Take a deep breath. Elon is neither your friend nor your enemy. This pullback since April after the shutting down of huge BTC mining operations in Xianjang was expected.
The nice ending diagonal wave, followed by a very straightforward ABC correction, is entirely normal. This is the first 200 Day EMA (and near RSI oversold hit) we have had in 15 months.
It's buy time people, not panic time. Stay classy.
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I will be transferring more ETHUSD out of BTCUSD in expectation of it to continue to lead BTC. This is very similar of what happened toward the end of 2017 and the last bullish S2F cycle.
ETH and many cheap alt coins exploded, most of those alt coins died in the years following never to be heard from again.
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Successfully got an RSI oversold hit yesterday. Up we go.
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I have received a few PMs on this idea, the top is not a head and shoulders pattern, common mistake. It is indeed a wave 5 top to a standard corrective structure.
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Blew past the 200 DMA, yikes. Exact bottom on Binance and Coinbase at 30,000. ETHUSD cut in half.
why buy a slow old token overpriced..
manipulated for tether ponzi printing air tokenized
what other big money-institutional could put money in this
to move the price to 75kusd ...
mortdiggiddy
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@geekpe, Then buy ETHUSD instead, using this deep BTCUSD pullback as evidence to get into the coins that are leading.
@ajaydinodia, Hi there, you can find contact information in any signature of any idea/script.
pjtrace
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While I like your Elliott wave analysis and love your giddy optimism, there is a massive H&S pattern on the daily that is part of a larger distribution pattern that is clearly being ignored by everyone who is bullish on BTC. Not to mention, BTC is trading below the 21 and 20 MAs. I think BTC is moving down from here.
You would need half a trillion dollars to flood back into the market just to get BTC to 55k. I think a lot of retail has been burned out and scared off by all the bad news and FUD.
mortdiggiddy
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@pjtrace, The top is not a head and shoulders pattern, common mistake. It is indeed a wave 5 top to a standard corrective structure. ^^
mortdiggiddy
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@pjtrace, BTC is in backwardation on futures, and RSI daily hit oversold for 1 day. If you look at 2017, even after the big 70% crash post December 2017, each one of those conditions produced at a minimum a 60% bounce.
MarketMakerTraders
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Bitcoin in the SCOPE!
Long Buys Temporarily Boys, Lets Clean Up the Board
manipulated for tether ponzi printing air tokenized
what other big money-institutional could put money in this
to move the price to 75kusd ...