BTCUSD update. I continue to hold my long position theory. Why? The bitcoin chart shows a white rectangle. This rectangle is the D1ATR range. This means that the exchange rate is mathematically within this range within a day. Half the D1ATR50% is a very strong level. It can be seen that the wave sequences generated within the D1ATR move symmetrically to this axis. But there are others. The fact that due to the increased volatility the "spikes" are formed symmetrically on this axis. Therefore, my long entry theory is still valid, as the exchange rate began to accumulate in the D1ATR range.
@meszaros, Thank you for your analysis. If BTC goes towards your target. Do you see a fall from there? DO you think this was bottom ?
meszaros
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@ESC_powered, I expect this movement. Of course, there may be adjustments. But I expect the target price higher. My analysis is working for now. In case it changes I will update it.
.....but looking along to the Winter 18/19 'bottom' structure to the left off the chart (not shown above), that support area is now looking like a Daisy standing in front of a Bulldozer.
Got be looking at 2K Bitcoin here......whether it bounces to 8K or not in the meantime, is another matter.....
....but if equities keep tanking, then surely Bitcoin will follow.
Girrad
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But it looks like a Bear Pennant. Which usually breaks to the downside.
mikeUkTrading
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@Girrad, I got the same. Retesting 3000k, it will?
meszaros
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@mike1244321, There has been no change to bitcoin since the publication of my analysis. My analysis is still valid. I can't say more now. I'm waiting too.
Captain_Walker
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I'd be surprised if it gets to 8231 any time soon (months). BTCUSD is likened to digital gold. It bears the same characteristics to gold except substance and mass. See here: i.imgur.com/2vJR5lq.jpg
Therefore I infer BTCUSD should suffer a similar fate to Gold when recession sets in. I know and see what the fractals say for BTCUSD. There are other kinds of probabilities at work.