Hello friends! Welcome to this 5th wave BTC update. Let's get to it!
Firstly, I want to assess my general opinion of BTC and what I see it doing in the upcoming days. I am seeing a 5th wave all the way down to $4700 (refer to the Linked Related Ideas on this post). Now, let's try to figure out the bounce on this descending trend!
As you can see on the chart we have very clearly assessed a reversal pattern, lower lows and lower highs, meaning the market is officially and safely in a downtrend. Now that we have assessed what we think BTC is going to do in the long term we then have to try and comprehend every little moves its going to do inside of our general mid-long term idea (going all the way back to $4700). The purple lines on my chart represents LEVELS in which BTC is more likely to shortly bounce off of and regain a bit of price only to give it all back and continue to drop towards what we believe ($4700) to be the bottom of this wave. But be careful there IS NOT many strong levels down there and FUD might start hitting the general public. Although I am a TA specialist, FA wise I think the FUD ''BTC is about to crash'' type of bullshit news are about to hit the mainstream so the big boys(people in control of this market) can gain help from the general public to drive this price down FAST. For that reason there is a very strong possibility that the level at $9400 will not hold at all, it may very well be pulverized and we could see a VERY FAST drop from $9700 to $8700 and possibly even LOWER.
Additionally IF (and that's a big IF) the price breaks very fast past the $8700 - $8000 area you then can expect A VERY VERY FAST DOWNTREND ALL THE WAY TO BELOW $6000. It looks like the market is setting up for another crash like the one we lived at the beginning of January that drove the price from $17 000 to $10 000 in the matters of 48 hours.
I am personally HODL'ING most of my wallet into FIAT right now and I am waiting for BTC to drop to $4700 or give me a clear indication of a reversal pattern to re inject my funds into the market. My trainees and I we trade SAFE. We trade SMART. RISK VS MANAGEMENT is they key to success, we DO NOT gamble.
Follow me on telegram if you want to be updated on this trade.
and you call it a crash? is this just to spread some FUD?
Om_Sharma
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your downward arrow is like noodles dipped in chilli sauce....:-):-):-):-):-):-):-)
GuidoM84
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Imo this is the most likely scenario. Think about it, the whole market sentiment has changed from last years: "buy bitcoin before it's too late", to "get out while you still can, bitcoin is about to crash!". Imo, given all the bad media attention lately, there isn't going to flow a whole lot of new money into the market. That given, I honestly think too btc is going to it's pre-hype level, and till that time it's better to stay safely in fiat if you ask me.
iamomeed
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Great TA as usual
Trades999
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samiswilf
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The trolls in the comments below are pathetic.
MaffeProg
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Oeff broke channel
Rombit
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@MaffeProg, this channel was too narrow to last long
jeromee8
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pathetic..
CrissCristofer
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it s late to sell now. hu did not sold at 11k now it s late. it will go back to test 11k