BITCOIN - $BTC - The Digital-Currency Revolution #Phase 5
Analysis
Bitcoin is currently trading at its best highs since January 2018. Allowing for temporary setbacks, the trend should be pointing higher, ultimately towards a challenge of the December 2017 bull market peak of 19764.
For additional reading on the subject, the article is the purpose for which we wish to share it with you all here
www.wsj.com/art...ency-1422035061?mg=id-wsj
Bitcoin is currently trading at its best highs since January 2018. Allowing for temporary setbacks, the trend should be pointing higher, ultimately towards a challenge of the December 2017 bull market peak of 19764.
For additional reading on the subject, the article is the purpose for which we wish to share it with you all here
www.wsj.com/art...ency-1422035061?mg=id-wsj
Trade active:
Outlook: Higher in a subdividing third wave pattern against 9858.94.
Analysis: As discussed yesterday, the mostly sideways trading in BTC suggested a small degree fourth wave triangle was unfolding. With the trust above 15822.95 today, we can consider the triangle complete and a fifth wave to new highs underway. This would be in wave ((5)) of i of (iii) as shown below.
We'll raise working support to 15105.60, where the triangle ended.
Key Levels:
Above 15945.59, 19870.62
Below 13298.55, 11228.04, 9858.94,.8848.18
Outlook: Higher in a subdividing third wave pattern against 9858.94.
Analysis: As discussed yesterday, the mostly sideways trading in BTC suggested a small degree fourth wave triangle was unfolding. With the trust above 15822.95 today, we can consider the triangle complete and a fifth wave to new highs underway. This would be in wave ((5)) of i of (iii) as shown below.
We'll raise working support to 15105.60, where the triangle ended.
Key Levels:
Above 15945.59, 19870.62
Below 13298.55, 11228.04, 9858.94,.8848.18
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Trade active:
Trade active:
Bitmex open interest > 431,012,994
LONG POSITION
LONG POSITION
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Comment:
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After completing 5 waves down, we are in the process of printing a 'counter-trend' corrective move with major resistance between $17.490 (textbook previous 4th wave), and the more traditional 50%; 61.8% retracements at/near $18,000.
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The 0.382% retracement of the decline continues to act as resistance. The substructure of the corrective move indicates could yield a move to the 0.236% retracement before rolling over further.
The 0.382% retracement of the decline continues to act as resistance. The substructure of the corrective move indicates could yield a move to the 0.236% retracement before rolling over further.
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Trade active:
Breaking above $19958 is the next upside objective for the bulls.
Bottom Line: A fifth wave rally is in its early stages.
Note: Prices can vary between exchanges, and consequently there may be differences in our chart prices due to different data sets.
Breaking above $19958 is the next upside objective for the bulls.
Bottom Line: A fifth wave rally is in its early stages.
Note: Prices can vary between exchanges, and consequently there may be differences in our chart prices due to different data sets.
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Trade active:
Awaiting evidence of bigger wave degree Bull trend resumption.
Outlook: Near term penetration of 47131-48389 cluster resistance should clear the path for impulsively exceeding 64789 up from 30321. Shorter term, price trading above 42386 up from little if any under 33522 should then prompt the desired assault on that cluster resistance.
Repeat: Wave 4 may have ended, but we'll need to see key levels exceeded to bolster that possibility. Holding the 30321.04 low is critical to the case for a bottom.
Analysis: While upward price progression from the 30321 remains choppy, it just takes price exceeding 42386 up from little if any under 33522 to more confidently argue that small wave degree "third-of-third" robustly impulsive buying pressure is emerging out of a choppy series of coiling "one-two's" finishing or nearly so at the 33522 recent swing low.
Repeat: BTC continues to struggle to gain the upside as recent advances continue to be sold. The break above the 42386 key level has remained elusive. We'll want to see today's setback not exceeding the 31257 low of last weekend. Even more critical to the bullish case is the May 19 low of 30321 not being violated.
Awaiting evidence of bigger wave degree Bull trend resumption.
Outlook: Near term penetration of 47131-48389 cluster resistance should clear the path for impulsively exceeding 64789 up from 30321. Shorter term, price trading above 42386 up from little if any under 33522 should then prompt the desired assault on that cluster resistance.
Repeat: Wave 4 may have ended, but we'll need to see key levels exceeded to bolster that possibility. Holding the 30321.04 low is critical to the case for a bottom.
Analysis: While upward price progression from the 30321 remains choppy, it just takes price exceeding 42386 up from little if any under 33522 to more confidently argue that small wave degree "third-of-third" robustly impulsive buying pressure is emerging out of a choppy series of coiling "one-two's" finishing or nearly so at the 33522 recent swing low.
Repeat: BTC continues to struggle to gain the upside as recent advances continue to be sold. The break above the 42386 key level has remained elusive. We'll want to see today's setback not exceeding the 31257 low of last weekend. Even more critical to the bullish case is the May 19 low of 30321 not being violated.
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Comment:
Trade active:
Blockchain is the Future!
Target 150k!