Topic: 2018 Cryptocurrency Crash (Elliott Wave) - page 27. (Read 26030 times)

The US senate is hearing testimony on bitcoin from the SEC, and they've released pdfs of the testimony and it seems positive towards cryptocurrency. That's why the sell-off stopped.

In the meanwhile, bloomberg think MACD is the key indicator to watch when trying to figure out bitcoin's direction:

https://www.bloomberg.com/news/articles/2018-02-06/bitcoin-trading-signal-that-returned-1-152-is-flashing-sell

Hmm strange. It stopped bleeding at no point.
7.5K retracement and more drop? In other words wtf, is with it. I guess retracement to 8k

Yes, sub-$1000 in due course; however, one wave at a time!

You know that we are probably going lower than that? Market is manipulated and sell-off is due to big investors cashing and crashing out whole market.

Amidst a global stock market flash crash, a spectacular sell-off continues in cryptocurrencies at an acceleration quicker than anticipated!

Rather surprisingly, the 61.8% Fibonacci retracement level from the all-time highs, and nearby zones of clustered support levels (derived from wave extension relationships); have all failed to provide any meaningful areas of confluence.

And so therefore, the next natural support zone is at the 78.6% Fibonacci retracement level from the all-time highs; i.e. at $4257 (Bitfinex).

In regards to the anatomy of wave formation, a rare Triple Zig-Zag structure may be in progress to conclude the final stages of the first crash wave.

You aren't. At least not in my terms. You see the big picture and want to invest in something new and promising, to see it grow, and to take your benefit from this growth. That makes you a genuine investor, not a pseudo one (even if you are greedy )

Touche. That's exactly what I am doing now. Stopped selling at 10k. There is a lot of things to keep myself busy, until BTC finds its way up. No need to watch those graphs all the time. One BTC = 1 BTC. Alts vs BTC is something more interesting (to me at least).

Sorry if my statements above had been offensive to you. They actually refer to the latest $-oriented investors. I have seen them a lot here locally - they don't understand anything about BTC, they don't believe in BTC being the future money, most of them are sure it is a scam/ponzi/whatever and most importantly, they don't even care if it is. They are only thinking of this as a way to make some quick $$ - buy, then dump at the peak just before the 'bubble burst'. I was referring to those people. BTC needs to shake them out, and this is the point of this correction.

@DroidR17A: +1
If one is not professional trader like the OP (who can make educated assumptions and make a lot of money during this kind of market), its better to just Keep Calm and HODL.

“I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain.”

Don't believe the FUD.

Cryptocurrency Gloom? It’s About the Bigger Picture: https://www.ccn.com/opinion-the-bigger-picture/

Blockchain Tech Can ‘Change the World’, Says South Korea’s Finance Minister: https://www.ccn.com/blockchain-tech-can-change-world-says-south-koreas-finance-minister/

In other words, Keep Calm & HODL.

I'm a greedy pseudo-investor. I believe that right now we are just a bump in the early-adoption part of the graph, since crypto is still very small.

I'm worried, but am I going to sell or get "shaken out"? No. Better to work on other things while this bear market plays out. 2 years later, and maybe I'll open my wallet and find that Bitcoin is 100k.

Looks convincing, indeed

in fact Bitcoin needs a good correction, for all the greedy pseudo-investors to shake out, so BTC could fly to the sky. This correction is partly natural, partly induced by all the bankster/gov haters doing coordinated attack. Due to the latter, the correction could be deeper than it should have been. Well, let it be deep - the higher it will fly afterwards

As to when it will fly back...? It seems to me, not sooner than waters are calmed down, when the recently joined greedy sheep panic dumps and returns to their everyday job. I know a lot of people here who didn't  spend even 10 minutes to read and understand the technology and the nature of the Bitcoin, but bought it near the top intending to just sell it back in few weeks and get their fast'n'easy profit. Those short term buyers are exactly the ballast which is going to be shaken out. It could indeed reach 2k, giving a good chance to accumulate for the ones who are long term. Watch the Lightning

Fibonacci relationships between Elliott Waves remain unchanged between logarithmic and arithmetic graphs.

Ralph Nelson Elliott advised to chart in logarithmic format for long-term charts (weekly, monthly annually), and arithmetic for short-term charts (weekly, daily, hourly).

Faith...?

If you can't post a log graph, I have zero faith in anything you say.

Projecting a bottom using Fibonacci extensions with Elliott Wave relationships (illustration below)...

Zone 1
@7599.0: 61.8% of entire market.
@7514.5: Intermediate-c = Intermediate-a * 1.5
@7146.7: Intermediate-c = Intermediate-a * 1.618
@7384.0: Minor-c = Minor-a * 0.5
@7411.0: Average

Zone 2
@6918.4: Major-c = Major-a * 0.786
@6623.0: Intermediate-c = Intermediate-a * 1.786
@6884.9: Minor-c = Minor-a * 0.618
@6808.8: Average

Average: 7109.9 (Bitfinex)

1. ^ Hedge activated on this trade.

---

2. ^ This order was not activated, and hence has been subsequently cancelled.

---

It appears a final flush to around 7600 (Bitfinex) is underway which represents a Fibboncci 61.8% retracement from the all-time highs set on 17-DEC-2017.

Currently awaiting Coinbase to join Bitfinex to take out the lows of 02-FEB-2018.


 

An additional buy position ordered as follows and awaiting execution; i.e. identical as above:

BTC/USD (BITFINEX)
OPEN: 8600
CLOSE: 12058
STOP: 7960
RISK: 7.5%
REWARD: 40%
 

There us of course bigger support, but they also need to support way higher price. in 2014 was supported few $100 price and now will be supported few $1000 price.  For tat you need 10 times more supporters as in 2014.

I was not referring to you. There are so many doomsayers now, who just look at the price and seed panic. You have very grim outlook on Bitcoin community at the moment, which is your current subjective view, probably inspired by the current price movements, and mostly by the fact you have not sold enough to feel yourself comfortable during this correction. The 'lambo' people are not the community, they are just passers not worth of much attention.

Don't panic, just watch, and don't let others manipulate you by affecting your mood. They are doing their game, let them play it, and let us be calm and positive. Be Zen, we are on the right side

Keep whining bitch it ain't going to help.
Bitcoin may have crashed hard but it doesn't mean that it'd not recover or altcoins would disappear in air. Scammy shit like bcc should disappear and it will but other than that most of them would exist like it or not. So suck it up, kid.

Bitcoin community currently is in 90% driven by price. There is no merit or spirit in community anymore.
Only lambos memes, and mania driving away.
I don't celebrate it, I have one position down actually, due to my stupidity and fomo too.
I just saw what's coming after 12.9K rejection.
Supports are broken.
Alts will dominate in future, but what alts - that's the question.
BTC is obsolete, and will be dwidling with domination.
No-one want to kill bitcoin community - which for now is just a laughing stock, self-pleasing with price pumps.
If they would return, to being humble and just normal (which at best 10% is), I would conside this as a good movement for sanity.
And I'm not against bitcoin or cryptocurrencies, just against massive manipulation and massive speculation which is around today.
Anyone that don't see it, is blind, and don't want to see it. @d5000 - know what I'm doing, and how much I have done for some crypto communities.
But speculation around is scarying me.
Actually a lot of altcoin communities are healthier, because they don't have so big pressure on price, as others.
Jackson Pallmer is saying the same, and he is founder of Dogecoin.
Cursing on me, is just a syndrome of immaturity.

No jokes. I don't know exactly what the first guy implied, but my point is - Bitcoin is not just another regular 'asset' to speculate. Bitcoin is much bigger phenomenon, and it came to stay, regardless of all the banks, manipulated media and 'bloombergs' of all sorts who now are celebrating "the end of the Bitcoin bubble". In fact they shit in their pants when they realize what this new movement could bring them, and they try to spread FUD to kill Bitcoin, which is a threat to their usurped dominance. Don't underestimate Bitcoin. Its a different beast these traders have never dealt with before. Don't let narrow-minded price speculators fool you. Look at the big picture.

As to altcoins - alts are nice, and they bring a lot of innovation, however they lack the community power of Bitcoin, and its libertarian spirit. None of them has the power to replace BTC in foreseeable future.

As to technical analysis... well, all those traders are using tech analysis, but come to completely different conclusions based on the same charts. Both OP and masterluk are using tech analysis, but OP predicts bounce to 12K with crash to 1K afterwards, while masterluk now predicts bounce to 15k with jump to 100k afterwards. I start to think this tech analysis is just a way to make your own beliefs and desires look like technically proven theory.

According to this: https://zerohedge.com/news/2017-12-02/jpmorgan-has-some-bad-news-bitcoin-bears

There is at most 6-10B$ entered the market from 2009 - given marketcap, it's artificially inflated to enormous scale.

Tether has 25% share of this capital (if we count 10B$), and 41,66%, if we take into account, that only 6B$ entered market.

That's enormous. Maybe not MT.gox big - but big enough to crash whole market to 60-100B$ marketcap level, which was just a start of elevation to this incredibly stupid valuation, which is now.

In some years I would say 1B$ marketcap is possible, given, that now it has caught some attention. But in next 5-7 years. Not now.
But just, as dotcom bubble - it should first burst, to reset market cycle.

Comparing both dotcom bubble and crypto assets bubble, or maybe not a bubble, but manipulation by big whales, and then FOMO of people, I have composed such graphics

https://scontent-waw1-1.xx.fbcdn.net/v/t31.0-8/27164704_1554130358015659_1252017364179825214_o.jpg?oh=129d847f126f0eb2d212628286c45562&oe=5AE409A5

https://scontent-waw1-1.xx.fbcdn.net/v/t31.0-8/27164638_1554130451348983_6347524531333896049_o.jpg?oh=5033d8dadf5b8a32d4d2940419c1737e&oe=5AE8CD75

Correction to 166-180B$, as I have compare it with NASDAQ chart.
But... After this correction/crash, things are going to be better - and I think, that will be the best moment.

Of course you could always be early adopter (me too), with more crypto, than you had, but at least, it will be legitimized to enter cryptos.

So wait for the final dip. Don't enter, when it's too hot (even if you miss some "gainz").

It's not a fud, it's a proper and wise advice, don't get slaughter, by whales, and manipulators. They will juice you out, if you enter now, you will get more and more dips.

Nonetheless - if BTC go to 3K - alts can go even lower, then BTC, when it was at 3K last year. Why?
Because there are several hundreds more of crypto assets, so it's getting diluted, and money is sparse between all of them.
A lot of them, don't have any support or fib support, so they can get stompted to the ground (basic assumption, can be wrong).