Time to rest ! BTCUSD 1h Elliott wave countOn 1h chart we completed 5 wave and 5 wave of wave 5 at resistance, now maybe market will retrace base on retrace we can expecting can we have more big wave on higher timeframe and degree
BTCUSDIDX trade ideas
BTCUSD another rally !? Elliott wave count Analysis D 1h chartAfter 5 wave impulse we have a abc correction, and we found some strength at wave 4
Look like btc will re test 47800 area if we break above it maybe we will have more momentum to the upside
Let zoom in to 1h chart to see what happened today
On 1h chart our indicator had a count, maybe we will have some correction, and heading to 47800
An illusion of Decentralized FinanceAn illusion is a distortion of the senses, which can reveal how the human brain normally organizes and interprets sensory stimulation. Although illusions distort our perception of reality, they are generally shared by most people.
look at charts, near 100% correlation in the price pattern of Bitcoin, Etheruem, Ripple, and Solana could not be accidental nor sign of being decentralized! The center is not just the Central banks..!
While people encourage others to invest in cryptocurrencies because they are not governed by central banks which print money out of thin air, they print money out of bits using blockchain technology!
There are 180 current currencies across the world, as recognized by the United Nations, and more than 6000 (thousand) cryptocurrency projects in the world!
You do the math, and tell me what is going to happen in the next 5-10 years!
Today, Fed Chair Powell and Treasury Sec. Yellen testified in front of the oversight committee.
In this meeting Fed Chair Powell said:
The federal reserve has no plan to ban cryptocurrency like China, however, they are thinking about regulations and also planing for the central bank and governer-backed currency..!
Now you may have a better clue to see what is coming in the future years!
Moshkelgosha
No trend in the past 8 days..!A complex correction and no more!
Bitcoin price has made a falling wedge and in the past 8 days tested 40.7 K 5 times!
the most important resistance level is 44.5K-45k.
Pure neutral, and we should wait for another emerging trend!
There will be a complex correction..!Multi-Timeframe Analysis:
Hourly Chart: Bearish Flag (Neutral)-(Bearish)
Daily Chart: At the middle of a Downward regression channel (Neutral)-(Bearish)
Weekly Chart: after 7 bullish week we see sellers overwhelmed buyers in the past 4 weeks!
Monthly Chart: spinning Doji (Neutral)
Conclusion: This week will be a Neutral
BTCUSD 1h Elliott wave analysisWe still in range of impulse down and test high of wave 4 and found strong seller in here, so if we don't have any strength, I think btc will break the low 41000 and 39000 to continue bearish soon
Bitcoin 4 Hour - Sell
- Market currently going through corrective move/Bearish flag
- Price in downward channel
Pump friday to saturday/sunday?hello,
Fud on Fud, makes me think we might have bottomed, whats your guess?,
We gonna try to test lows next week after this pump?
thanks
A closer look at the action. Local levels have been tried and reacted strongly. Is it a giant fake out and dead cat bounce? Or was that just a correction?
It's a long way to the topIf the ttm squeeze momentum is anything to go by, we might have seen one of the last lows for a while. Of course, there's more at play here than simple momentum.
BTC PennantBTC might look scary on lower time frames but dear hodlers please look at this long term idea :)
An evening star in BTC's monthly chart A possible evening candle is visible in BTC's monthly chart which is now followed by a very strong bearish candle.
📌 We still have 4 days to close the monthly candle.
📌 My predication is BTC's rise to 46-47k level, then we may again retest the 30-32k resistance levels.
⚠️ THIS IS NOT A FINANCIAL ADVICE !
Alarming sign in the Weekly chartLooking at the weekly chart of the bitcoin shows whenever we have a bearish Outside bar in the weekly chart, there will be a 12- 25% decline in the following week!
If you look at the mid-July weekly candle, you see after a bullish reversal out bar crypto market went up 49%.
Take weekly outside bars seriously..!
What Is an Outside Reversal?
An outside reversal is a price pattern that indicates a potential change in trend on a price chart. The two-day pattern is observed when a security’s high and low prices for the day exceed the high and low of the previous day’s trading session. Outside reversal is also known as either a bullish engulfing (after a downward price move) or a bearish engulfing pattern (after an upward price move) when observed on candlestick charts.
Reference article:
www.investopedia.com
Broke parabolas in BTCWhen the parabolas break in BTC, they break. Declines over next 200-300 days likely. Good news is that BTC may have a fire sale in December.
Cathie Wood predicted Bitcoin will be 500 k in 5 years, but ...In the past 24 hours, all crypto enthusiasts talk about " Cathie Wood predicted Bitcoin will be 500 k in 5 years".
But she mentioned two Ifs:
1- Her price prediction depends on whether companies continue to diversify their balance sheets into bitcoin, the biggest cryptocurrency by market value, and whether institutional investors begin to allocate 5% of their funds to it.
2-She said, "because countries are now deeming it legal tender." El Salvador recently made bitcoin legal currency, while Panama and Ukraine are said to be doing the same.
Now, let's dig deeper into this:
In 2020, GDP for El Salvador was 24.61 billion US dollars. Ranked 103 in the world. Very, Very, Very small (less than 3% of Bitcoin market cap)
In 2020, the GDP for Ukraine was 153.8 billion US dollars. Ranked 57 in the world. (less than 16% of Bitcoin market cap)
In 2020, GDP for Panama was 53 billion US dollars. Ranked 70 in the world. Very, Very, Very small (less than 6% of Bitcoin market cap)
Cryptocurrency adaptation:
At the end of Q2 2021, global adoption has grown by over 2300% since Q3 2019 and over 881% in the last year.
But the biggest problem is " Bitcoin losing its dominance in the cryptocurrency world and smaller market cap coins are more attractive for new crypto enthusiasts!
In other words, People have already started looking for the next bitcoin..!
Solana
Cardano
Chainlink
could be good examples for this effort..!
Bitcoin Market dominance Chart:
This chart clearly shows bitcoin losing its dominance..!
I believe anyone who believes Bitcoin could reach 500 K in 5 years should be able to answer these questions:
1- How many government-backed cryptocurrencies we will have in the next 5 years?
2- How many Business giants (Apple, Google, Amazon, Facebook,... ) backed cryptocurrency we will have in the next 5 years?
3- What would be the rate of adaptation in the next 5 years?
4- what would be the Bitcoin market dominance in the next 5 years?
The answer to the first 3 questions is not clear, but I can talk about the last question.
Bitcoins market dominance trend shows, bitcoin losing its market cap dominance constantly and in the next five years, it is highly likely that this number shrinks more..!
I believe only impossible is impossible, but mathematically Bitcoin will not be able to reach 10,000,000,000,000 market cap (10 Trillion US dollars) in the next 5 years!
If you want to know how big this number is:
There is approximately US$ 40 trillion in circulation: this includes all the physical money and the money deposited in savings and checking accounts.
Total money in the stock market, which is a mere $95 trillion.
Gold's Market Cap
Estimated Market Cap: $11.401 T
The Market Capitalization of Gold is currently around $11.401 T.
This value was obtained by multiplying the current gold price ($1,795 per once) with the world's above-ground gold reserves.
The amount of above-ground reserves for Gold are estimated to be around 197,500 metric tonnes according to the World Gold Council (End-2019). Note that the estimated above-ground Gold reserves can vary by up to 20% from one source to another.
As a consequence, it is safe to say that the current Market Cap of Gold is between $9.121 T and $13.682 T.
10 Trillion dollars is almost equal to the total Gold in the world!
Apple market cap: 2.4 Trillion dollars
Microsoft: 2.2 trillion dollars
As of March 31, 2021, there was nearly US $2.1 trillion in circulation, including Federal Reserve notes, coins, and currency no longer issued. (rankred.com)
The final question for Cathie Wood:
Cathie Wood loves Palantir and claim they have the best AI technology in the world (which could be true).
Palantir has bought 50 million dollars of physical gold recently, while they are discussing the future of bitcoin..!
Why Palantir did not buy Bitcoin instead of Gold???
Numbers do not lie..!
Reference article:
www.rankred.com
BTC is still inside descending parallel channelFor a bullish scenario, we need to break up the upper line of the channel with strong volume and retest it (with a candlestick close above the $46500).
BTC daily Elliott wave countI think after making 5 wave we have a wave a down and price will range around 45000 than making c wave down
Is it wise to trade bitcoin or Ethereum at these levels?As you see in the charts after the flash crash bitcoin has entered a sideways price pattern.
closing below the lower half in the past five days shows a lack of steam to move higher.
At this point, trading bitcoin is not recommended! waiting for a trend to form is the best approach in my view.
The same story is true for ETH
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Use every data point you have at your disposalPeople were wondering how I knew to open short at $52,900.
Some of my previous charts highlighted that as the top profit-taking target during the last leg upward, for instance it was confluent with the .618 extension zone from the Sep 3rd swing low to high.
I also look at things like bearish volume divergence, which was prominent even on the high time frames.
One sort of unorthodox signal I use as well is BTCUSDSHORTS. This goes off of the theory that the market must have participants in both directions, and if it gets too short-heavy or long-heavy then a strong deleveraging sequence is usually right around the corner.
As you can see, on Sep 7th we bottomed out below monthly support at 850. I had already closed my long and had my limit short order ready by that point, but once I saw us falling underneath the purple line to almost the record low on shorts, that was yet another signal to me that this market was overbought and about to create the next swing high on the macro level.
Should you trade inside bars?What Are Inside Days?
Inside days refer to a candlestick pattern that forms after security has experienced daily price ranges within the previous day's high-low range. That is, the price of the security has traded "inside" the upper and lower bounds of the previous trading session. It may also be known as "inside bars." Inside days may indicate consolidation or lower price volatility.
Inside days can be indicative of indecision in the market for security, showing little price movement relative to the previous trading days.
Trading with technical tools like candlesticks is a highly specialized practice and therefore, must be done carefully. Spotting inside days is of interest to a trader because he may believe that the subject security is setting up for some sort of move up or down.
As you see in the chart after Flash crashes in Bitcoin it is quite common to have inside bars!
I believe in consolidation patterns (sideways) I would be better not to trade! because in this situation market becomes efficient and predicting prices movements become harder!
Reference Article:
www.investopedia.com
