BTC- The Market Leader

Hi guys,

This is my first post ever, So as a reward to you guys I will explain the high probability as to why we are gonna reach 10000 real soon and then eventually 20000 in few months and beyond.

-Anyways Looking at the cryptocurrency market we know most coins have lost approximately 70 per cent of total value maybe even more in some cases and looking at bitcoin we can see that a full retracement of the fifth wave of the last bull market that occurred in nov/dec is nearly fully retraced to 100% which is a fibonacci number.
-What is more interesting is that the $5800 level hasn't been broken for a while, moreover it has been touched several times which indicates the significance and strength of this resistance.
-Furthermore, the fact that this was the starting point of the fifth wave of the uptrend indicates the significance of this price. So the conclusion is that we have a really high probability that the bear market is nearly done with the much lower volume also indicating that we are nearing the bear market. In my opinion its a matter of time till we get lift off, we might fluctuate in price for a little or there might not be any price action for a few weeks but in the end we will get lift off. It all depends on the demand for bitcoin and altcoins and crowd psychology.

In Technical analysis we try to increase the probabilities of success, so be open to further investigation and being able to adapt to the constantly changing market.

Successful Trading

Comment: Guys as suggested previously Bitcoin could fluctuate between these prices, so be patient we will see soon what happens. As a safety precaution you can place a stop loss at $5000 although the probability of going to this price is extremely low but if it does we have a safety net. This is money management
Comment: Looks like we night be going down a little more, as expected. We will be fluctuating between $5800 to $6300 for a bit. Just be patient
Comment: I have seen a 'well regarded' author publishing so badly it amazes me how people still back them. Please dont be dumb and follow blindly, look at the evidence and make a decision for yourself and that includes what i post as well.

Check the graph you can see on the monthly chart that this bear market on the monthly chart shows up as a retracement, I have shown the Fibonacci levels and the decrease volume as price decreased and also used Elliott wave theory to show that we are about to finish wave 2 and begin wave 3 which is bullish
Comment: Looks like bitcoin is fluctuating between a certain price as suggested previously however this fluctuation is between the previous crescendo value and 0.618 of that value. You will see this happen until the change in bitcoin will be so small that eventually a sudden change in volume and demad will determine direction. Most likely in the upward direction
Comment: Bitcoin acting just like previously mentioned, just relax and wait and see what happens. Patience is Key
Comment: Ok, this fall in price is quite negative. If the price does not close back over $5700 then this is a very negative sign. However this could just be a slight manipulation to get people stopped out of the market before those very people buy at the cheapest. We will see and react accordingly. Also this type of market behaviour has occurred before in 2014 where eventually prices increased. Again we will act cautiously
Going below 5750 within 30 days
+1 Reply
Crypt1c_one otohns1722
@otohns1722, What price below do you think bitcoin will reach?
Sancho1883 otohns1722
@otohns1722, with a better than evens chance of $3XXX by Christmas
Crypt1c_one Sancho1883
@Sancho1883, extremely unlikely, if price falls below $5600 it would take an increased volume and a very large volume to achieve this which would mean really bad news for btc and cryptos. The volume is so low right now(check for yourself), whats more interesting is $5800 level hasnt been broken for a year, to add to this Much greater down volume wasnt able to break this support level. Put it simple I would sell everything and not touch cryptos till prices reach above $5600 if we ever go lower which in my opinion is really really unlikely. Again there is always a 1% chance as nothing in this life is 100 per cent certain in the future.
+1 Reply
Sancho1883 Crypt1c_one
@Crypt1c_one, I totally see where you are coming from and to a point i agree. If there was some bad news, for example, a rejected ETF, i would suspect the price would drop to test the year lows. I think at this point there is a good chance we might see some panic selling and that might be enough to give the additional volume needed to really hammer BTC. Once its below $5800, its self fueling, the lower it goes the more people sell. I don't think it takes much to spook the market at the moment. I'd dread to think what that would do to the alts though! I'm bullish long term but i wouldn't be surprised if there were some more twists and turns before we all make some more money.
Crypt1c_one Sancho1883
@Sancho1883, i see your point of view but i am extremely confident based on the information i can see on the charts. Check the monthly time frame u will see this is the 2nd wave, the first wave was the initial bullish run we had late last year. Using elliot wave theory we are gonna enter the 3rd wave which is bullish. Plus on the monthly chart this bear market looks like a retracment lol. Check for urself
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