Quick BTC update 19.11.2020

in HODL3 months ago (edited)

Bitcoin is likely to explode higher in the next 48h.

The obvious target is 20k. With this EW Triangle coming to an end, it might happen sooner than you think.

This count is invalid if wave e closes below wave c. That's a stoploss of only 50 Points! The risk to reward ratio (1:53) is insane!!!
If BTC breaks below the wave c low, we will likely see a quick drop ($500-$1000) and then it bounces back. Same 20k target applies in this case.

BTC is already moving up while I am writing this...

UPDATE:

UPDATE 2:

The small ABC correction is likely already done! Expect upward momentum.

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Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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You think 20k comes first... I was expecting tbh to see it at 15,000 in the following days.

Not owning BTC though and my hopes are for altseason.

Posted Using LeoFinance Beta

I am not expecting alt season before people start cashing out at 100k+😂.
This bullrun is different, there are a lot more HODLers like me, who will never sell (at least parts of their BTC holdings)

In this case i will have to wait a lot. Hope you're wrong 😀

Posted Using LeoFinance Beta

I definitely recommend selling at high 18ks to low 20ks. There will be a bigger drop after that

I have one count that predicts no drop whatsoever.
Yes, a drop is more likely, but not necessary at all.

Chinese miners have been having trouble selling for the last two months resulting in a supply crunch on the market. Once they go insolvent and the BTC they haven't been selling gets liquidated or when they get their problem with the Chinese authorities sorted, there will be a flood of BTC on the markets because the Chinese miners have a backlog of power bills to pay.

https://www.coindesk.com/bitcoins-rally-supply-crunch-in-china

Posted Using LeoFinance Beta

That's FUD. Miners only get 900 BTC per day. Let them sell an extra 100k BTC, it will be absorbed in no time.
That's the entire supply of 111 days btw.

You're right. The daily volume is $33 billion. 900 BTC is worth only about $16 million at today's price. While some of the trading volume is fake, 900 BTC simply does not change the picture much.

indeed, it|s all about probabilities. But I think it's at least 80% we see 13-14k again (but no lower than that). I am mainly basing this on fractal analysis; the last time we hit an all time high again back in the last bull run, a mild correction (~30%) occurred.