Updated Wave counts narrowed down to the two possibilities that I think are the most likely within the short term. We'll have to see how this plays out within the next month. Updates are coming, of course. Not much to say here... Everything is just playing out as expected from the May top. Can't say much else. We've been in a bear market for the past 6 months and we're likely to add on another 4-6 months to that. We're on target for my $3k target. Though its possible we may stop at $4k, I think we can definitely get a big bounce there, but it's really playing out to the 3k scenario in my opinion.
Nothing is a surprise here. Just stay nimble and be ready for whatever.
We'll probably see a continuation to this small bounce up to the 6.9k area then we'll see another drop. How far we extend is the question. I've had $5.3k as my target for the past month and a half for this first portion of the big drop... BUT, we may go as low as $5k, as that seems to have a stronger historical support. We'll just have to play it day by day, regardless, we're still on this massive downtrend. Nothing has happened that signals a reversal.
On the bright side, like.. BTC is still valued at a great amount lol.. We were at these same levels in Novemenber. We were at 3k in September of last year! So... Not sure why everyone is freaking out sooo much. We overshot to the upside, so now we have to overshoot to the downside. Its how these markets work. What I see are institutions and whales driving prices lower to acquire more at a cheaper price. It doesn't necessarily look like they're trying to exit the market completely. If that were the case, then this drop would look a lot worse. People still believe in this market, and they'll continue to do so. We all know institutions are preparing to enter. But they're smart. Why in the hell would they enter now? Why? Why why why. They're going to wait for the dust to settle. They know the price is going down to substantial levels, they're just waiting patiently for the cycle to end. Honestly, they may already be in! I'm seeing moves being played that are very strategic moves that commonly take place in advanced markets through commercial investors. I wouldn't doubt that some institutions are already in just helping drive the price down.
Now, those are theories, but they're practically commonalities within the markets. This is the real world guys. The big boys don't care about you. They care about making their big pockets bigger. All I have to say is that if you are a trader, in these times you should not be emotionally invested into Bitcoin. You've got to strip any bias developed because you love the idea of Crypto Currencies. It may "alter your vision" while trading and cause you to make stupid mistakes because you just want it to go up. Nobody in Forex is emotionally invested in the JPY Yen. No one is emotionally invested into Silver. No one is emotionally invested into WTI Crude Oil. If you are emotionally invested into Bitcoin, then buy and hold, invest and don't do anything else.
P.S. I proof-read none of this. So if something doesn't make sense then comment below and I'll correct it. Thanks!
Nothing is a surprise here. Just stay nimble and be ready for whatever.
We'll probably see a continuation to this small bounce up to the 6.9k area then we'll see another drop. How far we extend is the question. I've had $5.3k as my target for the past month and a half for this first portion of the big drop... BUT, we may go as low as $5k, as that seems to have a stronger historical support. We'll just have to play it day by day, regardless, we're still on this massive downtrend. Nothing has happened that signals a reversal.
On the bright side, like.. BTC is still valued at a great amount lol.. We were at these same levels in Novemenber. We were at 3k in September of last year! So... Not sure why everyone is freaking out sooo much. We overshot to the upside, so now we have to overshoot to the downside. Its how these markets work. What I see are institutions and whales driving prices lower to acquire more at a cheaper price. It doesn't necessarily look like they're trying to exit the market completely. If that were the case, then this drop would look a lot worse. People still believe in this market, and they'll continue to do so. We all know institutions are preparing to enter. But they're smart. Why in the hell would they enter now? Why? Why why why. They're going to wait for the dust to settle. They know the price is going down to substantial levels, they're just waiting patiently for the cycle to end. Honestly, they may already be in! I'm seeing moves being played that are very strategic moves that commonly take place in advanced markets through commercial investors. I wouldn't doubt that some institutions are already in just helping drive the price down.
Now, those are theories, but they're practically commonalities within the markets. This is the real world guys. The big boys don't care about you. They care about making their big pockets bigger. All I have to say is that if you are a trader, in these times you should not be emotionally invested into Bitcoin. You've got to strip any bias developed because you love the idea of Crypto Currencies. It may "alter your vision" while trading and cause you to make stupid mistakes because you just want it to go up. Nobody in Forex is emotionally invested in the JPY Yen. No one is emotionally invested into Silver. No one is emotionally invested into WTI Crude Oil. If you are emotionally invested into Bitcoin, then buy and hold, invest and don't do anything else.
P.S. I proof-read none of this. So if something doesn't make sense then comment below and I'll correct it. Thanks!
Comment:
Comment:
Will probably break below triangle.
Will probably break below triangle.
Comment:
If we break above this triangle we will head to $7025.
Comment:
sorry i haven't been updating on here much. Please make sure you all follow me on Twitter. I've made corrections and updates where each bottom and top we're called on my Twitter account. @cryptoeball
Comment:
twitter.com/CryptoEB.../1010285528141520901 short thread on risk management
Comment:
Forgot to post this here... Hopefully you all have been managing risk on this short term swings. I think its highly likely here that we continue up to 6450. From there its hard to say where we'll go, its possible we can continue up to $7400. But I still have a little bearish bias towards 5k first. It's a toss up. Both areas will be hit, its just a question of which one will be hit first.
Forgot to post this here... Hopefully you all have been managing risk on this short term swings. I think its highly likely here that we continue up to 6450. From there its hard to say where we'll go, its possible we can continue up to $7400. But I still have a little bearish bias towards 5k first. It's a toss up. Both areas will be hit, its just a question of which one will be hit first.
Comment:
possibility
Comment:
I'm challenging this last jump on BTC. Idk why everyone is choosing now to get euphoric lol... I'm taking the risk and shorting
I'm challenging this last jump on BTC. Idk why everyone is choosing now to get euphoric lol... I'm taking the risk and shorting
Comment:
Sorry guys, been away on vacation! Here are some updates I'll continue to swing out on BTC. I don't think its the count on the right. I think it may be this one instead. UNLESS we break the low, which I dont think will happen.
Sorry guys, been away on vacation! Here are some updates I'll continue to swing out on BTC. I don't think its the count on the right. I think it may be this one instead. UNLESS we break the low, which I dont think will happen.
Comment:
Related Ideas
