2018 Road Map for Bitcoin

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This idea won't be popular unless you are bearish on Bitcoin. I don't think BTC has finished its ABC correction. Currently, BTC is in a downtrend since its all time high of $19,891. The stochastic RSI on the daily clearly shows that we are overbought which means the price must come down in the short term. The daily RSI is in a downtrend as well. The 4th Elliot wave could culminate at the $3,000 support. I know, this is not what you want to hear and most of you may think that this is unlikely to occur. But, this idea isn't far fetched. Think about it. Bitcoin went on a massive bull run from $162 to $19,891 during wave 3. The correction should be more severe than $6,000 and last longer. Furthermore, we reached the top resistance on a log scale which suggests that we would move to the bottom like we did at the end of wave 2. One counter argument to this idea is that it costs $4,000 in electricity to mine BTC. However, the cost of electricity need not imply that BTC cannot temporarily touch $3,000. It won't remain there for very long since whales and smart buyers will swoop up the coins of panic sellers. Consider this correction as a formality for the price will return to the top of the ascending triangle. I predict $34,900 before 12/31/2018.

This is my personal opinion. Don't bet the house on my idea. This is not investment advice.

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A bullish scenario:

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Inverse head and shoulders formation on BTC & DGB charts:

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Inverse head and shoulders formation on BTC & DGB charts:

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A bearish scenario for BTC & DGB if BTC hasn't finished its ABC correction:

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Head & Shoulders formation on DGB USD log chart:

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If this BTC idea plays out then the alts will get slaughtered:

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BTC buy zone based on Fibonacci levels: $4,384 - $1,819

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BTC bullish pennant scenario:

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Questions for your consideration regarding Bitcoin: