Just Being Honest...
...
When you watch the price of Bitcoin and cryptos everyday you get blinded by the fog of noise. Even if you have some sort of idea of where you think Bitcoin is going, it's easy to forget because of the daily news and twitter/social media sentiment is changing quickly. When you start counting subwaves and look for small trades you lose the idea and value of seeing the big picture clearly. I'm gonna present my primary count and prediction that's still valid and like I've said before, it looks good/bad depending on how you view it.
I also want to make a point and bring up a subject that has perhaps many do not know or think about. I started my Steemit and Twitter accounts 2-3 months ago and I saw my accounts grow at a fast rate during the alt season. As the sentiment has changed due to the crash, my follower growth has decreased as well. However, I do know that a lot of it has also to do with the content I'm putting out nowadays.
I'm no longer posting articles and tweets that promise 100-300% profit potential. Why? Cause I wanna be 100% real to my fans and followers that consume my content. In January, we entered a bear market and I truly think people should be cautious about investing more in volatile alt coins at this point. Therefore, I'm not gonna give people false hope that a fortune is waiting for us in the nearest time.
Do I believe you should buy cheap coins when the market is bloody? Of course. That's the what it's all about. But I'm not gonna advise you to try to catch falling knives just because I know what you want to hear. People that are stuck with shitcoins will always try to follow traders that provide signs of hope by shilling their coins.
So I just want to remind you that just because someone says that the market is looking bearish or that a specific coin has a long correction ahead, does not mean that they're trying to manipulate the market. Be open to all opinions. If someone is trashing your favorite coin, listen to what that person has to say and investigate it. It will do you better in the long term. Self awareness and being true to yourself will save you money.
Now on to the macro perspective on Bitcoin :)
ABC Correction
I still believe we're forming a big 3-3-5 ABC correction and that we will shoot up before correcting again. If we look at the waves, it seems that we could have hit the bottom for now as we touched the 0.618 fibonacci level.
RSI
Look at this beautiful breakdown of the RSI and how every deep dip has resulted in a major upswing. This confirms my theory that we could be heading up soon even if the overall sentiment in the market is bearish. Worth to note is that it's important that the RSI does not break the lightblue support line. We need to keep the momentum in order to make new impulses. It's also cool to see that Elliot Waves can be drawn on the RSI and they fit pretty well with the latest action and price moves.
Benkalashnikov Fund
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Initial investment: $995
Balance: $1108
Profit: +11.3%
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.