OMG BTC when will it stop?
Updated
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I recently heard a quote about gold along the lines of; if you are concerned by dips in price of gold, you don't really understand gold.
I take that to mean; if the dips in the price of a rare and limited commodity with strong and lasting demand are able to panic you into selling - then you don't really understand the benefit of owning it in the first place. That is the way I feel about gold, silver, and now BTC as well. Throughout this year and last year the number of wallets accumulating BTC has increased to record numbers. A lot of people are willing to weather the short-term volatility in order to ensure they hold the amount of gold / silver / BTC they are comfortable holding.
That said, I think the price declines for BTC are showing signs of easing and potentially reversing.
My wave count is one among many - but I will keep this brief. Lots of pretty colours, lines, and boxes was my way of mapping one scenario; If that scenario is correct price will not go below the lower limits of the box. That box is equal to the length of what I argue is a complete wave 3 (of wave (C)) that failed to extend to the 1:1 extension of what is labelled as wave 1. If this is correct, this doesn't invalidate EW but only indicates that wave 5 will be the shortest wave. If this is the case, then we are at or almost at the limits of the price dip.
The MACD histogram is trending up, there are also signs of a MACD MA cross-over immanent. There is bullish divergence on the RSI. If my count is correct there was only a slight and very brief incursion of wave 4 peak into the wave 1 territory - small enough that I can easily live with it. Other counts would show a much larger, longer-lasting - and hard to justify price cross-over.
My feeling is that we may be at or near to a good point to "buy the dip" (often heard but difficult to pull the trigger on in practice) of a medium-term or long-term hold or swing position. That is what I am looking for.
Good luck everyone
I recently heard a quote about gold along the lines of; if you are concerned by dips in price of gold, you don't really understand gold.
I take that to mean; if the dips in the price of a rare and limited commodity with strong and lasting demand are able to panic you into selling - then you don't really understand the benefit of owning it in the first place. That is the way I feel about gold, silver, and now BTC as well. Throughout this year and last year the number of wallets accumulating BTC has increased to record numbers. A lot of people are willing to weather the short-term volatility in order to ensure they hold the amount of gold / silver / BTC they are comfortable holding.
That said, I think the price declines for BTC are showing signs of easing and potentially reversing.
My wave count is one among many - but I will keep this brief. Lots of pretty colours, lines, and boxes was my way of mapping one scenario; If that scenario is correct price will not go below the lower limits of the box. That box is equal to the length of what I argue is a complete wave 3 (of wave (C)) that failed to extend to the 1:1 extension of what is labelled as wave 1. If this is correct, this doesn't invalidate EW but only indicates that wave 5 will be the shortest wave. If this is the case, then we are at or almost at the limits of the price dip.
The MACD histogram is trending up, there are also signs of a MACD MA cross-over immanent. There is bullish divergence on the RSI. If my count is correct there was only a slight and very brief incursion of wave 4 peak into the wave 1 territory - small enough that I can easily live with it. Other counts would show a much larger, longer-lasting - and hard to justify price cross-over.
My feeling is that we may be at or near to a good point to "buy the dip" (often heard but difficult to pull the trigger on in practice) of a medium-term or long-term hold or swing position. That is what I am looking for.
Good luck everyone
Comment
Look for $9060 to holdComment
Comment
I really hope that BTC holders and traders aren't waiting for the release of the Fed's interest rate decision on the 31st. I expect bullishness after BTC fails to be forced below $9060 - I just don't want the dates to line up. If the Fed reduces interest rates I expect that will be bullish for gold and silver (which have both been performing well recently) and also possibly for BTC too but bearish on USD FOREX pairs.One of the great things about BTC is that it is uncorrelated to all traditional markets - and therefore is more useful as a source of reduced risk in a portfolio. If it starts correlating it may lose this benefit - but possibly bestow others. If it starts correlating with traditional markets it may be a sign that large players / or a large percentage of market participants (or both) may be trying to reduce their USD / fiat currency exposures in a seemingly global easing / low growth / highly uncertain / high debt environment.
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Well that worked out rather well :) Let's just call it magic and leave it at that
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