Yup, BTC is an as.shole... The morning update count was denied only 3 hours after I posted it. We had this clean and neat wavestructure in the past weeks which seems to have disappeared for now.
This is either a very short wave C or the completion of a shitty looking wave A.
This is the time where I just sit back and watch. Todays buying action happened on high volume, which is a good sign that BTC is not dead. A lot of people (or a big company) wanted to buy this dip @ 9,400$.
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Thanks for always being a reliable source you will always be followed!
Thanks for the update - I respect your analysis very much - at the moment it really seems difficult to read the market at all. So "sitting back and watch" is probably the right thing to do.
Let me add one question what I was thinking about - do you think that one reason why analyzing bitcoin becomes so hard might be because of massive market manipulation? You probably want to do that in times like this and against what analysts are expecting. Any thoughts on that?
I don't think there are enough new big players yet who want (and have the ability to) to profit from BTC manipulation. Most BTC is owned by 50-100 huge wallets.
The banksters can play a little with the illiquid futures market, but I think the moves are still driven mostly by fear and greed of the many (because the big wallets are just hodling most of the time. It is not proven yet, if the futures market really contributed to this crash or not. 80% corrections are nothing new in BTC, but only now that your average joe neighbor has started to invest a little, it seems to hurt like crazy.
I had a strong feeling your morning post would be denied :]. Thanks for the great work, been following you for some time, cheers.
That can also be a flat correction with B at the same level with the top of 1. Bulls are hungry for the positive news.
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I like your post
Nice, the money monsters have spoken
Yes,totally agree with you! I hope you are successful in trading (I must admit-I am not successful).Do you trade BTC against USD or EUR or other crypto? From my point of view it seems like everyone is waiting for that segwit thing to happen,and Q3 or Q4 of year have been always good for bull runs.Good post btw!
Yes, I trade CFD products on BTC/USD underlying (because of lower risk), but only in an uptrend. As everyone should know by now, corrections like this can be messy, and it is easy to loose money in a bear market, when the majority of people thinks that BTC will hit 40k this year...
Nice post....i like your post......
Thanks for sharing.......
I count a short c ... soon we know more. Thx for your work.
I Just feel weirdly prophetic as I was calling for a long sideways correction fro the very beginning. It's probably just subconscious analysis/intuition or just luck. I sincerely hope it's the former. I'm currently out of most cryptos. My only big HODL is STEEM.
I really hope people would get just fed up with BTC and go alt.
Lots of news recently (about XRP, LTC, NEO, etc... lightning network hype, and so on). The market is moving and showing interesting signs of life actually, far from being static as far as fundamentals are concerned. Whales just have to make the right move and boom, there you go.
Also, maybe overall sentiment has just gotten bored with this bearish looking trend and decided to buckle up and buy back in (which doesn't quite fit the ambient "fear" that usually comes with such sentiment, I'll give you that). Let's see, and wait for a decisive break above 10700 - 11700
Predicting the market in a bear trend is almost impossible. Most analists are wrong most of the time. It's just too unpredictable.
The predictions of crash and burn were a bit much...the market is maturing...US Govt acceptance...other countries moving full steam ahead...the concept of "LItepay" ...now Poloniex getting bot out...I think things are close to hitting over drive....