$BTC BITCOIN AT BINANCE DUMP ALERT Sell all your cryptocurrencys asap, within the next few weeks BTC could dump to 5k or less...
5kbtc
BTC 5k Blues: Prolonged Elliot ABC CorrectionHey fellow TA enthusiasts!
I have some good news! We are likely to start going back up for a while, and we will once again visit the 8k region for a welcome breather!
Sadly, signs are saying that our revival will be short-lived, and will be followed by another deep dive. And this time, we will get to see the dreaded depths of 5k.
Let me walk you through it: Elliot Wave theory states that every positive impulse wave (consisting of 5 waves: 3 up, 2 down) is followed by a negative impulse of 3 waves (2 down, 1 up): this is called an ABC correction. Each downward wave in itself also consists of 5 waves (3 down, 2 up).
Currently we are in the C-wave of the correction. More precisely, we are at the bottom of the 2nd downward wave of this C-wave. Meaning we are due another upwave, followed by the 3rd and final downward wave of the C-wave.
If you view my previously published ideas, you will notice that I have already predicted this before with a different reading of the chart, and a different end of the C-wave. Back then, instead of the C-wave completing, BTC suddenly halted and shot back up, taking me by surprise. It didn't make sense to me: the C-wave hadn't completed yet! Was BTC escaping a full ABC correction?
Of course not! However, instead of taking the shorter, sharper pain that I previously predicted, it appears that BTC is opting for the route of prolonged, dull pain. It might not take us down as deep, but it will take twice as long. We will pay the price; the market will get its due.
But, don't be gloomy: we have some opportunity for profit in the short term, and there is light at the end of the tunnel. And meanwhile the bull is feeding and getting stronger...
BTC never under 5k and this is why !!!!BTC ECONOMIC BASIC
There are a lot of speculations that bitcoin would go to 3000... well those who tell you that don't have a clue what they are talking about. Bitcoin/altcoins can be compared to stocks/gold/silver etc. Now some of you will be shouting at me that it is not the same but this is just a example.
In this case we take a look at gold. To mine gold you need employees, materials and insurance etc. When you add all those things up you will get a price that you have to earn from selling the gold to at least break even with the costs of mining the gold.
This is the same as bitcoin mining. It takes a lot of energy to mine 1 bitcoin and the equipment is also pricey. The average costs to mine 1 bitcoin is 4700 - 4800 dollar. If bitcoin would drop below this price a lot of miners would shut their systems down. Only the big companies would be able to mine with a small profit. We think whales/major investors would never let this happen. If you see the price dropping beneath this price range... sell every single crypto you have because we are going to shut down!
This is just some basic economics. If it the costs to mine something are higher than the sold product... why should you do it?
