Nights Watch by Afrikoin

[quake313]

890 was a 61,8 fib retracement from 1350 to 150 on stamp, quite beautiful to see. maybe this was bottom after all. and magically pools are signaling less and less support for BU

29,2% for last 144 blocks, was up at 42% at some point

One can only hope...

[RyNinDaCleM]

There is strong support at $800

that coincides with the expected support level of an A-B_C correction from the top.

Also coincides with 61.8% fibonacci retrace lines

I expect $750 - $800 will hold for a good profitable bounce

I do not expect Bitcoin to break the $750 price point because of EW rules and guidelines.

Now sit back and watch

what are EW rules and guidelines for those who are new to this?

EW rules and guidelines
http://www.tradingfives.com/articles/elliott-wave-guide.htm
http://www.elliottwave.net/educational/basictenets/basics2.htm

there is also a lot good info on the psychology behind EW in my thread which are linked in the OP

[neo1947]

EW rules and guidelines
http://www.tradingfives.com/articles/elliott-wave-guide.htm
http://www.elliottwave.net/educational/basictenets/basics2.htm

there is also a lot good info on the psychology behind EW in my thread which are linked in the OP

Thanks for the links
good luck with your trades.

[boyshx]

Back to 1000s

[Afrikoin]

elliott wave theory of wave 1 2 3 4 5 in a nutshell

markets in a nutshell

Let me explain this a little. Indicators such as MACD and EWO are momentum indicators and RSI is a strength indicator (it's in the name Wink )

As the price is rising through wave 1, the market is hesitant about a rise, so selling pressure is still present and early buying pressure is beginning to show itself. This creates a small bump in the underlying indicators.

Then wave-2 starts and people who think it's only a correction sell hard. This is why wave-2's are usually much deeper corrections. This also makes the indicators return to where they came for the most part.

Enter wave-3.. This is where many people begin to see the buying pressure, and in fear of missing the train they panic buy "before it's too late". The causes a large spike in the indicators and is resposible for the massive power of 3rd waves.

Wave-4 begins, and with a reluctance to sell, the market meanders sideways for a while. Sometimes twice as long (in time) as the wave-2. The stability makes some less experienced traders sell, and the lack of buying (after all, we must be at the top, right?) allows the indicators to return to a more neutral state, EWO returns to the zero line which by this point, is way down there.

Once we break  up from the 4th wave, those who sold are essentially tricked into buying back. By this point, asks are pulled in search of higher selling points. The price moves very easily with much less force, and the volumes are much lower compared to the 3rd wave. This keeps the indicators from making that big spike we saw in the 3rd wave. That combined with the lower starting point and weaker momentum creates the divergence that signals a topping situation (higher price high with lower indicator high). Then when the smart money has squoze all they can from this run, they hammer the price lower in the larger degree wave-II and it all cycles like that... In both directions, over and over and over...

[RyNinDaCleM]

elliott wave theory of wave 1 2 3 4 5 in a nutshell

markets in a nutshell

Let me explain this a little. Indicators such as MACD and EWO are momentum indicators and RSI is a strength indicator (it's in the name Wink )

As the price is rising through wave 1, the market is hesitant about a rise, so selling pressure is still present and early buying pressure is beginning to show itself. This creates a small bump in the underlying indicators.

Then wave-2 starts and people who think it's only a correction sell hard. This is why wave-2's are usually much deeper corrections. This also makes the indicators return to where they came for the most part.

Enter wave-3.. This is where many people begin to see the buying pressure, and in fear of missing the train they panic buy "before it's too late". The causes a large spike in the indicators and is resposible for the massive power of 3rd waves.

Wave-4 begins, and with a reluctance to sell, the market meanders sideways for a while. Sometimes twice as long (in time) as the wave-2. The stability makes some less experienced traders sell, and the lack of buying (after all, we must be at the top, right?) allows the indicators to return to a more neutral state, EWO returns to the zero line which by this point, is way down there.

Once we break  up from the 4th wave, those who sold are essentially tricked into buying back. By this point, asks are pulled in search of higher selling points. The price moves very easily with much less force, and the volumes are much lower compared to the 3rd wave. This keeps the indicators from making that big spike we saw in the 3rd wave. That combined with the lower starting point and weaker momentum creates the divergence that signals a topping situation (higher price high with lower indicator high). Then when the smart money has squoze all they can from this run, they hammer the price lower in the larger degree wave-II and it all cycles like that... In both directions, over and over and over...

Yes, that

[shannen87]

Well it seems that a LOT dumped #eth to chase a $1000 tag in #btc
also Segwit block size capacity increased dramatically since yesterday
Just saying... I just hope we still hit $800

[york780]

Well it seems that a LOT dumped #eth to chase a $1000 tag in #btc
also Segwit block size capacity increased dramatically since yesterday
Just saying... I just hope we still hit $800

seems more and more likely because we wont see a recovery. It looks like another dead cat bounce

[Afrikoin]

excellent analysis from my friend bcnoob

https://www.reddit.com/r/BitcoinMarkets/comments/61jsla/daily_discussion_sunday_march_26_2017/dffgfy8/?context=3

[Tzupy]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

[pjennings28]

Afrikoin I have a question for you.

Can you explain the reason why it is that Bitcoin's graph appears to show exponential growth and so many of these other coins have graphs that either seem like they are going up and down without any actual direction, versus graphs that show nothing and then randomly straight up and crash? 

I made a short paint PNG just picking a few random coins and looking at their trajectories.  The Monero and NAVcoin charts appear to have a trajectory somewhat similar to Bitcoins, but Ether's looks more like Dash and MAIDSafe looks like it's just bobbing up and down without any kind of reason.

Is there something inherent to Bitcoin that these other coins don't have?  Can these graphs explain what it might be? Can graphs like the MAIDsafe graph tell us anything about the coin itself? 

Thanks for all the advice.

http://prntscr.com/eoxtdn

[zby]

Afrikoin I have a question for you.

Can you explain the reason why it is that Bitcoin's graph appears to show exponential growth and so many of these other coins have graphs that either seem like they are going up and down without any actual direction, versus graphs that show nothing and then randomly straight up and crash? 

I made a short paint PNG just picking a few random coins and looking at their trajectories.  The Monero and NAVcoin charts appear to have a trajectory somewhat similar to Bitcoins, but Ether's looks more like Dash and MAIDSafe looks like it's just bobbing up and down without any kind of reason.

Is there something inherent to Bitcoin that these other coins don't have?  Can these graphs explain what it might be? Can graphs like the MAIDsafe graph tell us anything about the coin itself? 

Thanks for all the advice.

http://prntscr.com/eoxtdn

ETH went through the DAO fiasco and then the split.

[shannen87]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

I was wondering, let's say we enter in next days C phase which is $750 and we start re-buying BTC back at this price.
What is after that a HF happens? Could the price go lower than $750?

[Afrikoin]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

I was wondering, let's say we enter in next days C phase which is $750 and we start re-buying BTC back at this price.
What is after that a HF happens? Could the price go lower than $750?

Yes.  It could. Why not

$600s

$565

$400s

[york780]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

I was wondering, let's say we enter in next days C phase which is $750 and we start re-buying BTC back at this price.
What is after that a HF happens? Could the price go lower than $750?

Yes.  It could. Why not

$600s

$565

$400s

Testing 800$ seeems possible. But anything below that would be pure madness

[Afrikoin]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

I was wondering, let's say we enter in next days C phase which is $750 and we start re-buying BTC back at this price.
What is after that a HF happens? Could the price go lower than $750?

Yes.  It could. Why not

$600s

$565

$400s

Testing 800$ seeems possible. But anything below that would be pure madness

Well Vinny lingham said $800 is a high probability

He also said he expects $400s if bearish HF sentiment persists

Also a report by newsman cited $565 as a target price

So,  while it is low probability,  it is not too far fetched

[york780]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

I was wondering, let's say we enter in next days C phase which is $750 and we start re-buying BTC back at this price.
What is after that a HF happens? Could the price go lower than $750?

Yes.  It could. Why not

$600s

$565

$400s

Testing 800$ seeems possible. But anything below that would be pure madness

Well Vinny lingham said $800 is a high probability

He also said he expects $400s if bearish HF sentiment persists

Also a report by newsman cited $565 as a target price

So,  while it is low probability,  it is not too far fetched

Maybe its possible indeed. At least i dont see this downtrend is going to end soon. The market is already choosing sides for the next downmove.

[FiendCoin]

If f2pool moves to SegWit what are the chances of a HF?

https://twitter.com/f2pool_wangchun/status/846266755391512577

[shannen87]

^^^^^
Too bearish for my taste. My current preferred scenario is an ABC with A completed, the B possibly up to 1150$ and the C around 750$.

I was wondering, let's say we enter in next days C phase which is $750 and we start re-buying BTC back at this price.
What is after that a HF happens? Could the price go lower than $750?

Yes.  It could. Why not

$600s

$565

$400s

Testing 800$ seeems possible. But anything below that would be pure madness

Well Vinny lingham said $800 is a high probability

He also said he expects $400s if bearish HF sentiment persists

Also a report by newsman cited $565 as a target price

So,  while it is low probability,  it is not too far fetched

Maybe its possible indeed. At least i dont see this downtrend is going to end soon. The market is already choosing sides for the next downmove.

I just wanna ask, on Saturday BTC hit $888 on Bitstamp, what if we already touched the $800ish level and now we are back to bullish? We already break $1000.

[reddibrek]

$600s

$565

$400s

... And then there's always that lingering question at the back of everyone's mind: Are we talking $400 a BTC or $400 a BTCU?