johnrfraser
Long

71% retrace (ish)

BITFINEX:BTCUSD   Bitcoin / Dollar
84 2 2
I believe we have seen a (nearly) 71% retrace so thought I would post the thinking behind it and gauge reaction.
The major blue wave started out from the January low and completed stages 1 & 2. So we are in wave 3 of the bigger blue impulse.
So the green cycle makes up wave 3 of the big blue one.
The smaller deep red cycle completed the first wave of the green cycle.
It is this wave that I believe we are retracing from, hence my 71% of the fib starting at the base of its rally and ending at $303.
We've retraced and now make our way up the 3rd wave of the green cycle.
I gather this should be big...as this will be 3rd wave of the larger blue cycle as well as 3rd wave of the intermediate green...so we should see some action which I hope will see us past $300.

My larger wave targets are based more on S&R zones than any proper EW proportions.
(apologies to EW aficionados for my numbering...I just don't like loads of brackets)

Other things. MFI             shows a bullish looking bounce and I wait to see if macd bounces off the diagonal line.
RSI showing some nice tops and there seems room for a good run up before the next peak.

Of course, this will be invalidated by a break down. Anything under $245 I guess. I will short below $260.

Interested to know if you agree/disagree.
HenrikLolsor
2 years ago
I sorta agree, same thing that happend mid-august of 2013
Reply
johnrfraser HenrikLolsor
2 years ago
Interesting, so that was just before it kicked off. I will have a look back. Thanks a lot.
Reply
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