Hey guys. As you have seen on my previous Bitcoin and Ripple forecasts, I've been quite bearish for the past few weeks and didn't call for a reversal once. This has changed now. I assume the overall correction to end very soon. My projected reversal zones are $7.300-6.900 and $6.500 max.
Here are my reasons:
- We have (almost) completed a whole elliott corrective cycle. A clear zig zag with a 5-3-5 structure. We're currently in the making of the fifth wave of wave c. When price has hit 8k level few days ago, I clearly said, that I won't be entering or even considering opening any longs as price has just made a three waves structure - which does not make sense as we're in the bigger wave c and therefore need to see a five wave structure.
- I've been calling myself to look for a long setup on BTC at around 8k level for the past few weeks and I have seen tons of other really good analysts and traders I know myself calling for the same level. That has been before price actually hit 8k. So even if price hasn't completed a five wave structure once it hit 8k, smart money has begun entering again at that level - whether it be through opening a 100% position or by dollar cost averaging. So the smart money sentiment has definitely begun to change at this level. On the other hand media coverage and mainstream sentiment couldn't be worse now. You hear some people calling for a drop to 2k, 3k or even that this is the end of Bitcoin. This is exactly the same psychological behaviour/pattern we saw when Bitcoin has nearly hit the 20k level in December. Media coverage couldn't have been better and mainstream sentiment was incredibly positive. Every newbie was just screaming common phrases like 'to the moon' with no real technical or fundamental analysis backing this, let's call it 'assumption'.
- For the first time in this corrective structure, we do have a clear bullish divergence showing up on the 4H - which again, is very similar for a fifth wave. Also the momentum is decreasing and not the same as it has been in wave 1 or wave 3.
- Some pairs - I'm especially keeping an eye on XRPUSD - are starting to slowly decorrelate from BTC. While BTC has made a lower low, XRP hasn't. Same as in November and December, some pairs might start to get more 'independent' and not following BTC 100% like we've saw it with XRP.
So, this isn't a call to long BTC right now - but my bias has definitely changed and I am awaiting a reversal to happen soon. If price violates the first projected reversal zone at 7.3k-6.9k, I'm looking for 6.5k. As for XRP, we could see price forming a double bottom OR making a lower low too. For now, a clear projected reversal on XRP is too early in my opinion, as I would like to see how price develops over the next hours.
I will update this idea, once it gets 10 likes. Make also sure to follow me, for updates and forecasts on other pairs. Safe trades and may the month of February turn into a good one!
Bud
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Longs activated at $7396
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second projected buy zone at $6500 has been hit - adding to my initial position
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Hey guys, so BTC dropped harder than expected - but my overall bias hasn't changed. Sure, we can see a continuation till 5k-4.5k but if you're dollar cost averaging these are all great opportunities to increase your holdings on both, BTC and alts. Besides the technical aspects, the thing that actually gives me most confidence is the HEAVY pessimism and panicking. It's funny how we've witnessed the very same behaviour just reverse when BTC has nearly hit 20k. To pinpoint an entry under such market circumstances is without a doubt harder than under normal market conditions, but I am absolutely convinced that we will witness another bullish rally in the next weeks/months - who knows maybe even in a few days? Doesn't matter. What matters is that chances are high that it will happen. So personally, I think that this is a great opportunity to steady and slowly increase your holdings. Take into consideration, that a reversal never(!) happens just with a single candle. So once BTC and alts have found their bottom, maybe now, maybe till it hits 5k-4.5k this will be followed by a consolidation/range period before the next rally begins. Holding patiently and buying the dips is therefore what I will do. Thanks for all your feedback, likes and follows! Best, Bud :)
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Hey guys, same as with the XRP setup it is unclear if todays upmove has been the first bullish impulse we've waited for or if it is just another correction before continuing to the downside. 2 scenarios possible: the first one is that the overall correction is done and this has been the first bull leg. Look for a three wave correction and a logical entry after confirmation. The second scenario would be that price plummets and we'll see a double bottom, maybe even a violation of the recent low. For now, it is too early to say which scenario is the right one.
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Hey guys, as some of you have asked: I do now have a Telegram group! Feel free to join: t.me/bbgtv
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Hey guys, as you can see on the chart price is forming a bearish wedge and is slowly approaching a strong confluence area acting as both dynamic and static resistance. So, I would not be surprised to see price breaking the wedge. From there on we might either see price forming its first higher low, a double bottom or even a violation of the recent low. Re-evaluation is necessary once price starts to plummet.
For a more in-depth analysis join my free Telegram! t.me/bbgtv
That's what they all said, they said this when it hit $12,000.. then again when it hit $11,000, the 10k, and so on and so fourth. Fact remains that BTC broke its biggest trend line 200MA, which confirms its in the capitulation stage. BTC will go below $5,000 easily. It sucks because charts like this give investors false hopes which they end up losing money. Investors need to wait until actual stability takes place and the news of Asia becomes an actual certainty, from China and South Korea. Until then, investing now is worse than gambling. Not sure why people can't understand that every recommendation by "experts or pros" has failed.
BudBronson
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@BankofEngland, If someone, naming himself 'BankofEngland' with one forecast on his profile - where half of the chart is made up by indicators, spreads negativity, not "constructive criticism" by using words and phrases like "sucks" "Investors need to wait" (as if he is an absolute pro) and "will go...easily" (big red flag), you definitely know we're already in the despair stage.
That's a platform to not only share different views, but to also respect them. If you disagree, feel free to leave constructive criticism, switch on to the next one or to spend your time wisely and to mind your business. I am neither intending to convince people nor am I saying that the scenario above will play out 100% as forecasted. It might. If so, great. If not, let's move on to the next one. I am first and foremost a risk manager. And you boy aka Mr.BankofEngland, should definitely have a read about good manners and common traits of successful people. Cheers!
WorldEconomics
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@BudBronson, - The facts remain that "experts and pro's" such as yourself have absolutely no clue whats going on, and the worst thing is, you make unrealistic recommendations which the average investors who have no idea follow these toxic recommendations and lose money. So, its on your head, not anyone else. Simply taking a glance at other "experts and pros" and seeing that over 70% have failed should give you a clue that Bitcoin has denied the charts, indicators, and trends and continues to make traders like you look bad. Why not be realistic, spread some good news and tell people to hold out until Bitcoin finds stability? It brings memories of 2008 when the NYSE floor traders, economists, asset managers, and countless others on CNBC saying everything was amazing, and then the markets crashed well over 50%. But, its understandable that there were and always will be naive people that are blinded to reality and continue spread false hopes. Manners go out the door because these experts need to wake up, stop advising people into losing money.
BudBronson
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@BankofEngland,
1) Alright, we have absolutely no clue and you know it all. Got it.
2) Toxic is the negativity you're spreading out here, not the educated guesses of many educated and well respected traders out here that are based on technical principles.
3) Just an inexperienced and therefore not profitable trader would look down on other traders by saying they have failed and quoting them as "pros and experts". Even the best ones lose on some trades. Why don't you start posting some charts and show us a bit of your "expertise"? Got dem cojones? I'm waiting for it. Or are you too busy trying to "wake experts up" on TradingView?
4) Bitcoin will hit 5k? Awesome, I'm dollar cost averaging and would buy even more alts. This is no true false game and neither is it a competition. I'm focused on increasing my holdings, net worth and knowledge - and so should you boy. Successful people do mind their business.
TroyByrne
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@BankofEngland, "experts and Pros" can only read and analyze what they see before them, they are not financial advisers and if someone comes along with a bunch of cash and reads a few charts without any of their own research and then decide to invest said cash, they deserve what they have coming. This platform is brilliant, it comes in great for those of us that are still learning and those just looking to confirm ideas or look for what they may have missed, it is not here for idiots to use to make money. In this game, if you don't have your own plan, strategy, risk management plan and your own "EDGE", you may as well set fire to your money. Sounds like you made the mistake of following someone else's advice and now on a crusade. Don't feel like an outsider everyone falls for fomo at some point and most of us, we walk the same path and make the same mistakes while noobs, myself included. We learn really quickly, if you want to take shots, look at Twitter, a place full of pump and dumps groups filling their own pockets, shills looking to get volume into a coin, claims of 500% profit if one joins a group for a few grand and so on. Good Luck to you moving forward.
RodrigoGarreton
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@BudBronson, that's not counting how wrong his prediction was
already with the name and how it speaks reveals that if it is a bank is to fill the pockets of the unwary, do not pay attention to that person friend
CryptoAccountBuilders
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@BankofEngland, What a horrible TV name for someone who is trying to get into crypto. You might as well name yourself the Anti-Christ".
pierogr
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stop FUDING bastards. Look bro Chris testimonial. The meeting will pump the price!!
WRITTEN TESTIMONY OF
J. CHRISTOPHER GIANCARLO
CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION
BEFORE THE
SENATE BANKING COMMITTEE
WASHINGTON, D.C.
FEBRUARY 6, 2018
Conclusion
We are entering a new digital era in world financial markets. As we saw with the
development of the Internet, we cannot put the technology genie back in the bottle. Virtual
currencies mark a paradigm shift in how we think about payments, traditional financial
processes, and engaging in economic activity. Ignoring these developments will not make them
go away, nor is it a responsible regulatory response. The evolution of these assets, their
volatility, and the interest they attract from a rising global millennial population demand serious
examination.
With the proper balance of sound policy, regulatory oversight and private sector
innovation, new technologies will allow American markets to evolve in responsible ways and
continue to grow our economy and increase prosperity. This hearing is an important part of
finding that balance.
Thank you for inviting me to participate.
BudBronson
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@pierogr, Thanks for your comment piero. As far as I know, the meeting has been rescheduled to the 14th, right? cftc.gov/PressRoom/Events/opeaevent_tac021418 or is there another meeting scheduled for today? Cheers
pierogr
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@BudBronson, there was another that occurred and was very positivo to cryptos market