BTC emergency update 11.11.2020

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Potential for a bigger WXY correction detected.

Closed 80% of the longtrade that I started a few days ago. (I have a few others still running that I started months ago...)
The bullish count that I posted two days ago has not been invalidated yet. So this red candle could turn out to just be a smaller correction and not be part of a bigger WXY. But I have no reason to let this specific trade run into my stop-loss.
Planning to open it again lower if this turns out to be correct:

Alternate:

BTC is still up 400% in the last 8 months... let that sink in because we ain't seen nothing yet.

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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 rehive, if this post entertained you or helped you see things differently...

Have a nice day :-)

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9 comments
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Thank you for this technical discussion, I also enjoy posting price information and I will follow you so that I can see more of this type of excellent content. If BTC rises over 20k USD again, do you see it falling below 12k or will we never see prices that low again?

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20k -> 12k (cup and handle pattern) is possible, but unlikely at this point.
Watch what happened every single time BTC breached the old ATH...
Small, but time intensive corrections. Never have we seen 50% corrections as a reaction to breaching the old ATH. FOMO kicks in and the following 8-12 months are maximum bullish.

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The dip earlier this year was unexpected, miss COVID doing her tricks. This may happen again sometime early 2021 when we realise the miss COVID is far from in a deep (winter) sleep and we continue to harm our economies. I do hope, crypto investors learned from this past experience, but I would not be unhappy when such dip happens again :)

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I was expecting a correction as well these days, but it seems BTC is not in tune with me lately... interesting times ahead though and whether it will get to as low as $10,000 the macro trend is clear.

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(Edited)

In Bitcoin everything is possible. But with the existance of the S2FX model and institutional investors and even big corporations starting to adopt BTC, every bearish count is highly unlikely.

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Had to zoom the image of yours to check the values for Y and Y?
14900 - 14200... Would be nice when this happens soon, have some funds waiting to be converted to BTC.
You go for the 14200 to step back in?
The dip back in March/April was the point I had to take advantage of, but back then was not looking at crypto charts at all. That said, longer term BTC to a few 100s of thousands dollars, any entry is good :)

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I'll post an update soon. Now I think 14200 is not going to happen anymore.
Anything below 15k is dirt cheap in my opinion.

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Yea, below 15k would be nice indeed :) Today it is sliding downwards, who knows, maybe soon 15k and then, moon soon :)

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