BTC- The Market Leader
Updated
Hi guys,
This is my first post ever, So as a reward to you guys I will explain the high probability as to why we are gonna reach 10000 real soon and then eventually 20000 in few months and beyond.
-Anyways Looking at the cryptocurrency market we know most coins have lost approximately 70 per cent of total value maybe even more in some cases and looking at bitcoin we can see that a full retracement of the fifth wave of the last bull market that occurred in nov/dec is nearly fully retraced to 100% which is a fibonacci number.
-What is more interesting is that the $5800 level hasn't been broken for a while, moreover it has been touched several times which indicates the significance and strength of this resistance.
-Furthermore, the fact that this was the starting point of the fifth wave of the uptrend indicates the significance of this price. So the conclusion is that we have a really high probability that the bear market is nearly done with the much lower volume also indicating that we are nearing the bear market. In my opinion its a matter of time till we get lift off, we might fluctuate in price for a little or there might not be any price action for a few weeks but in the end we will get lift off. It all depends on the demand for bitcoin and altcoins and crowd psychology.
REMEMBER
In Technical analysis we try to increase the probabilities of success, so be open to further investigation and being able to adapt to the constantly changing market.
Successful Trading
Crypt1c_one
This is my first post ever, So as a reward to you guys I will explain the high probability as to why we are gonna reach 10000 real soon and then eventually 20000 in few months and beyond.
-Anyways Looking at the cryptocurrency market we know most coins have lost approximately 70 per cent of total value maybe even more in some cases and looking at bitcoin we can see that a full retracement of the fifth wave of the last bull market that occurred in nov/dec is nearly fully retraced to 100% which is a fibonacci number.
-What is more interesting is that the $5800 level hasn't been broken for a while, moreover it has been touched several times which indicates the significance and strength of this resistance.
-Furthermore, the fact that this was the starting point of the fifth wave of the uptrend indicates the significance of this price. So the conclusion is that we have a really high probability that the bear market is nearly done with the much lower volume also indicating that we are nearing the bear market. In my opinion its a matter of time till we get lift off, we might fluctuate in price for a little or there might not be any price action for a few weeks but in the end we will get lift off. It all depends on the demand for bitcoin and altcoins and crowd psychology.
REMEMBER
In Technical analysis we try to increase the probabilities of success, so be open to further investigation and being able to adapt to the constantly changing market.
Successful Trading
Crypt1c_one
Note
Guys as suggested previously Bitcoin could fluctuate between these prices, so be patient we will see soon what happens. As a safety precaution you can place a stop loss at $5000 although the probability of going to this price is extremely low but if it does we have a safety net. This is money managementNote
Looks like we night be going down a little more, as expected. We will be fluctuating between $5800 to $6300 for a bit. Just be patientNote
I have seen a 'well regarded' author publishing so badly it amazes me how people still back them. Please dont be dumb and follow blindly, look at the evidence and make a decision for yourself and that includes what i post as well.Note
Check the graph you can see on the monthly chart that this bear market on the monthly chart shows up as a retracement, I have shown the Fibonacci levels and the decrease volume as price decreased and also used Elliott wave theory to show that we are about to finish wave 2 and begin wave 3 which is bullish
Note
Looks like bitcoin is fluctuating between a certain price as suggested previously however this fluctuation is between the previous crescendo value and 0.618 of that value. You will see this happen until the change in bitcoin will be so small that eventually a sudden change in volume and demad will determine direction. Most likely in the upward directionNote
Bitcoin acting just like previously mentioned, just relax and wait and see what happens. Patience is KeyNote
Ok, this fall in price is quite negative. If the price does not close back over $5700 then this is a very negative sign. However this could just be a slight manipulation to get people stopped out of the market before those very people buy at the cheapest. We will see and react accordingly. Also this type of market behaviour has occurred before in 2014 where eventually prices increased. Again we will act cautiously
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