JoniLindholm

Long Term Bitcoin Chart

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Comment: This could be just a correction instead of a new supercycle, however, not according to the timescale. The triangle could of course break down or breaking up could be wave iii of wave III etc.
Trade active
Comment: Looks good. 3000 CNY will confirm the uptrend. Interesting two months in the head of us if this will come true. ;)
Comment: Uptrend confirmed. Wait for the halving.
Comment: Not sure about the elliott wave analysis but price should increase faster in the next months thanks to the block halving. Inflation has decreased and it should definitely have an steady and slow effect to the price.
Comment: A new triangle has formed since the last drop and it will break up this or next week - it can take some time before the trend continues upward. I think it will be a start of third wave and we are inside an extended wave since the last larger triangle.
Comment: Next peak will happen on February 2017.
Trade closed: target reached: Position closed. Profit 90%. Waiting for a correction or larger trend reversal.
Trade active: Position continues.