It seems my previous wave count here: has been invalidated on the Intermediate period, with panic and indecision increasing within the market, thanks mostly to amateur traders, which amongst other things, have manipulated the market price of BTC with panic, to drop lower and begin a consolidation (sideways movement) until the 1st August when the SEGWIT2x / UASF upgrades have been completed, tested and confirmed working, without a fork/split in BTC.
In my opinion, we should see continued sell off of bitcoin until reaching at least the yellow trendline where price action will most likely consolidate sideways until the 1st August. Once the upgrade has been completed, we should see an incredibly strong push upwards as more and more global support behind Bitcoin. Additionally, in trading, especially when market makers/movers are manipulating the price, we can see a type of 'Safety Trade' where many amateur traders will either be stopped out or sell all coins, only to miss out on a massive move upwards.
All the doom and gloom that has been noted by many in the market, has only fueled speculative selling off of bitcoin and many are about to lose opportunities due to inexperience and emotional trading, rather than being patient whilst the market corrects.
Here is a great piece of news regarding bitcoin and one of the reasons why I believe bitcoin is a solid bet for the future, as you don't get organisations such as Wall Street or Merrill Lynch getting behind a dud, that is for certain: cointelegraph.com/news/merrill-lynch-plots-bitcoins-path-to-global-legitimacy
I'm holding my coins long-term as I know, even if the price action goes below my analysis, it will eventually come back up and surpass, only giving me more opportunities to buy more on the lows for even greater profit.
---------------------------------------------------------------------------------------------------------------------------------------------------------- DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar. This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
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Comment
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Daily Trading Volume In Bitcoin Surpasses Gold !!!
I agree mostly. Yes amateur traders may have something to do with it but I give most of the credit for the recent FUD selling to Roger Ver and Bitmain for their BCC Bitcoin Crash Coin bs. ;)
Enhancement321
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Thanks for the info.
nafnar
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This is great. Thanks for the info.
UnknownUnicorn661419
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@nafnar, Thank you sir, lets see what happens... Probably better to sit on the fence and wait until confirmation of SEGWIT and UASF for clearer picture.
nafnar
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@PietroCasoar, That would be mid/late August for Segwit to run, and November for (possible) 2-MB hard fork. We'll see :) For now, the trend is bear, and sideways. Less volume due to exchanges closing before 1 August, and people exchanging to FIAT out of fear of duplicate coin/chain in the form of Bitcoin Cash. I hope there won't be a split.
UnknownUnicorn661419
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@nafnar, I don't think there will be a split, they have already completed one half and there is no sign of a pending split. Secondly, you are right in the sense that many exchanges are closing or freezing before 1st August so it is also possible that the sideways movement might even be smaller than what I've forecast... lets wait and see what happens during this week.
whoisthelorax
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@PietroCasoar,
The split is almost guaranteed at this point, Google "bitcoin cash".
However, it's not the UASF split everyone was expecting, so that's why it's under the news (and market) radar. A big Chinese exchange, OKcoin, is going to trade Bitcoin cash trading pair.
It's almost definitely guaranteed to be minority chain...but the FUD seed has been planted. And, let's not forget, Jihan Wu can merely redirect his hash power if he sees Bitcoin Cash doing well and being a worthy investment.
UnknownUnicorn661419
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@whoisthelorax, Interesting Point !!! Good stuff Sir... But lets wait and see, as from what I've been reading, the split is still not yet guaranteed from other sources.
See here: bloomberg.com/news/articles/2017-07-21/what-s-next-for-bitcoin-after-digital-currency-split-is-averted (Note: Although I realise this is from a fake news outlet, not everything they speak is fake :D Thats why I've included a second source)
2nd Source: fortune.com/2017/07/21/bitcoin-split-two-currencies/ Let us wait and see what happens, you could be right, I could be right, and we both could be wrong... Time will tell but one thing is for sure, its going to be a very interesting week and into next week... Cheers
@PietroCasoar, from what I have seen bip91 locked in, all the miners already updated. All blocks being mined are segwit compatible. Lock-in happened on Sunday. We have a couple of weeks before it is activated and the august 1st date is now irrelevant. More info on coin.dance blocks page and cryptoversity youtube