BTCUSD Price Manipulation and Elliot Wave Correction
~BTCUSD~
Reasoning:
- CME Futures to expire on the 26th of January - this will lead to a rise in the days before the 26th due to manipulation to fulfil the long trades
This also happened with the CBOE Futures market which closed at the lowest point of the crash on the 18th.
-Elliot Wave Correction
-Clear Downtrend
Conclusion - Short:
Short when the price reaches the major resistance point.
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Reasoning:
- CME Futures to expire on the 26th of January - this will lead to a rise in the days before the 26th due to manipulation to fulfil the long trades
This also happened with the CBOE Futures market which closed at the lowest point of the crash on the 18th.
-Elliot Wave Correction
-Clear Downtrend
Conclusion - Short:
Short when the price reaches the major resistance point.
~Drop a like if this helped you in any way ~
Comment:
Everything going as planned. Expect to see either a double top and a crash all the way down below the 8000's or a breakout through the resistance point to a bull run
Comment:
~News~
It seems that Bitcoin may move lower faster than expected as news that South Korea is taxing Exchanges with a massive 24.4% per year! This has ultimately pushed down the price down.
~Conclusion: Short~
I believe that the price of bitcoin will take a slow descent until the 26th and then another major crash as the futures expire. From that point, we will hopefully have good news to push the price back up or in a worst-case scenario, a drop to $4000.
It seems that Bitcoin may move lower faster than expected as news that South Korea is taxing Exchanges with a massive 24.4% per year! This has ultimately pushed down the price down.
~Conclusion: Short~
I believe that the price of bitcoin will take a slow descent until the 26th and then another major crash as the futures expire. From that point, we will hopefully have good news to push the price back up or in a worst-case scenario, a drop to $4000.
Comment:
Turns out there was a Diamond Bottom which caused the price to reverse and continue to follow my original pattern. Also, my elliot wave was placed a few hours late. Expect the crash to come a few candles before my original prediction.
Comment:
At the moment, I am not seeing the signs I anticipated in the hours before the crash. It looks like the bears have not moved to push prices down prior to the futures expiring but there still is a chance that it could happen.
Comment:
Bitcoin:
The crash has come with an expected double bottom as it would be WAY to hard and costly to manipulate prices down below 9000 and would be against what the futures holders master plan. Bull run expected after this.
Buy: $9200 | 75%
Buy: $8500 | 25%
Altcoins: When bitcoin bottoms at these prices buy up. It is very unlikely that bitcoin will drop further.
The crash has come with an expected double bottom as it would be WAY to hard and costly to manipulate prices down below 9000 and would be against what the futures holders master plan. Bull run expected after this.
Buy: $9200 | 75%
Buy: $8500 | 25%
Altcoins: When bitcoin bottoms at these prices buy up. It is very unlikely that bitcoin will drop further.