SUMMARY
Bitcoin is worrying me a bit. The chart below forms a textbook a,b,c,d,e pattern. The final e wave is at hand and that could mark the Wave B (red) top. The e wave could become a throw over where prices surpass the top white resistance line but quickly retraces and falls below the lower white support line. The throw over event could provide that new all time high which could be short lived.
The significance of this is that once Bitcoin price starts turning, it will be a sizable trend change from up to down. My concern is that if this trend change occurs too swiftly, perhaps the Altcoins might not get their chance to run up with the batton and print green prices. My primary count is such that I believe they will...but given this chart, maybe not, as well. We'll have to see how the overnight prices act and also see beyond tomorrow.
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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.**
I kind of expected this. Too bad if Alt-coins don't get a chance to run up. I really hope BTC would stabilize a little before fall down. Too much dumb money went into BTC. So I guess we'll see some panic selling.
Will ETH have a chance to shoot up before this happen? I've been HODLing ETH because of the Ascending Right Triangle.
hey @Haejin ! based off of what you taught me ive tried to make a prediction yesterday. and Like you said to use horizontal and vertical supports. I was looking at the BTC chart last night and came up with the exact markup you did. I actually posted it yesterday on you post about the 80/20 rule and the winner for the upvotes. I asked for your opinion on it.
https://www.coinigy.com/s/i/59db007d4251c/
Thats awesome that we both caught this patter! I think im kinda getting the hang of this!
Thanks!
Great minds think alike! Great looking chart!
So should I sell BTC for some other alt?
i am but with tight stops
What you think about ebtc (again) I want to buy it but afraid it will go down to cents.
Thanks. Do you think when Btc starts this correction, the whole entire market (altcoins) will follow Btc for a massive dump? Or they will run their own ways
Bitcoin is the moon that moves the cryptosphere tides
Great. How long you think we will reach the bottom, within 1 week?
weeks
Thanks for reminding us to be calm, cautious and responsible by using stops haejin...have a great night
Double top ?
Two peaks that are roughly equal ..
For those who don’t know this is bearish ...
The “e”will be the double top ..
Good call haejin....on the a b c d e ..
I wonder how the HF will mess with the charts
I wondered this also. Haejin looks to have nailed the a b c d e but could people's FOMO on free Bitcoin Gold push price even higher on the run upto 25th ? I guess even so the trend afterwards would be down to IV bottom
I was thinking of the same pattern. Nice to see you confirm that. I'm still very new to TA.
Good Eyes!
Been waiting for IV since A! Hoping for a nice buying opportunity.
And it shall be delicious to buy at $2,000 level!
Hey @haejin does this make sense? https://www.coinigy.com/s/i/59dcd34522e86/
I dont know what to call this triangle? I was thinking its called a bear flag??
Please give some advice and critique
I'm dumping Bitcoin for Digibyte. DGB is very low value right now. Looking for safe Alt coin before BTC drop. Bitcoin Cash may be safer bet ? What's your view on BTC/DGB trading pair ? Thanks !