Hey guys, It seems we could be in a Wyckoff accumulation pattern right now...
Currently, we're in phase C, waiting for the spring that will break existing supports, go down into the $4-5k range, and then spring up.
During the next 2 months, the SEC will decide on 9 Bitcoin Elf's, and we should know the outcome by the 30th of September. Personally, surely, at least one ETF will get accepted
Right now, the market sentiment seems bearish... In forums, I've heard of crypto whales with millions, waiting for the price to reach the 4k-5k range.
The market needs a nice solid spring into the $4-5k range, that will finally shut the bears up, and convert them into bulls.
Anyways, let's see how this turns out in the next couple of weeks...
Remember, Patience is paramount!
Good luck!
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Here's a chart a made 1 month earlier, showing a major trend line, that I think needs to be touched down ($4-5k range), and will signal the bottom for this year...
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My chart assumes that at least one BTC ETF will get accepted by the SEC by Sep 30. If it doesn't, then expect phase C, D and E to take much longer in time to form.
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Alts seem to be going down a lot in these past few days, even when BTC is just trading sideways in the 6250-6500 range... I think this show people are getting out of the market, and are expecting the price to get lower in the next few days.
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This is what may happen. A push towards 7200, to touch the trendline, and then down it goes for it's last time.
"The market needs a nice solid spring into the $4-5k range, that will finally shut the bears up, and convert them into bulls."
Haha love this line, agreed. I think ~3K is that level. "Hope" has to vanish before I step in with institutional money. Also, many don't realize that a sustainable bull-run cannot happen without regulations being in place. Crypto bulls are dreaming if they think it's not coming.
ReallyMe
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Have you considered the possibility that the crypto market will not abruptly go down and then immediately ("spring") start rising up again, but that we will rather have a month-long very boring sideways movement ahead of us? The alleged "whales with millions" have got to be pretty stupid to wait for so long or to invest their millions into a boring sideways "dull market"... There are much better markets out there to invest. Crypto is not the only thing going on in the world.
I don't believe in a sudden ("spring") rise of the crypto market anytime soon. Until May-July 2019 it is going to be very boring, in my opinion. YMMV ;-)
PatienceIsParamount
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@ReallyMe, Well, the BTC market has always experienced a sudden spring, and then soon after, begins it's major bull run. It has never had a major bull run, without experiencing a spring first. So based on that, I think a spring into the 4k-5k range is necessary for us to begin another bull run.
ReallyMe
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@PatienceIsParamount, Fair enough, but I really think that the timing on your chart (Phase C-Phase D-Phase E) is way too optimistic. In my humble opinion we are not going to see BTC rising up in September on to October and even further on up in November-December. Instead we are going to see a slow decline and sideways movement in the coming months.
The overall course of events you outlined might be correct but never in such a short time frame - this is just my opinion. I think the "Phase C" alone will take several months to develop (probably until mid 2019). We will see ;-)
PatienceIsParamount
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@ReallyMe, True, you may be right. Also, my idea chart assumes that at least one ETF will get accepted by the SEC (by Sep 30). If not, then I think these courses of events outlined will definitely take much longer.
Amjadsid
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4-5k is not the bottom: price will move up to whatever price(weekly wave b up): will come down in weekly wave C to make bottom: will take time more than a year ...:)
Haha love this line, agreed. I think ~3K is that level. "Hope" has to vanish before I step in with institutional money. Also, many don't realize that a sustainable bull-run cannot happen without regulations being in place. Crypto bulls are dreaming if they think it's not coming.