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LATEST UPDATE - Bitcoin in it's darkest hourHello all, so just some polishing up of the graph. I've slightly adjusted the 6m trend line and that fits better with the bounce off the 6400(ish) level. It's possible we have started wave 4 (see the path to point 4b, dark purple line). Could stop at 7200, but 7800 also is possible, if we allow Elliot wave principle to be broken. Who knows with potential market manipulation, I mean a good rally now would liquidate a bunch of short margin orders ... and that would make someone money (wall street, whale, etc). On the other hand, this could very well be a bull trap, and we are still in wave 3. This does fit in better with Elliot wave theory, and that could possibly take us to 6k (or slightly less) for a double bottom bounce, before we start wave 4 (see pink lines to points 3a and 4a). This brings into picture a potential bottom at 4k, but there is support before we get there, so a bounce off any of those lines is possible. So which way will it go? I'd look for at least a retracement to 6.5k before we can call off wave 4b ... and even then it's tricky. How about validation on the way up? Well, we can bounce off 7.2k down, and we aren't that far off. A break above 7.2k is likely validation for the path to 4b. In between ... range bound, which equals risky trade. As usual, only a fool relies on one possible outcome. Do not use this information for investment decisions. This is for educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
BTC - in its darkest hour, UPDATED!After a good discussion on the Chart-Attack group (Telegram), thanks to one member Urban V, I'm more convinced of the above possibilities. What we have in this chart is Grand Wave (impulse) shown in red. In pink is the mini-wave which is forming wave 5 of the grand wave. The pink is scenario A, and you will see a possibility off that in a dark purple, which is scenario B. Scenario A shows that we have not completed mini-wave 3. We would likely go to the 6k to do a double bottom test, before bouncing (mini-wave 4 to point 4a), likely to the end of mini-wave 1, $7200. It's possible if we do not strictly conform to elliot wave principles that we go into wave 1 territory and test the all-time high trend line 2. From here (higher probability from $7200), we enter mini-wave 5 and can move anywhere in that lower box (ignore date position). It is possible to drop as much as $3200, which would be equal to the size of wave 3 to point 3a. That could bring us to $4k, and there is a support line just below this level, $3,900ish. Scenario B shows that at $6.6k btc we completed mini-wave 3 (at point 3b), and are now in wave 4b. This could also not conform strictly to elliot wave principles and test the all-time-high trend line at around $8.2k BTC. This would drop us down into the upper box range (ignore date position), and give us a double bottom bounce at 6k. $5.4k is a support level, but reaching this level would be make wave 5b slightly longer than 3b. Too many rules broken, so far less likely in my opinion. As, only a fool relies on one potential outcome. Do not rely on this information for investment decisions, this is for educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
BTC ... in it's darkest hour.Well, since publishing my last idea, we have confirmation ... we are not in a triangle wave. This has simplified things, and it is likely we are in wave 5 ... the final, darkest hour for BTC. Of course everyone is asking, where is the bottom. I've read 6k, 4k, 3k, and even 1k in the blogs. Could any of these be discarded? NO! Why? Because it is BTC, and there are too many variables for any one human being to be able to draw a definitive line. However, let's not give up on TA just yet! Look above, I've spent some time on this chart. The grand wave is shown in red, and the question is where will point (5) stop. The purple wave is our current mini-wave, defining grand wave 5. Grand wave point (5) is dependent on the current mini-wave 4 recovery. To help, and because I've seen predictions as low as $1000 BTC, as well as taking all data into consideration for the past year, I've drawn Fibs from the low of $888 BTC, established on March 25, 2017 and the All-Time-High close to $20,000. I've also established some potential support lines, back to that time frame, within the probable range of the wave 5 bottom. Technically, mini-wave (purple) 4 should not go into mini-wave (purple) 1 territory, but it's not impossible. In fact if you look at grand wave (red) 4, it does go into grand wave (red) 1 territory. So two potential points defining the range for the mini-wave 4 end point. Option (4a) is stopping at the bottom of mini-wave 1. Option (4b) stops at the All-Time-High Trend Line 2. By the way, (4b) also happens to be around the 0.618 Fib retracement, and I'd say that is interesting. I'm doubtful wave 4 could go any higher. So really, mini-wave 4's likely range is $7200 to $8200. Then down. The second thing we need to note is that mini-wave 3 cannot be the shortest wave. Mini-wave 1 is already very long, so mini-wave 5 needs to be the shortest. This is a pretty hard-core rule for Elliot Wave. Mini-wave 3 was a drop of approximately 2600 points. So, if we take 2600 points as the max for the mini-wave 5 drop, and we hypothesize that mini-wave 4 will stop between $7200 and $8200, we can define the likely target range for the mini-wave 5 and grand-wave 5 end point (they will coincide). The boxes I've drawn are essentially the target range for wave 5, with the top being defined as the bottom of mini-wave 3 as a minimum retracement, and the bottom of the top box being mini-wave 4b top less $2600, and the lower box being mini-wave 4a top less $2600. If this sounds confusing, slow down, read this carefully, until it makes sense. Within those defined boxes, I've drawn support lines that are likely meaningful, and selected the lines that fall within those boxes. If mini-wave 4 goes to point (4b, approx $8200), then we will likely have a $6k double bottom bounce (perhaps with a small extension below $6k). If mini-wave 4 stops at point (4a, approx $7200) then we will likely go to the $4.9k level. After that, if Elliot Theory applies, we should start a GRAND RECOVERY!
BITFINEX:BTCUSD
by MAGICMARK
4
Crack the BTC code!Patterns, we look for them all the time, to give us a hint at the future! Friends, I know this chart is busy, and I was in two minds about publishing it, but read it closely and you will get what I'm saying. There's a school of thought that we are currently in Grand Wave 5 (see red impulse wave), and this is the basis of my first idea published "Fork in the Road". Another possible interpretation is an impulse wave, followed by an ABC correction, and now either a triangle wave (as published in my idea "180 degrees in a Triangle) or another impulse down. No matter which way you look at it, the current wave is either a triangle wave or an impulse wave (yes an ABC correction is possible too, but I'd say unlikely if we test 6k again). We've already broken the lower trend line of the triangle wave, which I had at 7540 ... but with market dynamics, I'll forgive being off by 100 points ... so I'm not ready to write it off. However, no doubt if we hit the previous low of 7240 on Bitfinex, or lower, it validates Grand Wave 5, and I wouldn't be surprised if we hit 6k again in weeks to come. Obviously there's no guarantees, and only a fool would bet on a single option. As usual, do not use this for investment decisions, just for educational purposes.
BITFINEX:BTCUSD
by MAGICMARK
Looks like my initial prediction will come true. BTC to 6k/7kI haven't had a lot of predictions/technical analysis done but in the ones I have done, I've been calling this since Feb. Not claiming to be a pro but glad that my initial analysis is right. Strong support at 8k but if that breaks through, then we will hit support at 6.8k. That should create a double bottom and we should see a bounce back from there. That should hopefully be the end of the bear market as well. Let me know your thoughts on this. As always, just my opinion, not advice.
BITFINEX:BTCUSDShort
by GBBBKSA
2
BTC - Patience is key!Just an update guys, on the Fork in the Road. I've cleaned up the chart a bit, and added labels to help everyone read this easier. I was confident BTC 3.50%would try and test the bottom of the one year trend line (log), and gave up on that yesterday ... should not have. Patience is key! Also I've adjusted the slopes of wave 4 and 5 to be a bit shallower than 2 and 3, respectively. Timing is almost impossible to determine, unless you are a big market player and have the keys to the car. This means Scenario 1 is not off the table just yet. Given the recent spike, wave 5 can settle at 7200, but I do see some traders stating 6800 is possible. Chances of going to 6800 on wave 5 are definitely tanking after this latest spike to test the underside of the 1Y trend. In fact Scenario 2 is definitely increasing in probability, with a double bottom , to cause BTC 3.50%to test the all time high trend, and then start a new impulse wave down to the abyss. I still say a 6k retest, and return to bull market. I know many expect 4k or 5k ... cannot be discarded, for sure. Only a fool would bet on one possible scenario, especially with BTC 3.50%. Until next time, over and out! As always, I am not an expert, do not rely on my advice. This is for educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
BTC - Patience is key!Just an update guys, on the Fork in the Road. I've cleaned up the chart a bit, and added labels to help everyone read this easier. I was confident BTC 3.50%would try and test the bottom of the one year trend line (log), and gave up on that yesterday ... should not have. Patience is key! Also I've adjusted the slopes of wave 4 and 5 to be a bit shallower than 2 and 3, respectively. Timing is almost impossible to determine, unless you are a big market player and have the keys to the car. This means Scenario 1 is not off the table just yet. Given the recent spike, wave 5 can settle at 7200, but I do see some traders stating 6800 is possible. Chances of going to 6800 on wave 5 are definitely tanking after this latest spike to test the underside of the 1Y trend. In fact Scenario 2 is definitely increasing in probability, with a double bottom , to cause BTC 3.50%to test the all time high trend, and then start a new impulse wave down to the abyss. I still say a 6k retest, and return to bull market. I know many expect 4k or 5k ... cannot be discarded, for sure. Only a fool would bet on one possible scenario, especially with BTC 3.50%. Until next time, over and out! As always, I am not an expert, do not rely on my advice. This is for educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
1
The lower you fall, the higher you'll flyOk I want to share some extremely important information, this you need and you will appreciate as its basic but its thinking outside the box. We make cash every day but thats from adopting a strategy that works and sticking with it, your not born with these and they can take you years to develop and learn. Well I will save you some time today and tell you a very basic system you should all use. BTC does it or does it not pull your alts down? Yes of course....... there is a reason for this. People make tens of million of dollars buying and selling BTC all day long buy low sell high. How do they make so much? They buy the bottom of a support and sell at the resistance line above they do this over and over again...... However if BTC doesn't bounce off a support and it crosses the support there are no buyers only sellers so it just about free falls the same as it did hours ago. When BTC doesn't hold at support you also have every BTC holder with a stop loss set below that support get taken out so sells everywhere. They all sell as quick as they can as the next stop is a long way down to next support. Now see the only PURPLE line on the chart this is the support that didn't hold today and when it crossed we dropped fast. This is the only time alts get dragged down see examples of alt charts below.... So how do we fix this? We set an alarm 1% above each one of these support lines and set the alarm so it alerts you EVERY time it crosses then set a second Alarm on the support... The third and final alarm is .5% below the support So we have 3 alarms here...... the first alarm is to tell you to wake up, the second is to say watch me incase I don't bounce and also to tell you to get ready to hit sell button on alts the third alarm is to say if your not out of your alt you might be too late. Supports are the black lines with red circles...... So set the above up once it may take an hour but once its done you are set to trade with less risk.... Now of course you don't have to sell your alts you can hold through they all bounce back sooner or later... However I love cash so if I am online I will do this and you can buy the alt at the bottom of the drop and it will bounce back and you will earn more later... Below is an example of just 2 alts this happened to but I could show you 100. If you want to trade alts you can always just join Cash Is King and get all these alerts handed to you, not only that you will always sell at a profit as we run tight trailing stop losses due to current market conditions. You can check my trade ideas to verify this data of course; we buy low sell high. This is a coin AST we traded yesterday and made a nice 50% profit on I might add.... this had enough momentum to double in value. It was up 60% then BTC crossed support and it crashed we had a stop set below this and were taken out at a profit.... but I can guarantee anyone that want trading with us got smashed. This is another trade we had open in a 10% profit and etc dragged it down. Did we lose no, stop losses are always set... People that don't follow my ideas would of lost. Cash Is King people, we all love it we all need it we all want more but the faster you earn it the faster you need to learn strategies to protect it. Bit of a boring article but this strategy has saved me thousands of dollars and I hope it does the same for, we work hard we deserve to keep our pennies we earn.
BITFINEX:BTCUSD
by Cash-is-King
21
Bitcoin - The fork in the road. Well after the bears crashed the party, some clean up is happening to day with a less than enthusiastic recovery. We do have a fork in the road though. Most, including myself, would think we are in wave 4 of an impulse down. But BTC has a mind of its own, and certainly the powers that be do not like us anticipating their next move. So one possibility is wave 4 is the start of an impulse up. This would mean we just had an ABC correction wave down to the 7600 mark. Doubtful... More likely is a weaker wave 5, taking us down to either a double bottom test, 7500 (support from previous correction to 6k) or 7200 (should run out of steam by this point, given it's wave 5). I would then expect an ABC correction up, taking us to the all time high trend line, before BTC takes one final dive to the 6k level and possibly past it. These are my own thoughts, and I do not recommend you base your investment decisions on this. This chart is for educational purposes only. Have fun, and make FMDCs. PS. A big thank you to Sumastardon, Pro Indicators and Nidalas for their guidance, which has been utilized in generated this chart.
BITFINEX:BTCUSD
by MAGICMARK
2
Think YOU ALL NEED THIS more then me!Great news, yesterday my followers made 30%+ On Alts! We also had instructions to prepare for this! Cash is King Is here for you with instructions to earn cash! We see everything coming 3 steps in advance! This chart is colour coded so its easy to read. Let me run you over it, red line at $7693 is our next support down we are bouncing on this now……. Blue line is the start of the BUY ZONE and the purple line is the bottom of the buy zone. This range is $6,952 and bottom of $6655. This area is shaded in red. You don't have to sell and rebut BTC I am not I will hold through but I will probably buy more BTC while we are down there but I won't be risking shorting my own stock I hold as its too much of fast action down there I am a relaxed trader and don't like the hype I just like the cash. The purple line is also your .786 fib which is quite a strong support and we may not even cross here for more then a few minutes. The black line at the bottom is the famous $6,000 bounce zone somewhere we would hit and bounce back from at some world record speeds. The yellow circle above the last 6K crash is something very important to have your eye on these are the previous closing prices after the 6K bounce and this is at the top of our buying range, very safe position to enter, not the lowest but you will get an easy entry. The Green lines at the top are targets that within 10 days will all be beaten, once we cross the top green line at $9495 This is also the .618 fib this is a very safe zone. This entire event is good for the market we have lost $500 billion dollars from the crypto market you imagine how many billion dollars will be pouring in for the cheap BTC. I did a post 2 days ago saying 40% sale off BTC and I got loads of messages saying what a silly post it won’t happen, I would just like to add it’s not so silly today is it. Some of these people are in denial thats cool with me. Now all my followers 12 hours ago we set tight stop losses on all our trades, well thats the instructions I sent out. The reason for this is we have been making 30% a day on our alt trades successfully being the only or very few people posting alts trades and having 100% success we protect our profits. If you want to trade with Cash Is King please do we make money daily regardless of whats happening with BTC and if BTC crashes I can guarantee that if you follow my instructions when alts drop you will still sell at a profit on your stop….. Stop losses go above entry. We buy low and sell high in all markets. Cash Is King, hope this chart hopes with targets and levels, for me BTC is background noise I will still be trading and making cash! I seriously think your all great and I want to be great together! I love cash and want you to love and earn it with me! By the way if you’ve been earning with me and profiting drop a comment below :) Peace out Peeps.
BITFINEX:BTCUSD
by Cash-is-King
7
BTC headed to 6k? Bearish SignalsHeres a look at the small TA i've done today BTC/USD on 4hr candles. Bitcoin is showing major signs of a bearish market we first see the MA 50 crossing MA 200 yesterday. Second we see a bear flag forming, with this i can only predict the right shoulder of the H&S breaking the short term trend(green) and testing the long term trend from the 6k low(red). Here we could see some support and rebound to test the long term trend from the all time high(black). If we break the red trend line then we will test support at 6k.
COINBASE:BTCUSDShort
by Kingerz
1
The Bear View of Bitcoin [BTC]Hello everyone, I hope you are having an amazing day. I'm here again today with another TA on BTCUSD Why are we dropping and what makes me think Bearish? Death Cross at 4H booth MA and EMA At 1D MA's are squeezing up. Always keep an eye on MA's and EMA's they act as support or resistance. Before I get started with the 'main' chart I want to say that I only believe this scenario to be true after the Bear Flag/Pennant as a CONFIRMED break downwards. Until then this is all invalid. To further confirm this scenario a close bellow the Downtrend (green line with breaks) is also needed, that will be at around 8.5k, after that, I must say this will all (most likely) happen. Now with that out of the way let's get started shall we? As you can read on TradingView the Drop and Fear is 'winning' and here's my scenario for this drop, the last drop, the 'best' drop. Why you may ask? Because with a Double bottom on 6k (main target) we'll start fresh, a fresh bull run will be upon us. I said 6k was the main target because there are others on that way, here are all of the targets I've laid for you (an why I did it as well) A Double Top on the Pink Box (11.7k) was made. The run to those tops started at 6k and the target of a Double Top is the point it started so 6k for the Double Top. For this target to be valid price must turn the Double Top Support (9.2k) in to a resistance. (In my opinion it's doing that as you can see last candles at 4H are closing bellow it) We can see this Bear Flag/Pennant forming, the target of the Flag/Pennant is usually the same % as the Pole, since our pole is 28.7% (downwards), 28.7% downwards (if the breakout happens at $8995) will be at $6413, it's all showed on the picture. Ichimoku confirms this Bear Flag/Pennant because our cloud is acting as resistance and the cloud is dropping. (And so is the Tenkan and Kijun) We also have this Head and Shoulders which I don't know if it can bee 100% valid because the Left Shoulder Top and the Head Top are the "same"... The concept it's there, and it helps 'prove' this drop. We have the neckline (which was also a old support, the left white box) at 7.8k we should see some action there, on the right white box. Target is the same as the others around 6k. Last but not least is the WORST case scenario, if we count the All time high as the end of 12345 waves we'll have our ABC... Read the Blue box to understand... I'm leaving Magic's, D4's and Peaceful's TA on the related ideas (an other 2 of my own older ideas) You can read all the updates on those ideas, D4, Magic and Peaceful are all great traders which I follow! This is one of many ideas I've made, you can check my other older Ideas just open my profile and see! DISCLAIMER: This is my own personal opinion! Don't take what I say for granted, this is NOT financial advice. Don't spend what you can't afford to lose, and remember, patience is a key on this Crypto Market! Hold is life! Trade safe and have a nice day!
BITFINEX:BTCUSDShort
by angel_lobs
14