BTC morning update 31.01.18
BTC is close to my invalidation level for the "no new low is needed" count. It is still possible, because a wave 2 can correct 99.9% of wave 1 and still be valid.
But in case 9,222$ gets breached today, here is my equally bullish alternate.
My preferred target for the alternate scenario is 7,500$.
Here are some possibly positive effects on the BTC price to keep in mind. Even though I don't believe in fundamentals, theese are some logical consequences, where some other markets are affected in the same way:
1. New month, new money. Fresh money can enter the market in February.
2. The futures rollover might have a positive effect. I discussed this issue with some of my followers already. I think this drop until the end of the month could become a regular thing, now that futures have been introduced. Hoping to be wrong about this though, because it would suck hard.
unrelated Update: We just hit 700,000 STEEM accounts milestone:
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If you think this to be useful information:
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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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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Have a nice day :-)
Thanks for providing such a reasonable perspective on the BTC price moments. I’m hoping the new month will bring some fresh money as well.
I’m really wanting to move my currency out of Bitfinex at the moment but the suppressed price is deterring me from making the shift. Hopefully some increase in BTC price next month will give me this opportunity.
When do the first lot of futures expire?
Could you give any theories of where the impulse of new money could come from?
Hedge funds tend to shift their portfolios at the beginning and end of each month. Also workers get their paycheck at the end of the month. Bonds, as an alternative investment, are very dangerous right now. Indices are oversold like never before in human history... The money could come from anybody wanting to invest, while BTC is at a discount.
Tether... lol
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your post is great and interesting thank for share
I was just thinking with all the FUD flying around that an appropriate lower price would be around $8k. After reviewing a few crypto-investors my instincts seem to be on point. Thanks for the reassurance :)
I'm wondering if more and more bitcoin buyers/sellers are following the BTC futures market as a guidepost? Even though those traders aren't technically buying or selling BTC.
Thanks for the TA. It's very helpful!
Thanks informations
What happens to steem and sbd ,it's dropping down daily .when it will raise again ?
I am mostly posting about BTC right now, because most coins depend on it, at least to some degree. STEEM has proven to be able to rise without BTC going up though.
In my opinion SBD and STEEM are both oversold right now and should rise soon.
Kk.Tqs