone looked at previous data!!!!! so this is also one of the drawback of elliot
Nice chart, I'm seeing the same setup
I recognize that you are a full-on TA guy (which is fine, i'm like 90% TA), but the gold and silver markets (which I also am invested in) have radically changed since roughly the 2008 financial crash. They are heavily, heavily manipulated by banks that do not want to see fiat exit stocks and the USD. People have already been arrested for coordinated manipulation of the GLD & SLV futures and options markets, and the "conspiracy" to keep these markets suppressed is a fairly open secret. I advise you to do your own research (type in "silver market" and see what the top results are) - just understand that the things that have worked in crypto do not, at present, work in precious metals.

This is only to say that it's not a "no brainer" that those markets are forming a rounded bottom, with "clear" targets of $5000 and $120; and the "pro traders" you elude to are well aware of these manipulation factors because they have done the research on the - *dun dun dun* ... *fundamentals* driving the prices of the precious metals in particular. Options markets invite foul play, and combined with an active incentive to keep the metals prices low, it is unlikely they will reach the targets you project (although I sincerely hope I'm wrong).

Now since I know you are a level-headed person, you won't take this critique personally but rather as constructive criticism since after all, knowledge is power. :)
+5 Reply