Short

Updated

BTC Bull Trap

I'm not trying to spread FUD, but I want to make sure people are aware of what could happen. The daily chart indicates a head and shoulders movement, and I believe we could see price within the range of 6K - 8K. Take a look at the Stoch RSI and the MACD. Stoch RSI is about to cross over to bearish signals while the MACD is showing false bullish signs. While I hope that this situation does not unfold, I want to make sure people are aware of the down-side to reassess their portfolio's exposure to BTC or other alternative coins.

Also, if we look at the weekly chart for BTC (below), we can see that the 55 EMA is around 6K. BTC is currently well above the 6K mark and could potentially revert back to the mean. Stoch RSI also shows bearish signals which may be confirmed by a MACD cross in the weeks to come. Please comment below and let me know your thoughts!

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Short term price target update.

https://www.tradingview.com/x/3tKAbdff/

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Actually, this makes more sense...

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Update...

https://www.tradingview.com/x/XE4XCxFR/

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Lining up very nicely against our projections. Keep an eye out for the $15400 mark.

https://www.tradingview.com/x/eO71YXY9/

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Movements looking much more bearish... Here is an alternative path for BTC.

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Hang in there, correction about to complete...

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Alright, update time. No huge change from my initial calls, other than the buy range. Order book on Gdax has tons waiting at $7,600 - $7,800 which is a key support level. Look to buy around this level.

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On a monthly view, Bitcoin is about to belly flop. I'm going to be the first person to go out on a limb and call for $4,000 Bitcoin by year end. Hold my beer.

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So... we fell faster than expected... Here are our short term targets, should the bottom be in.

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Ok so, I am going to call the short term bottom in. I am very confident in this analysis. The reason being that we have finished the ABCDE correction wave, with wave E having five subwaves, and waves A & C having three subwaves each. According to Elliot wave theory, we should be done correcting in the short term. Another strong indication is volume. Take a look at how volume is trending. We see a massive spike in volume in the past few hours, meaning that weak hands are shifting to strong hands. That being said, I can confidently say that the short term bottom is in, and we should start moving upwards from here. But let me be clear, my long term target remains at less than $4,000 Bitcoin for year end. This next movement upward should take us to about the $12,300 range, and then we will see the last wave of the larger correction.

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Ok so we are sitting on the $6200 support line from the last chart. If it is broken, I have an updated chart with the next support levels.

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Hi friends
Here is an update for BTC's future price action. Don't buy into popular belief that the correction is complete.

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Hi guys,
It looks like we are entering another alt-coin cycle... Many alt-coins have bottomed out and are developing positive momentum. In the chart below, we can see that the RSI and Stoch RSI have both bottomed out, and the last wave of the Elliot correction wave sequence is completing. Also, the price has retraced roughly 82% of its peak value based on the Fibonacci sequence. Many alt-coins are showing this pattern, so picking almost anything will likely yield profit. Downside is limited in this trade, and I'd put a stop loss of 0.00002000 BTC.

AftabAli

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AftabAli

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