Bitcoin Forum

Bitcoin since 2017:


https://i.ibb.co/wSh47T9/2020-07-06-1053.png


I have not spent time yet to check with the different Fibonacci levels, but we could very well be in a ABCDE Elliott wave (of this kind):


https://school.stockcharts.com/lib/exe/fetch.php?media=market_analysis:identifying_elliott_wave_patterns:wave19.png


It means we will slowly correct to 6k area. I am still holding my short position. I can't be sure this is a ABCDE pattern, I still see 3k as possible, anyway 2022-2023 should be very good for the bulls  :-* I might even lose my bet in 2021  :-\


Some reading:
https://www.24elliottwaves.com/abcde-correction

Few weeks ago, I saw the bears coming and that actually went according to my TA, though many have criticised it to be useless these days. What you said is right but, for you not hoping for a Better 2021 isn't correct if you carefully check Bitcoin past behaviors a year after it halved. There are much hopes  for bitcoin to achieve another all time high than 2020. I could see another bullishness ahead of us into 2021 to 2023.

Your analysis has been predicting for months that the price will fall very low, but the price is very stable and holds mostly above $9000. I don't see the point in all these TAs that turn out to be completely wrong in your case.




And it's more than obvious that you're pretty obsessed with the $3k area, but the only thing you can count on is something like a market crash due to a pandemic, which could happen if the second wave again leads to a lockdown.

I didn't see the "REASON" you are talking about bitcoin less volatility. You are just presenting a technical analysis which shows the movement of bitcoin. Only the volume will give you answer to your question if you are interested to find the and not the pattern that you are pertaining. We know that TA is a self fulfilling prophecy but it not mean that it will really happened.

 
Bitcoin price can be manipulated by a couple of whale traders due to it's volatility and they know the basic of trading. They used that pattern to trap shrimp investors that basing there trading  to the pattern.

In conclusion. The bitcoin was less volatile is because there is no more hype/fud in the market that will cause FOMO to traders. Its not because we are following pattern that's why trading phase are slow down. LOL ;D

EDIT:

I remember you now. You are the TA guy that didn't want to comprehend others idea.  :D

Just ignore my post and I will delete my input after 24hrs. :P

2022-2023 will be a long time than today, and we need to have a big patient to wait for that year. Meanwhile, we can trade by buying low and selling high so we can make a profit. We don't have to wait and do nothing because we have much time to try to make a profit. If you can do that, you will have many bitcoin which you can sell at a high price and the right time. You will not just wait for the time to comes, but you can also try to earn more bitcoin.

Hmmm, that looks a whole lot like the triangle chart I've been posting for the past 4 months! :P




It's still a valid count, but also still speculative since the termination of D and formation of E are not confirmed yet. It will be invalidated if either the B or C pivots are breached before the E wave is completed.

If the market forms a swing low in the 50-70% Fib retracement range (~ $5,700-$7,200) then we'll have a textbook triangle on our hands, with a bullish bias.

I agree about the possible bull run for 2022-2023 but you can also include 2021 or it could be the year where everything will start so stabilize.
I would also agree that there's still a possible crash to $3k but it's unlikely to be seen. Didn't we just crash last March 2020 and that's already the bottom that we can get for this year or for this entire run?

It means we are likely to slowly correct to 6k area as nothing is certain, it's only based on probability. 1% chances happen 1 in a 100 times. Don't go getting yourself rekt!
Your post was 1 one word away from getting merit  :P


Great minds think alike  ;)


Appreciate the input, I skimmed the comments hoping to find your interpretation  :)

I hope that if the crash really happens, the price will not going down too deep or touch $3k because that can make many people panic, and that can trigger to get another crash. But we have a big opportunity to see another bull run that will happen this year or next year or even in the next 2 years. So we need to have more patient until that time comes.

Good luck to your short position, but be prepared to cover in my opinion. Weak hands have left, the strong hands are HODLING. The whalecumulators can't manipulate the players of the current market. 8)

Right weak handed persons are getting panic easier when they see some little downside in one moment but I am still positive in my position that we will see something great when 2021 came and I believe by that time we will shoot up since I think the crisis will done together with the effect of the halving will take placed. And for sure whales are now taking their positions for long term purposes at this time.

Bitcoin is less volatile because slowly with time the whales that existed in our market have dissolved by a large number and it is not as easy to disrupt the market by selling a big number of coins so it takes a real reason and some genuine news to alter the market. For example the Plustoken scam did disrupt the market because they dumped a massive amount of coins but that is not because a single whale controlled it.

For me less volatility means smaller and fewer price swings which makes it even better because for people like me, who work online and accept payments in BTC it is important that whatever I earn remains close to the value by the time I sell my coins for daily needs.

Hope he's prepared to pay LFC_Bitcoin for losing a bet:





Has the ATH actually been reached yet? Definitively speaking, no (https://bitcointalk.org/index.php?topic=5296125.msg55741289#msg55741289), but it likely soon will be.