Jopendus
Long

Bitcoin Tetherball-to-the-Scrotum Theory

BITFINEX:BTCUSD   Bitcoin / Dollar
***It's like if you threw a tetherball and watched it wrap tight around a pole until it reverses, unwraps, and at the end of it's reach it happens to hit a bull in the scrotum, wakes him up, and starts a stampede.

I was looking at Okcoin btc/cny             and I started noticing symmetries, that chart is at the bottom

I took that approach and applied it to Bitfinex and this is what I came up with. The initial symmetry that sparked the idea is in the smaller red box in the middle. The two range defining moves within it are pretty much the same size and shape. And there is a main S/R line in the middle like a tetherball pole that price is swinging around. I made the mid point the break of that s/r line between the two small similar moves.

After piecing together the small middle box I extended the s/r line and saw it was reasonable to extend the symmetry too. I like this idea a lot because it includes a bearish pre-rally dump to stoke uncertainty, and embolden the bears. And the symmetry leads right to an OTE             and volume notch.

So, based on all this I think there will probably be a sell-off this weekend and then the idea is:

Buy 218-225 sometime around next weekend 10/9-10/11
Sell 268-276 sometime around the weekend of 10/23-10/25

I think there is more bullishness beyond that and that this symmetry completing and landing in the 270s could be the spark to ignite a possible range-breaking bull run. Since 315 is now an obvious short there should be plenty of fuel there next time to plough through it, whenever that may be... That's a topic for a different chart though, this chart has enough going on.

snapshot
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