SUMMARY
BITCOIN (BTC) analysis is updated givein the overnight price action. I present Elliott Wave count edits as well as chart pattern price updates. Also, conclude with a big picture assessment with revised Wave v of (v) target at $13,000 or so.
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BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
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.
Hello @haejin! I found an interesting 9 min. video about Elliot Wave Theory.
Does the person in the video know what she's talking about?
Yes, that is the prevalent count amongst most Elliotticians. I don't agree. I believe we are in an Expanded Flat correction so the A wave was the low the other week at $3,045; Wave B will be higher than prior peak so above $5k somewhere; then Wave C down will be hard to around $2,500 to $2,000 or perhaps stabl briefly $,1800 or so.
Her count is correct. It is my alternate count, not my primary. I don't think the MACD has enough mojo to crush Bitcoin to $2,000 as it's still oversold.
What an extremely beautiful art is technical analysis!
Dobe's TA is awesome, and I've learned quite a bit from her, but she tends to err on the side of caution a lot. Definitely go back and watch all her vids if you haven't yet, as there's a wealth of info to be gleamed.
Haejin , after wave V is complete is there any scenario where it doesn’t correct to the beginning of wave IV ?
Just thinking about sub $500 , seems crazy and exciting at the same time ../
Your thoughts please ...thx !
Hello @haejin! In the video of 4:00, is it correct that the end of the wave 4 lower than the end of wave 1 ?
Another great insight haejin.
I remember you saying prior to the last major dip that you moved a majority holding out of the market.
Will you be using the same or similar strategy once we approach the 6k target and buy back in on the larger wave 4?
@Haejin another great video:)
Some thoughts on what could potentially cause BTC to correct to the 2,000 range could be the upcoming hard fork on Nov 1st. Back in July of this year, 2 weeks prior to the August 1st hard fork, BTC corrected from roughly 3,000 to 1,800. As I recall the sentiment at that time was overall doubt as to how the fork was going to affect the system. I will be curious to see how this upcoming fork is received by the community and if history repeats itself with another price correction roughly 2 weeks prior to.
Thank you as always for your time and insight!
The BITCOIN CASH fork did NOT result in the mass havoc the fear mongers projected. Many had sold their Bitcoins in fear of the unknown and MISSED OUT on the Bitcoin Cash (BCH) free money payouts! This burnt them badly. Many blindly followed jsnip4 and other youtuber personalities and sold their Bitcoins....ouch!
The same persons will be determined to NOT miss out on the next free money from Bitcoin Gold.
More importantly, these forked coins will NOT unseat Bitcoin because Bitcoin's network effect is just too MASSIVE.
This is why I'll be BUYING bitcoin to get more FREE money! And the MASS Havoc won't come to fruition. IMHO.
@Haejin, this makes sense and I will be planning on buying in when others are selling out:) Thank you again for your insight.