How long Bitcoin continues on sideway?

2개월 전

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After a sharp fall in December 2018, which ended up the boring year in a full disappointment, we have had these sideways in BTC (I'm not gonna call it a rise, since it's more likely a correction or maybe a forth wave from an Elliot Wave downtrend started earlier, as we have discussed it in previous posts)

I planned to trade on this sideways as you can see in the image, with a risk to reward ratio of 3, buying around $3500, stopping my loss around $3250 and taking profit around $4250

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I just managed to enter a trade and take profit once, and I have evidences which shows I shouldn't try it for a second time. yes, I admit I'm a bit conservative, so if you are more risk taker, maybe you can act different.

let's not forget:

I AM IN NO WAY A MARKET PROFESSIONAL; USE YOUR OWN JUDGEMENT WHEN PURCHASING STOCKS AND OTHERWISE I AM NOT RESPONSIBLE FOR GAINS OR LOSSES THAT YOU MAY EXPERIENCE.

THE MARKET IS INHERENTLY RISKY, AND YOU SHOULD ONLY INVEST WHAT YOU ARE COMPLETELY WILLING TO LOSE.

I CURRENTLY HOLD INVESTMENTS IN STOCKS, COMMODITIES, MUTUAL FUNDS, REALESTATE AND CRYPTOCURRENCIES.

Here are my reasons to stop this sideway trade strategy and wait for another fall:

  1. The bearish momentum on weekly chart still shows strong bears in the market
  2. If I have been right about the elliot wave pattern, wave 5 is still on the way and I can expect lower lows like psychological $3000 level and even below
  3. the RSI gained 44 points from 10 to 54 with no change in price in the end, it shows the signal can get oversold easily again.
  4. The WMA200 has been tested once (successfully supported BTC) and we can expect another test to that level which is around $3250
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The fundamentals are improving daily with Lightning network growing exponentially.

I have made a post documenting how easy it is and a way to get some free satoshis to test it out.

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thanks, i will read it

We soon see what happens... if something not go up and we not see 5500 end of this month ... then this price stay low all this 6 or 7 months and end of the summer we start see something.... this what I see.


And As long as I've been here in this coin market ( 3-4 years) it is not lot :)) , I've noticed that after every big rise there has always been a two-year low price and after that prices have risen again.
I hope i have not misunderstood if this is the case then we still have this year's low price and next year should be recovery.. ( 2020 )
However, but when we have all this low price, I always think about what will happen if the Dollar start let air out. How this all then start look ... to we have small low move and then start BTC go fast up when all start see this is the best way to move values... and Gold will be also the best strong place where hold this values.

But we see soon ... And sorry my English week I was try text good.
Hi from Estonia :))

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You live jn a great country 👍 should be proud of it

I believe in the crypto market, as it's new, adaption (mass adaption) will change the game totally.

so the life span of a down can be reduced in coming years. I see these lows momentum till feb, then maybe a sideway for some months and then... second half 2019 may bring us excitement... 😉
what do you think?

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We see , this what I can say just now. Because we can infinitely make theories here, because this market is free... not like this old stock exchanges... where me normal human it is hard to go in if I not have fast some a few thousand or hundred thousands to have to make different windows on different stock exchanges... I think you know how complicated it is to make it.
But BTC ... you must have wallet and you can start :)) THIS IS BIG.... and it says lot how free it is. Just lot have not seen it jet.


And if it is ok I ask ... Why you think Estonia is cool ? :))

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thanks for your comment. I do agree crypto gives people a lot of freedom in finance and investment, as an asset, instrument, mean of transfer etc...

about Estonia, your government managed to make the country and the people rich and wealthy with minimum natural resources and just based on what they could DEVELOP not what nature had given them.

you should be proud of how your country transformed from what it was to what it is during 90s

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Yes this what lot say ... but there are also lot bad things also here ;))
first of all this year 2019 , all bank windows are under state control, they use our new digital plastic ID for what is now 95% the only thing you can use in the bank here... to pay your tax and bills.... the 5 % is this where you use your old Bank plastic cart to buy food :)) , But who controls the new card, it also sees all that you do.
The other thing is that the country depends on a large amount of European Union support money... all the country's buildings and roads and agriculture are under their money... If European Union want it can close are country immediately, just pull the wire out this all.
And I not joke they not say this if you not go and start find this info and also lot more.


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i see... every nation faces different problems. still the transmission from a soviet Union state to a super modern high tech country is honourable.

privacy and centralized power is two big concerns of modern life, I do agree with you. and maybe blockchain can help us, people, to have more control 🤞

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Npr :)) But we see soon when USA go bankruptcy with your own currency :))

It sounds like you think Bitcoin might move lower in the short-term.

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exactly

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I was a little surprised to see Steem trade above $0.40 USD when I woke up today.

@scaredycatguide mentioned that a move above that level would indicate it was becoming bullish, you might want to follow him (or her) as he gives decent forecasts.

Thank you for replying to my comment @honarparvar 👍🏼

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thanls for introducing him 🙏

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You're welcome 😊

2019 will be a gradual year of growth in crypto, and more importantly, the blockchain industry :)

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Do you really believe in that?
Cryptocurrencies will not recover this year and will not be so popular any more.
What about digital assets? the advantages are obvious!
https://u.to/Tdh9FA

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please don't spam URLs into comments 🙇‍♂️
I also believe 2019 would be a great year for blockchain and its adoption

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fingers crossed 🤞

Could be a while... several more months at least. Patience will pay. ;)

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i have no doubt we will see older highs again... as you said patience needed

I dont understand . but repeat allways . i think that exist a patron

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what didn't you understand?

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There is a possibility that the price drops ok I agree but I think that this year the price goes up to 4000 or more. Why?
the market will grow.

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as you mentioned, it's a matter of probabilities... we all may be wrong and unbelievable things happen....
I think the prices won't be at 2017 highs, till the 2nd half of 2019, in the best scenrio....

Do you think that this year will be a great year for our btc?

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yes I do, but never trade on others' determinations ✌

Its future price direction falls in the hands of Wall Street.

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well, that's a possibility which threatens its philosophy

Stop everything and hear me
I'm coming from the year 2025 and I see that the product will reach 1,000,000 $

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I like your attitude but you have no reasons, no evidence no proof, it's just a sentiment you have 😉

I waiting to bitcoin price

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the drop started, fifth wave