BTC is in a huge downward channel, at first i thought it was ABC correction, but we got repelled at 12k, so now its pretty clear its ABCDE instead.
That means the next stop is at 2.5k.
But in those crash-like situations panic selling usually drops the price way below the designated bottom of the channel, so i think its gonna go straight to 2k. May even touch 1k briefly.
Any TA faggots around here? Maybe im wrong?
inb4
>muh memelines
>believing what lines predict the future
>etc
2.5? ARE YOU MENTAL
Show me your proper meme lines then
100K EOM SCREENCAP THIS
Everybody saw the downtrend channel.
6000 was the 32.8% retracement, quite predictable.
It points to 2500 but that's a very bad scenario, Idk Trumps should ban Bitcoin or Binance should exit scam to go down there, really hard right now.
Sooner or late will berakout, been rejected again at the resistance would be bearish but now that bearish again.
objectively correct.
>proper meme lines
its going negative. miners will pay you to take bitcoin from them. the charts don't lie
Put a k at the end of my dubs eom
You're right OP
Ignore these fucking retards who don't remember Bitcoin was 1k a year ago
Utter delusion
Do you really think what news affect the price? I think they dont, people are just blaming the drop on any negative news that are currently floating around if the price is dropping.
As far as i remember Ripple started its run way before any positive news. Everyone was scratching their head and thinking "wtf is causing this run".
oh god, that chart is fucking great
nigga wtf are you even doing
those are the memeiest meme lines i've ever fucking seen. You're literally just drawing whatever you want but trying to make it look like you're doing something
SHOW ME THE PROPER MEME LINES THEN YOU FUCK, ty
$2.5k and I’ll sell my other nad for some more (I sold the first for LINK)
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>there is only one TAfag on Veeky Forums
If you can't see that TA is of variable quality then you're the brainlet
Elliot waves. So hot right now
Thanks op saving this for my collection of retarded TA cucks. You guys never learn, how much time do you have to get liquidated to stop ?
how do people get this fucking retarded?
Yeah, and ignore these fucking retards who don't remember that 2 years ago it was 0.1k
You stupid idiot
right on. opened this the other day because ez money
You're the only idiot
Bitcoin wasn't 0.1k 2 years ago either you stupid fucking idiot
Elliot waves are the biggest bullshit in TA.
There's so many ways to draw them it loses all meaning.
so you're telling me we're heading higher? Nice
The market can't be predicted. Also not surprised a TA fag like you couldn't understand the picture.
>m-muh TA
Go leverage x100 and become a millionaire since TA works.
Elliott waves are literally the most subjective pieces of shit in TA possible. The only thing it's useful for is marking up an already half-way complete wave pattern to speculate where it'll peak based on some resistance and support levels, market sentiment and price action.
If elliott waves are not used that way, they are bullshit. It's just a visualisation tool.
would worry me even more dumblet
You're retarded and so is your TA. Would take too much time to explain where you went wrong better if you figure it out yourself but 8900 is the lowest it will go
>blahblahblah
just show ur own meme lines retard
>The market can't be predicted. Also not surprised a TA fag like you couldn't understand the picture.
You don't understand what TA is then. It's a tool to identify entry and exit points based on current price action and market sentiment.
It is not a tool of prediction, and only retards like OP and you thinks it is. TA only identifies points of resistance/support. From there you can identify possible exit and entry points, possible trend reversal points and patterns. The person looking at the TA can take guesses at what's *likely* to happen, but won't ever be able to predict it, but it does help them to trade intelligently based on what the market does during and after these critical points.
There are *some* cases where you can make fairly accurate predictions, but they are few and far between. For example, a TAfag could've looked at BTC a few days ago and reasoned that a correction was likely, simply based on the fact that the growth rate was unsustainable with the current market volume, and that there was too little volume to break the downtrend from 20k (had they drawn trend lines they would also see a rising wedge, typical trend reversal pattern), and then make an educated guess that it would return to the growth rate before the bull run from 9k to 11.5k (thus ending up at 9.5k-10k).
idk, i think fibonacci lines would give elliot waves a run for their money when it comes to useless subjective bullshit
nah, its much more fun to watch you lose money
t. 7 years of watching crypto price movements
>too stupid to draw his own meme lines
>criticizes others
whatever, mate
Elliott waves and fib retracement can be used together to form a more complete picture, but again, it's still very speculative unless you have an already established pattern to work off.
For example, you have identified some key points of resistance and you have already a good way into wave 3 of an elliott impulse wave. You can speculate with some degree of accuracy what the retracement will look like and what wave 5 will look like by using fib retracement combined with the identified elliott wave pattern.
If you are already a good way into wave 5, you can do the same to speculate what the ABC correction will look like, if you think it'll be followed up by one. Elliott waves and fib retracements are subjective as fuck and can only be semi-reliable if you base it off an existing pattern.
Example of what I spoke about earlier, by the way, with regards to reasoning your way to a correction.
I don't need lines to tell what's going to happen, because I'm a genius.
*puts on flameproof suit*
10/10 post user, you spoke my mind