1-5 Elliott Waves Up after we got my reversal at exactly 3,224 USD (on the point - kinda lucky ) - We have Regular Bearish Divergence, which confirms a retracement. Expect something like what I have illustrated for you. Just be aware of, that we don't yet have any confirmation on what corrective structure we will get - it could be ABC ZIG-ZAG, ABC Flat, ABCDE Triangle or a combination.
We have a lot of support at 61,8 % retrace. But it's more likely we will restart our new Elliott Wave Cycle already at 50 % retrace.
Hereafter we will aim for the end of the B Wave at 5,200 USD - we have very hard resistance at 4,200 USD though.
Let's see!
D4 <3
Yorum
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Here is the bigger picture!
Yorum
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We will DROP soon!! As you can see from a classical charting point of view we are now forming a bear flag, which most likely will take us down, which our Elliott Waves also tell us.
Yorum
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Boom! Drop, drop!!
Yorum
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Have confirmation on our structure now - most likely an ABC Zig-Zag with a A as a leading diagonal.
Yorum
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I thought we would get a bigger retracement and needed that ABC-correction. Instead I got tricked and we got an extended 5th wave. We slammed our head into the resistance zone Ive been talking about.
We should go up a bit more since we are on the 4th subwave but its questionable due to the hard resistance, so we might get a truncated 5th sub wave AND then we need the ABC correction.
Something to consider here that I think a lot of people are overlooking: U.S. traders must hold their assets for at least a year to get a significant tax reduction on capital gains. Large financial institutions and investors with millions of dollars at their disposal are going to want to pay as little as possible when it comes to capital gains tax (a lot of these people are interested in Bitcoin). So it makes sense for them to want to put their money into assets which they plan to hold for at least a year or longer to save on taxes. Having said that, is it a coincidence we are soon approaching the end of the year and price is starting to go up on BTC? 2018 was the time of the bear, but we have reached lows which make it reasonable to believe 2019 will be the time of the bull. I believe we have reached the bottom and a not so obvious trend reversal has taken place. But I am having doubts the bull run will be anything like it was last year. Time will tell.
lamboluvr
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@rev214us, What bull run $1000? Have you not been trading this entire year? Did you only trade in FOMO 2017 and then left the markets and came back 2 days ago? 2018 has had rally movements of BTC $2000 to $4000 within days, several times. What happened there? People started thinking , this is it BTC is back, back to 20k. Then what happened? Everything dropped right back down to where it came from and even took us lower. Don't start falling for the same trap again and again and again that all of a sudden this is it, it's the big one, it's the rally of all rallies that we are going back up to 5k or 10k. We may just hit a wall soon and be crushed again.
Yes, yes, and yes. $5.2 is the .65 Golden Pocket fib from our last drop. 100% agree.
Ecua_Trader
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Hey count the waves here. Lol.
UnknownUnicorn3272583
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You can find a much better wave analysis and count here than D4's
lamboluvr
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If Bakkt releases January 24th, 2019 it should bring a lot of optimism into the markets. So I don't see how you C wave double bottom can happen. A lot of institutional firms on Wall Street including the biggest one, Fidelity are launching their trading desks in January as well. So how do you see your C wave playing out?
ZoltanBalogh
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@lamboluvr, wouldn't they need demand though? Seeing a big gate does not mean you go through it... Institutionals will not jump head first, when they know the gox coin dump is around the corner...
lamboluvr
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@ZoltanBalogh, What's the market rising on the past few days? Nothing. There is nothing to raise this market BTC by $800. Just a bullish sentiment. Now add this bullish sentiment coupled with positive sentiment of Wall Street having a gateway available to enter at any time open to them safely. I think just by this positive news it'll help spark a bigger push for crypto. We just need that initial news to help push the markets to think optimistically about crypto to get good things going at first.
ZoltanBalogh
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@lamboluvr, It's rising on hopes and dreams of the last bull run. Bullish sentiment dies off and we will plunge into darkness again. Everyone thinks crypto will die soon, there is no new money coming in. This rise is just the sideliners buying the dip. I am sure Bakkt will be delayed, and if not it will be a sell the news kind of event.