Bitcoin | Page 39 | The Gold Forecast

A, B, C Phase; Attempt to Buy at Conclusion

Tuesday, February 23, 2021 - 17:25 by Joseph M. Wagner II

Bitcoin took a lose yesterday with futures (BTC #F) closing down approximately 3% ($1,630) at $53,900. BTC hit a high yesterday of $57,790, which was just above where we predicted an end to the current impulse wave, so we cannot safely assume we have entered a corrective A, B, C period. Today the A wave took us down yet another 10%, and BTC futures are currently trading at $48,140 on the CME.

Some headlines came out that may have aided this current price decline. Both of which were comments made by high-ranking financial figures. The first of which came from Elon Musk, who tweeted over the weekend, “BTC & ETH do seem high lol.” This statement’s bearish undertones were reverberated by a warning that came from Janet Yellen on Monday in which she stated, “I don’t think that Bitcoin … is widely used as a transaction mechanism,” she said, according to CNBC. “To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

The selling-off that I believe we are witnessing flowed over into the Ethereum market as well. The Ethereum Liquid Index ($ELX) is trading down another 9.7% percent, adding to the huge drawdown Ethereum experienced yesterday. Between these last two days, ETH lost nearly $500, equating to more than a 20% decline this week. Ethereum is currently pegged at around $1,500.

This week so far has seen major sell-offs in the first and second-largest cryptocurrencies. Bitcoin, which had surpassed a $1 trillion dollar market cap on Monday, now has a market cap of only $895 million.

So, where could this corrective A, B, C take us to? I believe the A wave could take us as low as $39k - $35k. Although it has already retraced over 38% of Wave five so technically speaking, it could conclude anywhere from $44,000 to $35,000. I see BTC reaching $35k in this A, B, C pattern, so it may be that we see a slight consolidation of our B wave before entering the final C wave. We can more accurately predict this corrective stage’s conclusion after we have our B wave conclude, Which I expect to see sometime this week.

Be prepared to buy Bitcoin at $35,000 as that is the likely conclusion point and best entry price. I expect we will more than likely hit in the next week and a half.

Proper Action

ße ready to enter from the long side at $35,000.

BUY Bitcoin at $44,000 (25% of investement capitol allocate to Bitcoin) .

BUY Bitcoin at $35,000 ( 75% of Capitol allocated to Bitcoin).

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Previous Reports:

Thursday, April 2, 2020 - 16:58
Bitcoin had quite a jump today with CME futures up over 10% at $6,870 as of 3 PM EST. Last night we had a jump in pricing that took Bitcoin futures up to $7,345. This recent action is very bullish and suggests that it BTC left its recent trading range and sideways activity and will soon likely retest resistance at just below $8,000 ($7,970) in the coming weeks. The resistance we see coming in... Read more
Wednesday, April 1, 2020 - 18:20
Bitcoin futures closed down today by approximately 1.8% at $6,355. Today’s lower pricing took Bitcoin back below the .78% retracement at $6,342 which it was able to regain footing above in the last few minutes of trading. This is the third day we tested this key level and BTC was able to close above it all three occasions. Two things are evident by today’s action. First that if Bitcoin futures... Read more
Wednesday, April 1, 2020 - 02:02
Bitcoin futures on the CME are currently at $6,475 up 1.5% on the day as of 5 PM EST. However the high of today at $6,600 is very telling and suggests range bound trading is set to continue. As we stated yesterday a break above $6,700 on a closing basis would be bullish and a break below $5,700 would be a bearish sign. The bulls have adamantly attempted to break out of the current range to no... Read more