After a text-book 50% correction of the green 1st wave impulse, it looks like BITCOIN could be on its way too see $3000+. Lets see if bullish sentiment persists and if so $3500-$4000 doesn't look far fetched.
Check out the previous analysis to see just how we got here. Find it linked below.
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BITCOIN looks to be struggling to find a floor, HERE ARE TWO POSSIBLE SCENARIOS:
This points at bitcoin having completed a 3rd wave and is now declining to at least $1896 in order to completed a 4th consolidation wave.
However, there is still potential for a pickup as the internal waves make it seem like we aren't done with the upside.
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If we keep selling off I think we get something like this playing out.
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Looks like we may have found some buyers..Lets watch out for some followthrough
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Bitcoin looks like it may settle below $2000 before longterm buyers come in.
You are really to hyperbullish on btc you should think by logic and psychologic not even the best shares perform like that (888 -> 3000 ) so a continuation is unlikely imo we shall see 1.6k first
Dont take it personally
have a nice day
pato
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@RAKIM, All comments are welcome. The platform is about sharing ideas. Im not hyper bullish, I've just learnt to trust my analysis. It has served me well over the years so I just apply it. I may be wrong, yes.. but thats how this business goes.
Have a nice day too.
mozartc
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@RAKIM, I do not know if you watched that movie, 2012, it has a character that transmits via radio the forecast of the end of the world, but nobody believes until it happens. I see you as him. And I believe that this will actually occur before the segwit. As much as the temptation to buy now is irrational.
pato
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@mozartc, I think we get a decline too. But miners have reached a consensus. So maybe that new pushes us up until the actual data of segwit. but then again, maybe we sell-off until then. its anyones guess. But watch volume and price action for hints
mozartc
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7 billion have already left the market
pato
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@mozartc, wow..im really keen to find out where this goes. Ill keep updating this post as time goes by.
mozartc
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Do you think the 2300 support holds?
pato
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@mozartc,I think sellers have broken it. We still have 2119 to break, but here is a bearish scenario
mozartc
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@pato, Negative information now and we would see the chaos
pato
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@mozartc, yep..has anything fundamental changed though? How come all the cryptos are sliding?
Dont take it personally
have a nice day