A real short comment on direction here. First, in not so graceful way, price hit the qual-target TG-Lo = 470.43, which by its definition, finally ended up acting like itself, reversing price to higher highs.
While 479.98 is the conditional Hamburger Hill that remains to be taken by mud-blooded bulls, I will go ahead and post this CONDITIONAL (i.e.: IF ... THEN ... ) Quant-Target as a next level of embattlement.
This quant-target is as follows:
- TG- 1 = 485.36 - 09 SEP 2014.
To be clear here, the condition is a Break-Across AND Close Across 479.98, where bears are entrenched.
Indeed, the most recent incursion into this ursine territory triggered bears to carve that first candle top down to its wick, and clawing the following two candles into skeletal reversal patterns known as doji - So, here it is, the mood is set.
I expect bears to gain momentum after an overnight encampment at the support level highlighted, before renewing another climb to take out that 479.98 altitude.
IF and ONCE that level is surpassed, next level opening up for another eternal battle is TG-1.
Note that prior TG-1 = 490.03 and TG-hi = 495.17 are likely contenders as well. But for now, it's beefing up time for the bulls.
Cheers,
David Alcindor Predictive Analysis & Forecasting Denver, Colorado - USA
I'm going through 4xForecaster BTC analysis withdrawals :) We've broken below your previous low target, does the model (which I assume is still bearish) have any new targets?
noto1235
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i am waiting for David's analysis too.... i think we will go down to 366-375 range ...and hopefully that would be the end of this mega bearish cycle .
4xForecaster
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10 SEP 2014 - Update:
From Twitter:
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BTCUSD hit target; recedes from older target; rests on new one; BULLISH outlook:
popping 495 considerably will confirm the trend reversal? or its already confirmed that were going to the 500s? wondering whats ur opinion dave :)
4xForecaster
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Hello @Elix - Bullish trend reversal confirmation remains pending, but early signals are there for sure. Hurdles at 490 and 495 could provide a sense of relief to the visually expectant trader needing a sunroof overhead, but that won't do for signal, though - David
kmk.msp
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@David...are you witnessing KOD on nzdusd as ashraf laidi has twitted
From Twitter:
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BTCUSD sits @ 61.8%. Support @ 466/468 range; Model still bearish, though:
via@TradingView | BTC #bitcoin USD
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David Alcindor