D4rkEnergY can be arrogant and cocky! He knows. He has been right almost every single time the last couple of weeks, but the last 2 BTC-charts were wrong. -And don't get him wrong. He will admit when he isn't right - that is part of trading!
Let's jump in and take a look at this 4H BTCUSD Chart - It's pretty interesting in fact.
We are most likely on the 4th Elliott Wave Retracement and are in the process of an ABC-correction.
A-Wave: Leading Diagonal (33333) B-Wave: Zig-Zag Structure. C-Wave: Always consist of 5 Waves (as you can see if we look at it from a classical charting point of view, we should soon go up according to the descending wedge we are in)
This whole ABC-structure is a Zig-Zag (535) Structure. According to Elliott Wave Theory and Fibonacci Ratio Relationship we have some rules, which match my prediction so far:
- The B Wave is 85.4% of wave A, which is allowed.
How Do We Find The Target:
- The C-Wave has to be at least 61.8% of wave A, which should shoot us up in 4,235 USD, which once again also match price resistance and looking at the Volume Profile.
I promise to update you shortly if/when we have confirmation on a 1st sub wave on C!
I hope you liked the content - please leave a LIKE!
-D4 <3
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Just to give you an overview, so you can see where on the chart we are, and how the waves correlate.
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Good time to buy no matter what scenarios it should be!!
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We are dropping like crazy - but both our scenarios are still in play! It's kind of depressing at the moment - I agree.
This is what the pros want though. Get rid of all retail investors, before they can buy cheap up and create a new hype!!
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Keep an eye on the descending wedge! If/when we break out from it you can go LONG and we will go to at least 3960 USD
There is no bounce - only short covering while others simply panic sell or short the cover. No buyers. Outside the crypto enthusiasts, this is a dead game. The real question is the miners - if they dump more coins to keep their operations liquid and going - waiting for a bounce, the entire industry could collapse as mining is not profitable.
WIthout buyers, the death could continue to be abrupt. Any upward movement? A short simply steps in and pushes it down.
Bitcoin is a purely speculative investment, very heavily dependent on what the general population thinks of it. Businesses outside dark ones wont adopt bitcoin as its too volatile. I fear this collapse will be ongoing and could likely bring the price of BTC sub $1000 - then if the miners and exchanges pull the pin, it could completely collapsS
Saying the market is being manipulated is silly - it is not - people are walking away, throwing in the towel. The RSI means nothing, the technicals mean nothing. The charts mean nothing. For speculative investments, its solely sentiment - and sentiment from the general population is very negative.
lamboluvr
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@sharky6666, What about BAKKT, BTC ETF, Fidelity investments creating trading desks? What about other than BTC, like a XRP, and other coins that are growing in the world with real world working products? What about other coins that are currently working on taking their product/services live next year? Does this mean nothing? Is everything dependent on Bitcoin? There are THOUSANDS of merchants who currently accept Bitcoin and even other coins now-a-days for payments services. It's ok to be afraid now, but I think 2019 with the help of these institutional players and more acceptance across different governments across the world, I think crypto will flourish in the future and cryptocurrency will become stock market 2.0 in the future.
@sharky6666, No you don't hear delusion, you hear a realistic approach to mainstream adoption.
lamboluvr
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@sharky6666, As for miners pulling the plug... 1) Just because the price drops below mining costs, does not mean death spiral or end of bitcoin. Difficulty will adjust and mining will become profitable again. 2) There have been times when gold mining costs are above mining costs. The less efficient miners shut down and supply decreases. Similar economics apply. 3) gold's historical use as a store of value is not an accident. It has many characteristics which make it a logical store of value, currency, and unit of account. These include: rare, widely distributed, fundamental uses in jewelry and electronics, relative ease of fungibility, almost indestructible.
Much of these characteristics bitcoin has emulated and some of which improved upon.
sharky6666
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@lamboluvr, I actually mean dilution - all these coins? That is dilution to the entire market - the money gets spread very thin.. I understand what you are saying about mining, but if too many miners drop out, and consolidation occurs, one miner could be doing all the blockchain verification - which is not decentralized and ripe for corruption.
lamboluvr
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@sharky6666, I do agree with you on this entire too many coins situation. Possibly 85% of them are garbage. However, you can't only blame too many coins situation but also the people trading them. There are a LOT Of uneducated people who get into crypto because they heard their friend made money and that friend just happens to now introduce them to a scam coin that their friend themselves doesn't know is a scam coin. Happened a lot in 2017, remember Bitconnect? If investors wise up and start doing a little research and put money into coins like XRP, ZRX, DENT, LTC and other up and coming coins with legit projects then crypto would be seen in a better light as well among the general public. As for miners, I do agree there can't be too many drop outs or it may have catastrophic affect on crypto but I believe only in the short term.
Bulldragon
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@sharky6666,
You are a newbie.
This always happen in a bear market.
No need to explain why lol.
If people are throwing the towel
Remember that theres always someone catching that with a smile.
WIthout buyers, the death could continue to be abrupt. Any upward movement? A short simply steps in and pushes it down.
Bitcoin is a purely speculative investment, very heavily dependent on what the general population thinks of it. Businesses outside dark ones wont adopt bitcoin as its too volatile. I fear this collapse will be ongoing and could likely bring the price of BTC sub $1000 - then if the miners and exchanges pull the pin, it could completely collapsS
Saying the market is being manipulated is silly - it is not - people are walking away, throwing in the towel. The RSI means nothing, the technicals mean nothing. The charts mean nothing. For speculative investments, its solely sentiment - and sentiment from the general population is very negative.