RE: How to be a Millionaire - Buying EOS as it Drops + Patients
A triangle like that, on a 30 minute chart, in a declining market, it might pop up, but I wouldn't give it much past 32,000 satoshi. It's something that might be an okay day trade. NAV looks like it wants to put a floor in at 24,000 satoshi. I think that floor holds for now, but it may decline below that later on. So I expect sideways movement in NAV, and later on in the sideways movement, the floor could slip to the downside.
My view is that when BTC is done going down, the market probably puts in a floor for new highs. From what you are saying about people in New York being so interested, and what I saw with the Russian exchange, it has made me more bullish once the declines are through. So BTC floors, then it should pop first, the following days ETH, and other high grade coins follow... few days later maybe Dash, Ripple, and some other in the top 100 hit. It's in this tier 3 rally is where NAV could pop again. I think BTC needs to move first.
Something to keep in mind. A 5k top was one of the most predictable moves in bitcoin. I know of at least one other person calling that top. It was so predictable it did not hit 5k on most exchanges because the selling hit just under 5k.
What this means is there are a ton of traders / investors with spare cash like myself, and they will be buying at that Elliot wave target (3,600). It does not mean Bitcoin is done going down then, maybe it never even makes it that far, or maybe it goes farther... either way, whatever it bottoms out at 4k to 3,600k, when the people loaded with cash go long again, it will be enough to propel the market back up to 4,600+. Very likely, it will move near 5k for a retest to see if we can break higher. If there is going to be some long-term correction, the market will probably give us a solid exit point above 4,500 on bitcoin.
I may very well buy down at 3,600 or when I think it bottoms, ride it up to 4,800 BTC, sell, and wait. If we break new highs, I would just go long again. Either that or I could watch it on a hour by hour basis when it begins rallying again to see if the highs can be broken.