BTC big pic update 29.08.2019

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This could become my most famous post ever if BTC bounces on 8500$ and ends wave 2 there.

It would fit with the count that I have been posting in the last two months, but it also accounts for areas of support and the big picture.

I highly recommend checking out the enlarged version, because without it the details are not showing.

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click to enlarge

IF BTC bounces from this resistance, people will NOT be able to get in at cheap prices. I know thousands of people are waiting for a good entry point right now. But it might not ever go below 8500$ again.

For this reason, I will have to split my entry again. One tranche @ 8600 and one tranche @ 7600 (which might not be filled).

I also wanted to share some of my past big picture updates to see how they developed:

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Posted at the bottom to be able to compare:

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I will not let this opportunity of a lifetime pass. I am ready when it hits.

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If you think this to be useful information:
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Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...

Have a nice day :-)

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#bitcoin #btc #crypto #cryptocurrency #cryptocurrencies #steem #sbd #ethereum #eth #ripple #xrp #bitcoincash #bch #eos #litecoin #ltc #stellar #lumen #xlm #digibyte #dgb #cardano #ada #iota #tether #neo #tron #trx #omg #verge #xvg #bitshares #bts #nano #monero #xmr #dash #ethereumclassic #nem #binance #binancecoin #vechain #tezos #omisego #steemit #money #life #altcoin #altcoins #trading #investing #investment #investments #forex #forextrading #market #finance #gold #silver #commodity #commodities #stock #stocktrading #stockmarket #facebook #fb #apple #aapl #spx #xau #xag #usdjpy #usd #amazon #amzn
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(Edited)

I had 7 entry points starting at $8950 down to $7750, but now your post made me think again about it.

I have also considered the idea that we could be in a consolidating symmetrical triangle since June 24th whose current red candle on the weekly could turn into a bull wick (I know, we just have two days for that to happen, very low probability, but still faisable...). What had me think about this is the weekly RSI forming a downward pointing wedge, that is ending around... september 23rd (Hello Bakkt). I like considering every options, even the most farfetched ones, so that I'm not surprised IF any of these scenario take place!

I expect this correction to end by september 20th whatsoever, up to around 60k by May 2020 (BTC halving anticipated and priced in before profits are taken). And then 140k/BTC by the end of 2020. Still a possibility, but the upcoming bull market should be jaw dropping for many.

Hope you could grab some more Steems at a bargain! ;)

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I don't see the triangle, but I agree with your price targets (even 280k is possible, this time is not retail bull run, it's institutions. The FOMO can get ridiculous...)
Yes, I bought 6k more Steem so far. If we go lower I'll add.

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here it is (caption reads "48 hours left to turn green and become a bull wick?")

triangle_300819.png

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Wave 2 can never be a triangle. This rule cannot be ignored.

I think it will drop tomorrow when wave 2 of c of Y is done.

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Good point, I had honestly forgotten about this rule. Gotta do my homework again...

But now what if this was actually wave 4 of a smaller degree (not minding the "1", "2" annotations)?

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I would say this has a 2% chance of being wave 4. Because it is 10 times bigger than the corresponding wave 2 is. That is very unlikely.

And WXY in wave 2 is also a very common pattern in commodities. (Many people consider BTC to fit best in the asset class of commodities a.k.a. digital gold)

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Hey great stuff! Do you know if there exists something like a combination of a zig-zag and a flat for a correction? I have tried to make sense of steem/usd and in my opinion the correction isn't so easy explained by elliott wave theory. Impulse waves cannot occur for a larger scale correction right?

https://steempeak.com/bitcoin/@tobetada/crypto-trading-with-tobetada-or-26-08-2019-or-steem-usd-outlook

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(Edited)

to answer your question, yes a combination zigzag-x-flat is a valid pattern, but it is not the pattern in STEEM big pic. See my other comment for details

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