Bitcoin Possible Price Pathway - Based on Fractals and EW

scarlet7 (59)in #btc • 6 years ago (edited)

Here are a couple scenarios I see possibly replaying on this cycle up.

My other freehand pathways have been very close to the actual pathway, let's see how these do....especially the most bullish one to 12k (bottom pic):

scenario 2.PNG

Edit:
Obviously the channel could be seen as more narrow:

Probably a little more accurate revisiting:

#charting #analysis #busy #cryptocurrency

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pbgreenpoint (68) 6 years ago

I like it. I also believe that BTC bottomed out, is heading for slightly upward consolidation, and then the nice jump up.

$1.44

2 votes

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aydayodeji (50) 6 years ago

Would you advice a newbie like me to buy now at this rate?

$0.00

1 vote

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scarlet7 (59) 6 years ago (edited)

I can't make that decision for you. You really must do that yourself, and base it on your own experience, and learning to apply different techniques for analyzing the market.

This is the way I see the progression....make of it what you wish. If you are referencing this chart, notice I believe we are about to head to 9250 or so before another go upward. That doesn't mean wait to buy at 9250. The best way to enter a buying position is to be aware of the possibilities of the price pathway, and lay out a laddering buying scheme around those possibilities. If you don't view @haejin - you absolutely should. There are tutorials on laddering into and out of positions at the bottom of each of his blog posts.

Personally, I would ladder in at this point if I hadn't already. However, there are always alternate count possibilities....in which case being aware is your most suitable tool for that situation.

If you are in a position where buying means you have to buy on margin, and if it the price pathway goes back into the major correction, you'll lose all your money, then uncertainty will be abound (don't buy on margin). If you are buying straight with your owned funds (recommended), then yes, this is a situation where I myself would definitely be buying small amounts in the price dips....all the while knowing there is still a possibility that I will have to watch the price fall below what I would like again before coming back up, but also knowing that I am fairly confident in my ability to plot the pathway at this moment in time.

Hope that helps!

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