BTCUSD: Why Is Bitcoin Falling? Not Sure But The Chart Said So!
I know when I publish this, there are going to be plenty of doubters who will say that technical charting methods don't work on these markets and that there isn't enough history behind it to be able to use wave counting techniques and blah, blah, blah! Well, all I can say is that I'm banking nice profits off my analysis and predictions and so is anyone who follows my cryptocharts!
Anyhow, here's my analysis on BTC right now:
Back on Dec 11th, here's the chart I published and what I said about Bitcoin (DISCLAIMER: This chart was published privately to my group and were not posted publicly here. But you can check the date on it to know its real):
"the launch of CME BTC futures shot BTC back up over 17,000 but it has again stalled and it looks to be getting ready for a BIG pullback possibly down to 10,000. At that level, there is a POTENTIAL Bat that would complete"
Well, I was WRONG! It did not drop from that point but instead reached back up towards 20,000, failed and now is down past where it was when I posted that analysis. So even though I was initially wrong about where BTC was headed immediately after that post in my chat group, the wave count which suggested to me that this was headed south and to warn against BUYING was correct.
Know that wave counting is not PURELY a technical-based method only but it is actually very much a reflection of trader psychology. It's not the wave counting that makes the markets move in waves as discovered long ago by Elliott but rather trader's that actually make the markets move in such predictable behavior. Humans are creatures of habits and those habits are EXTREMELY hard to break. That is why wave counting stands the test of time as trader's have always acted and reacted the same way for as long as markets have been around and charts have been kept and will for the foreseeable future, keep acting and reacting the same way. That is NO DIFFERENT regardless of whatever market there is. And yes, even here with cryptocurrencies. Can I be wrong about what it is doing and where it is going now? That I am seeing it drop to 10,000? SURE! I can be wrong! After all, only the markets are ever 100% right!
But for now, I DON'T RECOMMEND to buy! But if it gets to 10,000, I'll be looking to BUY!
Anyhow, here's my analysis on BTC right now:
Back on Dec 11th, here's the chart I published and what I said about Bitcoin (DISCLAIMER: This chart was published privately to my group and were not posted publicly here. But you can check the date on it to know its real):
"the launch of CME BTC futures shot BTC back up over 17,000 but it has again stalled and it looks to be getting ready for a BIG pullback possibly down to 10,000. At that level, there is a POTENTIAL Bat that would complete"
Well, I was WRONG! It did not drop from that point but instead reached back up towards 20,000, failed and now is down past where it was when I posted that analysis. So even though I was initially wrong about where BTC was headed immediately after that post in my chat group, the wave count which suggested to me that this was headed south and to warn against BUYING was correct.
Know that wave counting is not PURELY a technical-based method only but it is actually very much a reflection of trader psychology. It's not the wave counting that makes the markets move in waves as discovered long ago by Elliott but rather trader's that actually make the markets move in such predictable behavior. Humans are creatures of habits and those habits are EXTREMELY hard to break. That is why wave counting stands the test of time as trader's have always acted and reacted the same way for as long as markets have been around and charts have been kept and will for the foreseeable future, keep acting and reacting the same way. That is NO DIFFERENT regardless of whatever market there is. And yes, even here with cryptocurrencies. Can I be wrong about what it is doing and where it is going now? That I am seeing it drop to 10,000? SURE! I can be wrong! After all, only the markets are ever 100% right!
But for now, I DON'T RECOMMEND to buy! But if it gets to 10,000, I'll be looking to BUY!
SPECIAL Report on the S&P 500. Read it here. It's FREE: bit.ly/2KGJ409spx818
Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.