SUMMARY
Bitcoin (BTC) exceeded $8,000 during the day and I believe $10,000 is not too far away. The inverted H&S has been invalidated given the higher highs. I've updated the chart now with a trend channel that started back in September. Note how the recent correction pierced the lower trend line but price came back into the channel without much hesitation. Bear in mind that during the correction, when price broke the lower trend line, many weak hands just sold and bailed. And that was a good thing for the bulls. Since now we have much less weak hands, the bulls are clearly in control and this means there's enough mojo to first tag $8,613 as Elliott Wave 3 and then get gently repeled by the upper trend line for wave 4 completion afterwhich wave 5 would breach the upper trend line to tag $10,000!
I will provide a bigger picture forward discernment over the weekend. Meanwhile, the video analysis has more details!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Laddering and Buy/Sell Setups.
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Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Is 10K reachable b4 Xmas? Probably. Yet it will take quite a bit of muscul to win the 8K and 8300 lines. Once done, 10K is just another small jump.
Yes I also think BTC could reach 10K before Christmas ... more than a full month left :-)
I honestly did not expect $8k today, LOL. I am also surprised how well ETH and LTC held against the USD as BTC was flying higher and higher.
Don't forget Dash either.
ETH has shown some world class resilience. I mean nothing could affect the price significantly. I'm just itching for Dash to start moving again.
BCH is still more profitable to mine (https://fork.lol/) So I expect some good moves from BCH too. But there might be more lows before that.
With BCH stabilizing now, the whole altcoin crypto market has entered some kine of weird limbo, e specially ETH. Nobody knows how to deal with bitcoin cash or where it's going.
BCH hashpower is also increasing. I've previously stated that Bitcoin will go out slowly and gradually like the British Empire. ETH is in some serious limbo. Dash looks like making a cup&handle. Casper Testnet may give ETH a breakout. The ICOs should be playing a big part in keeping the ETH price down. Plus ETH has no limit to the supply.
Being the most profitable coin to mine, BCH should make another bull run. The main thing that keep BTC high is the mainstream attention. The recent bull run even got Teeka Tiwari from PBC to recommend BCH. People will eventually follow the money. More money will pour into BCH.
Yes, if you look at the BTC price rise this year, it's really crazy. It's flying like a rocket :-)
I'm curious to see what happens today. BTC has already cracked the 8K!
France is offialy out of cash ... broke........... Poland as well Italy will follow next week............ the perfect storm brews this weekend ..... if you live in US give happy thanks this weekend. Haejn my friend absolutely profound wisdom in your message to all as a TA.......
Thank You Kindly
I've read in a few articles... that the expansion may be short lived. If those with large wallets get involved to weigh it back in their favor. Its gott'em scared for sure.
JUST GOT THIS IN MY EMAIL
Dear GDAX Customer,
There have been a number of developments with Bitcoin Segwit2x since our last update.
Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.
We wanted to provide clarity about the potential outcomes of the fork and what GDAX will do in each scenario. In both scenarios, GDAX will disable bitcoin deposits and withdrawals 6 hours before the fork, at approximately 2am Pacific Time on November 17. Bitcoin (BTC) trading will not be impacted. Deposits and withdrawals will be re-enabled shortly afterwards.
Scenario 1: network is unusable
If support for the fork remains at current levels, or decreases, there will not be a functioning Bitcoin2x network. GDAX will not support withdrawals or trading as it will be impossible to send funds to GDAX, or withdraw funds from GDAX. Currently we believe this is the most likely scenario.
If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.
Scenario 2: network is usable
If transactions are being confirmed at a reasonable speed, and miner support is strong, we will allow GDAX customers to withdraw Bitcoin2x. We will not enable trading as previously stated, but we may enable trading at a later date.
Is that why the prices have gone up almost 50%?
There is also a countdown clock
http://www.cryptodaily.net/segwit2x-activation-countdown-timer/
i think this is pure speculation. If the development team have said the fork won’t happen it’s not going to be good. This is a few miners trying to make a quick buck. It’s likely to die very quickly. It’s also dangerous to movie 2x even if you have it as without replay protection, you could lose your corresponding btc.
It is indeed happening, whether it will be sustainable or not is the question.
Or even usable. If no exchanges list it, it takes an inordinate amount of time to confirm, has no development team and is worthless it won’t last long.
Still, with the current rise in BTC, and the chance that B2X does work, it's probably worth getting the fork amount.
Unlikely to be worth the risk considering there is no replay protection.
I thought it would take years to get 10K...now it's right around the corner. Lets go BTC!
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its growing HUGE! .... tulip mania? like you mentioned before @haejin
This uptrend is inevitable. Lets embrace it.
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STOPso the massive correction is off??
I think that is a correction of a higher series of waves. This new ATH 10k ish will be the top followed by the large correction. I could be wrong.
I’m sure Haejin will post longer term details over the weekend.
Thank you!