#BITCOIN - Triangle Pattern In Elliott Wave Theory - Part 13

ferGOD Updated   
BYBIT:BTCUSD.P   BTCUSD Perpetual Contract
Crypto Knocked by Virus Worries

Just when a major cryptocurrency renaissance was getting underway, a global pandemic has knocked the wind from Bitcoin .

In the lead-up to the BTC halving event, it seemed for a moment like there was simply no stopping the world’s number one digital asset. However, nature had other plans as the Coronavirus emerged and quickly spread across the globe.

Surely you need no refresher on the last point as the virus has been the world’s main talking point for weeks now. Both traditional and digital asset markets have finally caught up with the news, leaving traders in the red everywhere from the NYSE trading floor to the halls of the Shanghai Stock Exchange.

Store of Value No More?

For cryptocurrency traders like ourselves, the decline in crypto fortunes led most notably by BTC’s fall under $7,800 signals an impending end to the store of value use case. It is one thing to declare an asset a store of value during times of acceptable turbulence. But, it is clearly another for that same asset to actually act like an SoV when the going gets tough.

And boy, the going is getting tough.

So, in Bitcoin’s first real test as a store of value asset, it is hanging in the ring but appears as to be fatiguing from the fight. The remainder of this month will be crucial for determining what to expect from the first half of 2020, especially as traders gear up for the halving event.

Ethereum Foreshadows

The Ethereum showed us the way up, now it will lead the way down. ETH has preceded price moves for the rest of the market, and at current, is also diving the hardest, too.

Does that foreshadow fortunes for other top tier assets? Yesterday, ETHUSD has led the way down with over -35% in losses, shedding close to $100 since the downtrend began. The ETHBTC ratio hasn’t fared much better but may be buoyed by Bitcoin’s drop in tandem with it. At the moment, there is no telling how far down digital -- assets may go since they are currently at the mercy of global events — and appear entirely correlated to traditional asset markets.

Given the uncertainty and apparent selling pressure, we’re taking a wait and see approach with maximum de-risking practices in place to Stack our wealth; this includes our use of automated trading technologies - which you all will receive exclusive access to in the coming weeks!

I am not Bearish long term. I am a Bull of Bulls.

To the Moon is too close, go BEYOND! I am anti-establishment! Long Bitcoin , Short the Bankers!

Nothing is hard as long as the determination is there.

We go together
Together we are stronger
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God bless you!

Nothing is hard as long as the determination is there.

CAUTION! DISCLAIMER (Trading is risky.)

Here s a small explanation about why I'm giving insight into my trades. Crypto is all about trust and transparency and that is what ID likes to bring. Don't expect me to tell you how much crypto I actually own because of thats none of your business. But I Will tell you how big my position will be in regard to my trading portfolio.
Secondly and actually the main reason I'm doing this is to prove to all the HALTERS out there that you can earn money with trading crypto. Most people are skeptical about trading because they heard horror stories about people who lost all their money. Follow my journey and let me proof therm wrong.
At the end of the day, the most important thing is how good are you at risk control.
Booking some losses during trading is perfectly normal, so I'm not afraid to show those losses. Most traders don't give any insight into what they because they perfectly know they suck and don't have a clue what they are doing in regard to risk management.
Risk comes from not knowing what you're doing.
Just like every trader, I've seen ups and downs in my journey. I started trading stocks. And you can guess what that meant for my portfolio. Yes that's right, it was almost completely wiped out.
But I pressed on, learned a lot about technical analysis and here we are. I have experience in trading stocks, options, and commodities .
So you can assume that I know how to deal with risks.


>> Daily stats <<
Stock/flow 1d/365d: 26 / 25
Stock/flow price 1d/365d: $8.515 / $8.312
Actual price: $5.054
Mined BTC: 18.268.575
Mayer multiple: 0,59
Days to halving: 57
Pow law osc: -0,34
Dormant BTC >10y: 1.241.048



#altcoins #bitcointrading #cryptocurrency #cryptotrading #CRYPTO #BITCOIN #BTCUSD #BTC #BuyTheFear #BuyTheDip #BTC #BITCOIN
@btc @RedditBTC
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