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Speculating in cryptocurrencies: A rough approach
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mnandii
#111 Posted : Wednesday, May 23, 2018 10:18:14 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
mnandii wrote:
mnandii wrote:


Bitcoin has been tracing out an Elliott Wave Triangle (wave (4) since last hitting a high of $19,000s. So far waves ABC of the triangle are complete. We are now in wave D where red wave [ .a. ] is complete . we await the completion of red waves [ .b.] and [ .c. ] .

An alternative count is that wave D is complete at $9800 and we should fall in wave E. Either way the market will give direction. In the mean time I expect bitcoin to fall further and target downwards of $8500, $8100 and probably $7700. The high of $9800 should be maintained for some weeks to come.




It appears wave [ b ] to theextreme right of the chart is not yet complete. Once waves (b) and (c) complete expect a move back up above 9800.

Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mnandii
#112 Posted : Wednesday, May 23, 2018 10:19:46 AM
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Joined: 10/11/2006
Posts: 2,304


Expecting Bitcoin to find a bottom at 7740 - 7530s. Thereafter it should rebound and target a move upwards of $10000.
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Stiffler
#113 Posted : Wednesday, May 23, 2018 11:20:07 AM
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Joined: 11/7/2017
Posts: 186
Location: Nairobi
tandich wrote:


Very well summarized....
If only the currencies would perform similarly this year.....!
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S.Mutaga III
#114 Posted : Wednesday, May 23, 2018 2:06:07 PM
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Joined: 3/26/2012
Posts: 830
mnandii wrote:


Expecting Bitcoin to find a bottom at 7740 - 7530s. Thereafter it should rebound and target a move upwards of $10000.

I was thinking along the same lines. It will bottom around 7500 and the uptrend will resume. I still dont think April was a bull trap because most alts had bled dry at that time. In my opinion, this is just a correction to a market cap of around 320billion -330 billion and the uptrend will resume. I also noted that platform cryptocurrencies will be the deal this year, not just coins. Platforms are the next big thing like Zilliqa, IOStoken,Cybermiles, Ontology, Loom Network etc. Judging from the performance of platforms in April, I can comfortably conclude that is where the smart money will go because they outperformed the market that month.
A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Mike Ock
#115 Posted : Thursday, May 24, 2018 3:40:35 AM
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Joined: 1/22/2015
Posts: 682
mnandii wrote:


Expecting Bitcoin to find a bottom at 7740 - 7530s. Thereafter it should rebound and target a move upwards of $10000.


Leave out wave analysis in cryptocurrencies. Crypto due to it's decentralized nature has no regulatory bodies and hence is easily manipulated by the largest stakeholders(currency owners, exchanges and miners). This is hot fire you're playing around with. I hope it's money you can afford to lose.
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sparkly
#116 Posted : Thursday, May 24, 2018 8:51:49 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Mike Ock wrote:
mnandii wrote:


Expecting Bitcoin to find a bottom at 7740 - 7530s. Thereafter it should rebound and target a move upwards of $10000.


Leave out wave analysis in cryptocurrencies. Crypto due to it's decentralized nature has no regulatory bodies and hence is easily manipulated by the largest stakeholders(currency owners, exchanges and miners). This is hot fire you're playing around with. I hope it's money you can afford to lose.


Agree fully. If ARM cement with land, equipment, emoloyees, cement in shops is falling down the cliff without signs of bottoming, how about cryptos which are not backed by any assets or sovereign power.
Life is short. Live passionately.
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mnandii
#117 Posted : Thursday, May 24, 2018 8:59:23 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304
Mike Ock wrote:
mnandii wrote:


Expecting Bitcoin to find a bottom at 7740 - 7530s. Thereafter it should rebound and target a move upwards of $10000.


Leave out wave analysis in cryptocurrencies. Crypto due to it's decentralized nature has no regulatory bodies and hence is easily manipulated by the largest stakeholders(currency owners, exchanges and miners). This is hot fire you're playing around with. I hope it's money you can afford to lose.

I wish you knew what you are talking about!

NO ONE manipulates large markets. NO ONE has that capacity to do so.

Research.
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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mnandii
#118 Posted : Thursday, May 24, 2018 9:00:54 AM
Rank: Elder

Joined: 10/11/2006
Posts: 2,304


Bitocin. The downward correction is over at $7400. A move to above $8600 will be good confirmation. Expect a rebound to targets $10,000 or $10830s
Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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sparkly
#119 Posted : Thursday, May 24, 2018 9:31:50 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
mnandii wrote:


Bitocin. The downward correction is over at $7400. A move to above $8600 will be good confirmation. Expect a rebound to targets $10,000 or $10830s



I liked your Elliot Wave analysis on shares. You lost me when you moved to applying the wave theory to socialnomics, health, dressing and now crypto currencies
Life is short. Live passionately.
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Mike Ock
#120 Posted : Thursday, May 24, 2018 11:38:47 AM
Rank: Member

Joined: 1/22/2015
Posts: 682
mnandii wrote:
Mike Ock wrote:
mnandii wrote:


Expecting Bitcoin to find a bottom at 7740 - 7530s. Thereafter it should rebound and target a move upwards of $10000.


Leave out wave analysis in cryptocurrencies. Crypto due to it's decentralized nature has no regulatory bodies and hence is easily manipulated by the largest stakeholders(currency owners, exchanges and miners). This is hot fire you're playing around with. I hope it's money you can afford to lose.

I wish you knew what you are talking about!

NO ONE manipulates large markets. NO ONE has that capacity to do so.

Research.

Here we go. The standard response by a crypto trader when their currency is questioned is to assume the critic has done zero due diligence and dismiss them. I'll have you know that I've been following Bitcoin for years and the manipulation is there in the following ways :

1. Miners simply stop mining when a currency falls to a price below what it costs to mine. This causes supply restriction and the price quickly bounces back to profitability after that

2. For the entire history of crypto, there has always been a dominant exchange converting the majority of the currency in circulation. Right now the dominant exchange is Coinbase and they are notorious for making their system throw trading errors during market panics to restrict demand and prop up the price. Also there is no crypto insider trading law so it's easy for operators of a big exchange like Coinbase to examine trading behavior on their platform and trade based on that information

3. The top 1000 owners of Bitcoin control up to 40% of the currency. It's very easy for them to trade large volumes with one another to prop up the price when necessary
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