BITCOIN FIB/EW CHART DEC 23 2017 - CORRECTION CONTINUES
DEC 23 2017 - LOW AT 11159.63 IS NOT EXPECTED BOTTOM AND CORRECTION IS INCOMPLETE. EXPECT BTC IS TRADING IN A SHARP A-B-C (ZIG ZAG) CORRECTIVE SEQUENCE. EXPECT CURRENT LONG EXTENSION OF WAVE B WILL BE REACHED AT THE .38, .50 OR .62 FIB RETRACEMENTS BEFORE RESUMING THE DOWNWARD CORRECTION AS SHOWN IN WAVE C. EXPECT CORRECTION WILL NOT COMPLETE UNTIL REACHING AT MINIMUM 10600 AND LIKELY WILL EXTEND LOWER TO POSSIBLY 8400 TO 6119 LEVELS OR BELOW. I AM CAUTIOUSLY TRADING LONG POSITION WITH A CLOSE EYE ON THE NOTED FIB LEVELS AS POTENTIAL TOPS MARKING THE BEGINNING OF A WAVE "B" DOWN AS NOTED ON CHART. PLANNING TO CLOSE LONG POSITION BTC IF PRICE ACTION BEGINS TO DECLINE AT ANTICIPATED B WAVE LEVELS ARE REACHED.
*** JAN 17th 2018 9:45 AM CST *** IMPORTANT *** *** IMPORTANT ***
JAN 17.2018 - BTC continues to extend downward following the DEC 23 2017 first forecast of the ABC zigzag structure formation. Bottom price expectations are now projected to potentially extend next to 8727.00, 6100.00, 3900.00 & 1900.00. At one of these support is likely to be found and it will be a good entry point to enjoy future upward price moves. Look for entries near or just above support levels and set stops thereafter just below the the entry points to minimize losses if the entry point fails to hold. Those who are new to investing should consider moving into tether USDT until this strong correction completes and evidence supports a new uptrend has taken the field and been firmly established. Unfortunately, all cryptos have in the past followed BTC in price direction, At present therefore it is likely all cryptos will continue to decline following BTC. We may see some cryptos de-couple from BTC as price extends lower as that was observed to begin in some fashion during the first large "A" wave down of this ABC correction earlier in December. All cryptos are purchased in and also trade as pairs against BTC or ETH. Price declines in BTC/ETH are combined with price declines in the cryptos or alt coins and rapid losses results. I have been in tether solely for several days other than trading in and out of BTC and a few cryptos for short periods. I have orders in to buy BTC at the above said entry levels and if filled plan to immediately set stop limit orders right below my entry point to avoid losses if it goes against me to the next lower entry level.
Good luck and use stop limit orders always.
*** JAN 17th 2018 9:45 AM CST *** IMPORTANT *** *** IMPORTANT ***
JAN 17.2018 - BTC continues to extend downward following the DEC 23 2017 first forecast of the ABC zigzag structure formation. Bottom price expectations are now projected to potentially extend next to 8727.00, 6100.00, 3900.00 & 1900.00. At one of these support is likely to be found and it will be a good entry point to enjoy future upward price moves. Look for entries near or just above support levels and set stops thereafter just below the the entry points to minimize losses if the entry point fails to hold. Those who are new to investing should consider moving into tether USDT until this strong correction completes and evidence supports a new uptrend has taken the field and been firmly established. Unfortunately, all cryptos have in the past followed BTC in price direction, At present therefore it is likely all cryptos will continue to decline following BTC. We may see some cryptos de-couple from BTC as price extends lower as that was observed to begin in some fashion during the first large "A" wave down of this ABC correction earlier in December. All cryptos are purchased in and also trade as pairs against BTC or ETH. Price declines in BTC/ETH are combined with price declines in the cryptos or alt coins and rapid losses results. I have been in tether solely for several days other than trading in and out of BTC and a few cryptos for short periods. I have orders in to buy BTC at the above said entry levels and if filled plan to immediately set stop limit orders right below my entry point to avoid losses if it goes against me to the next lower entry level.
Good luck and use stop limit orders always.
Comment:
CHART IS CURRENT TO 12.23.17 AT 7:47 AM CST
Comment:
Little has changed from this Dec. 23rd forecast other than it is apparent that the bottom will likely be deep and at present $ 6119.00+/- is looking more and more likely to be touched at least, if not broken, and this correction may extend to 2900.00 +/-level.
This is a strong correction and likely resulting from large BTC holders using the futures to allow them to exit their positions into cash. Until futures expire completely on 18th we cannot expect any bounce to indicate bottom is in and for price to move higher. In short, entries into bitcoin at 8700, 6200 levels should be closely monitored as to price breaking through those entry levels. Use stop limit orders if you enter BTC or any Crypto to avoid further downward pressure and losses on entries at those levels.
Thank you for following me and I hope my effort during this foresaw correction has helped you avoid losses and will provide you with a good entry so you can maximize your catch future gains as we move into a an uptrend once we bottom on this correction.
Also, please help me help our brother and sister investors by referring them to my work if you find it helpful. We are all members in the crypto community and as such we all succeed by helping others be successful. We cannot expect BTC or any cryptos to move considerably higher if we allow other investors accounts to be blown up. New investors who lose most their accounts will unlikely return to crypto after having large losses. We must try and do all we can as a community to ensure they have good insights. That will in turn help us all make more money.
Their are large BTC holders (Some call them whales) that have clearly been using futures to unload some or most of their BTC holdings. The futures allow them an exit because if they dumped into the BTC exchanges they would quickly drive the price so low they would be able to unload insignificant amounts of BTC. The futures on the other hand allow them to unload a large CASH value for the BTC used to pound down the price on the exchanges we trade on which Gemini is the exchanve futures values are based upon. Even though Gemini is the exchange referenced as the futures contract price they must dump on all exchanges to keep price down as they desire until they close their short contracts. The "whales" may also use long contracts at some point to again reap rewards in which case price may suddenly reverse as we move next to the 29th when next futures market I expires - we have the CME and CBOE futures echanges both trading BTC remember so we have two expiration each monthly. This is what we must understand can significantly move BTC price up or down. When BTC was listed on futures the days of techie and early adopters/libertarian believing investors controlling BTC price ended. Now it is all about the money. We must ensure we trade likewise or crypto will be manipulated into oblivion. we must help all our brothers and sisters trade wisely as we can. Good luck I will post an updated chart soon.
This is a strong correction and likely resulting from large BTC holders using the futures to allow them to exit their positions into cash. Until futures expire completely on 18th we cannot expect any bounce to indicate bottom is in and for price to move higher. In short, entries into bitcoin at 8700, 6200 levels should be closely monitored as to price breaking through those entry levels. Use stop limit orders if you enter BTC or any Crypto to avoid further downward pressure and losses on entries at those levels.
Thank you for following me and I hope my effort during this foresaw correction has helped you avoid losses and will provide you with a good entry so you can maximize your catch future gains as we move into a an uptrend once we bottom on this correction.
Also, please help me help our brother and sister investors by referring them to my work if you find it helpful. We are all members in the crypto community and as such we all succeed by helping others be successful. We cannot expect BTC or any cryptos to move considerably higher if we allow other investors accounts to be blown up. New investors who lose most their accounts will unlikely return to crypto after having large losses. We must try and do all we can as a community to ensure they have good insights. That will in turn help us all make more money.
Their are large BTC holders (Some call them whales) that have clearly been using futures to unload some or most of their BTC holdings. The futures allow them an exit because if they dumped into the BTC exchanges they would quickly drive the price so low they would be able to unload insignificant amounts of BTC. The futures on the other hand allow them to unload a large CASH value for the BTC used to pound down the price on the exchanges we trade on which Gemini is the exchanve futures values are based upon. Even though Gemini is the exchange referenced as the futures contract price they must dump on all exchanges to keep price down as they desire until they close their short contracts. The "whales" may also use long contracts at some point to again reap rewards in which case price may suddenly reverse as we move next to the 29th when next futures market I expires - we have the CME and CBOE futures echanges both trading BTC remember so we have two expiration each monthly. This is what we must understand can significantly move BTC price up or down. When BTC was listed on futures the days of techie and early adopters/libertarian believing investors controlling BTC price ended. Now it is all about the money. We must ensure we trade likewise or crypto will be manipulated into oblivion. we must help all our brothers and sisters trade wisely as we can. Good luck I will post an updated chart soon.
