Well Well Well... BTC!Hello all and welcome to my little corner of the internet. It isn't big, nor is it fancy, but what about the chart art! Now I've warned of a correction for some time (quite a bearish outlook if you were to look back at my other publications... and give em a like) but it seems as though things are playing out as i stated. I hope that any who viewed my charts saw the drop coming a mile away as i did and took the correct precautions. Lets jump into the meat though. I'm still quietly confident BTC will drop to ~9.3k-9.7k (The wick low could be 9K) and i have arrived at this conclusion based on probability and the accuracy of my charting. Here's how it is - we're still in a bear market guys, it isn't hard to see that, but after this low we could very well be looking at a recovery and a TRANSITION. YES! a transition into the long awaited bull season. This is great news, now I'm not saying it wont go for another dip, in fact i expect it will - as is required to signal the return of a healthy bull market. Check out the green channel i have plotted on the chart: This is the healthy channel. This is the area we want to see BTC move in and when it makes a break above we simply say hallelujah and we sell (at the peak of course!). When it breaks below we double down and buy the dip, this is how money is made. There are lots of "analysists" out there that will feed you what you want to hear, because they want it too but the market cares not for your wants, dreams or aspirations. The market knows only what the whales want: either swim with them or get eaten. Now there's always the chance I'm way off, as i said the market doesn't care, but i make my calls based on probability and as such there's a good chance i have it pegged MOST times. Anyway, time for me to wrap this up so I'll leave you with this: REACT. always REACT. cover your butts because at the end of the day I'm not going to make you money, the other analysists aren't going to make you money - that's on you. So be careful in the worlds most volatile market. I wish you all the best fellow traders!
BESMART
WHY YOU ARE ALL WRONG ABOUT BITCOINOkay I don't mean EVERYONE , but I DO mean all of you folks calling "The Bubble", which seems to be about 80% of the traders. To you I say, "No, no - we are going higher!" I put my money where my mouth is and bought BTC at my support level of 9400 yesterday circa 3:00PM CST. Look at this chart. LOOK at it. All of those fib lines hit exactly where the moves occurred. These fibbys were pulled from the prior low at 5790 to the recent high of 11400. Technical Analysis is telling me the next logical Price Target is 14000 (probability 65%). The most reasonable level for retracement, if we see one at all, is approximately 7990 (probability of 35%). Either way, it is my belief that we are not in a bubble here. Placing analysis to the side, think about what's happening outside of the charts. In the media, Bitcoin is being discussed on a mainstream scale, making headlines, being drawn to the unaware society's attention. Bitcoin and cryptocurrency are becoming more relevant and the future value of decentralization, coupled with the popularity of Bitcoin on the rise, we are due for a major influx of users and, therefore, buyers! It's already happening. Each week thousands upon thousands of users, excited about Bitcoin, are joining the exchanges and purchasing their first coins in various amounts. These new users have to buy at the market price. This will drive the price up, along with the new Futures contract being announced by the CME and institutional buyers coming in, among other factors. So my quick suggestion is - the bubble is not here yet. Buy and Hold is the way to go! Cheers - Bryant