4xForecaster

#BitChina Stomped At Its 2-4 Line; Bears In Force $BTC #bitcoin

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
As discussed in the larger time-frame, an interim rally is expected to occur before decline resumes.

Background geometry here is offering a framework for this nascent dynamic, as price is expected to reach the price level level of Point-4 as a high-probability event, versus a 1-4 Line attainment.


snapshot


Independently, the Predictive/Forecasting Model remains open to its most bearish target at 1089.93, defined on April 10th - See larger analysis here:
Predictive/Forecasting Model Eyes 405/575; So Do Market-Geos.
, as well as smaller frame analysis here:
Driling Thru 1445 Opens Floor To 1089.93 Target | #bitcoin $BTC
.


David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA


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David Alcindor, CMT Affiliate #227974
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2x-Short
2 years ago
thanks for sharing youre the man. this is what i see. question is will btc hold up at these levels after hitting the 1.27 extension, or will it pull a #bitcointhings and full retrace
snapshot
+1 Reply
Burrmarket
2 years ago
On point David. Thank you for sharing!!
+1 Reply
manipuflated
2 years ago
The chinese market seems much more calm.
+1 Reply
4xForecaster PRO manipuflated
2 years ago
@manipuflated - If you have access to real volume data, then see if an unusually SMALL candle/bar is associated with an unusually LARGE volume spike ... Boom.

David
+1 Reply
manipuflated 4xForecaster
2 years ago
One red volume spike in particular was about 2000 coins in 15m, but the price candle hardly changed that period.
+1 Reply
4xForecaster PRO manipuflated
2 years ago
@manipuflated - I would need to see it relative to other volume spikes, but typically, when an enormous volume is occurring right at a candle that is not moving, then expect that a manipulative event is occurring at that moment, at that candle - The best way to envision it is a "Stuffing" moment, or loading OR unloading of a position, while the price is being held down, much like someone is holding the door of a train and filling it (or unfilling it) with passengers, keeping the train from moving out of the station, so to speak.

I say loading or unloading, since volume only refers to intensity of activity. In most program, it will change color depending on whether the candle/bar with which it is associated has a close above the open (GREEN) or below the open (RED).

In future price action, this level will become a significant pivot, or may already be acting as a reversal.


David
+1 Reply
giuseppesoio
2 years ago
Hello David, following your analysis i've noticed this other pattern.




I have followed the rules for this pattern and seems to be validated. What do you think ?

Thanks for your work
+2 Reply
giuseppesoio giuseppesoio
2 years ago
snapshot
+2 Reply
4xForecaster PRO giuseppesoio
2 years ago
Hello @giuseppesoio - Yes, this is exactly the pattern sought. The smaller 1-3 Line needs to remain connected, and does not need to connect with Point-5. However, if Point-5 reverses near, but not at the 1-3 Line, this may sometimes signify a larger counter-directional force ... In this case, this may signify a bullish force that may bring price to higher levels than the geometric 1-4 Line.

Very nice. Thank you for sharing in this thread.


David
+3 Reply
giuseppesoio
2 years ago
Hello David,

Still practicing WW patterns. Could this develop ?


snapshot


Thanks,
+1 Reply
4xForecaster PRO giuseppesoio
2 years ago
@giuseppesoio,

It is not an ideal one (i.e.: lacking the ab=cd reciprocal symmetry of the 1-2 leg, and possibly emerging off of an incomplete Elliott Wave IMP ... I am not sure, as I'm still away from my laptop ... Still on vacay), but it certainly has promising features.

Please, let me know whether you were successfully trading this riding 4-5 leg ... Use the Fibs extensions from the 1-2 leg, 2-3 leg and 3-4 leg, looking for clusters at 1.131, 1.272, 1.313, 1.414 and 1.628 extensions.

David
+1 Reply
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