I am not buying more, yet.
Today I have bad news. My latest wave projections show another halving from current levels is easily possible.
My best guess for a bottom is 2300-1800$. I am waiting for confirmation to show you the count though.
What this would mean for Steem is 15-4 cents. It would also mean that BTC would break this longterm channel, at least for a short period of time...
I am not buying more Steem until I see a potential bottom in BTC. This current pattern in BTC is super bearish. Even if it hits 5k again it will very likely break down.
Update: On the daily chart level it looks like a 3-3-5 flat pattern, which indicates close to 5k before the drop.
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I think that as long the price is under $5k this is a good time to buy
Hell no. Only if you are an experienced short term trader. The risk reward is 1:4 which is Okay-ish. But we are in a bear market. I only trade with the trend, but there are people who do counter trend trading. But to be honest most of them lose their money over time.
@ew-and-patterns, thanks for you standpoint.
I also wrote about this 2014 - 2018 situation, if y'all are interested in a different point of view!
https://steemit.com/bitcoin/@aezakmi/the-ultimate-bitcoin-forecast-based-on-the-2014-movement
Based on some Moving Avgs we're now in a sideways - 'ish' movement period, hovering between 3200$ - 5800$. Of course, it's just an observation, a statement. Nothing is certain in this space!
It appears that the bear market has entered the "Despair" stage which is not good at all.
BTC 55 Weeks linear regression vs 380 weeks linear regression .
It seems like price will be much lower than people think.
The next support at the lower deviation line is at 1k.
It could take another 6-8month to drop to 1k, unless we see a massive sell of like we saw early 2018.
Bitcoin 2800-3200 Will be an interesting area for Dips Buyers
what do you think about it?
follow me for more btc ideas.
cheers.
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STOPDo not miss the last post from @steemitboard:
Do trading discounts helps us to save more money like in xrp? they have ongoing trading disc. im just scared to join coz i think it's so risky because of the market today
Makes sense as it would definitely flush out a lot of positions and could also be a price point for short sellers to cover and go home happy... Could lead to a quick capitulation bottom!
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My biggest fear is how long before we get out of the gutters.
If my count is correct, there is not much room for months of sideways action after the low is in. A WXYXZ ends the correction, always. That means the next impulse wave should start right after the low. But if it is any other count than WXYXZ, there is always a potential for a prolonged correction.
But to be honest 2000$ is already a 90% decrease. In another variant we would go up to 10k and then down to 800. How likely is that right now? Not very likely.
The bearmarket will take longer than most people are anticipating it. The 9nly thing I like to see is outperformance of some coins like Steem for example. Right now there are already coins out there who show significantly more outperformance like the rest of the market like Decentraland, Waves and Factom.
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The bearmarket will take longer than most people are anticipating it. The 9nly thing I like to see is outperformance of some coins like Steem for example. Right now there are already coins out there who show significantly more outperformance like the rest of the market like Decentraland, Waves and Factom.
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I am thinking it will bottom at 1100~1300
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