The different lines of the chart are:
BTC/USD
BTC/CNY
BTC/YEN
BTC/WON
BTC/EUR
BTC/USD INDEX (AREA)
BTC FUTURES
In my opinion and how I did it in the previous chart, this intense increase, demand an imminent correction when reaching the values of USD 2,200 / 2,300 or in a second scenario USD 2,500 / 2,600 to make a sharp decrease to 1,900 / 1,800
Attached below is an article to draw your own conclusions from the authorship of Mr. Carlos Maslatón
Thanks to the followers, likes and for your valuable time.
I have been asked for explanations in recent weeks about the reasons why Bitcoin is developing upwards with the intensity and speed shown from last March 25. The technical reasons exist, I have been anticipating in these columns, but the time has come to classify in more detail the movements developed and those that are to come, for the BTC / USD exchange ratio. In this sense, it is fundamental to understand the nature of the correction offered by the product between January 5 and March 25, conditioning and determining everything we are seeing now. On January 5, at 1146 USD, we concluded the bullish climb started two years earlier, starting January 18, 2017 from USD 152. This 1000% expansion is in fact the first upward wave that happens to the great bear market (November 2013 to January 2015), and ends clearly with 5 full waves at 1146 USD on 05/01/2017. Well, we immediately see a violent week-long fall to USD 749 and then a non-core recovery to USD 1353 during the weeks when it talked about the authorization to market a BTC ETF. After 1353 another violent descent happened, coinciding with the theme of the Hard Fork until the 888 USD of the 25 of March. The structure formed then between 05/01/2017 and 03/25/2017 (1146-749-1353-888 USD) constitutes in my opinion a clear "continuous plane" or a "running-correction", the weakest figure Existing that can correct an impulse, and appears exclusively in waves 2, thus predating to violent waves 3, where these become the 1.618 of the size of 1 or preferably of 2,618 of the size of 1, not discarding up to 4,236 of Fibonacci of size 1. Wave 1 had, if not clear, an extension of 994 USD arithmetic, represented 6.54 times of logarithmic rise. It means that if wave 1 was deployed 6.54 times from the base, the same size as wave 3 added to the completion of wave 2 at 888 USD brings us to 5807 USD, but more preferably pointing to the logarithmic 1,618 of 6 , 54 times higher, we should find a bitcoin of 9397 USD ideally for the third week of November 2017 or for the third week of April 2018. Now, let's get down to the shortest term. 1008 USD raised the BTC since the end of the low at 888 USD, after landing in 1896 about 10 days and then falling to 1640 USD. Since the present rally is a wave 3, within a wave of higher grade 3, I expect that the bullish force of these days will not be altered by any bearish recoil of importance. Therefore, I estimate we will see a BTC very soon in the USD 2648, although my technical preference is now for the achievement of USD 3271 for the first week of July 2017. The numbers impress, of course, but the running-correction for The story that the BTC left impregnated in the chart between January and March means something and is surely giving us the technical signal and the most valuable philosophical message in the history of Bitcoin.
BTC/USD
BTC/CNY
BTC/YEN
BTC/WON
BTC/EUR
BTC/USD INDEX (AREA)
BTC FUTURES
In my opinion and how I did it in the previous chart, this intense increase, demand an imminent correction when reaching the values of USD 2,200 / 2,300 or in a second scenario USD 2,500 / 2,600 to make a sharp decrease to 1,900 / 1,800
Attached below is an article to draw your own conclusions from the authorship of Mr. Carlos Maslatón
Thanks to the followers, likes and for your valuable time.
I have been asked for explanations in recent weeks about the reasons why Bitcoin is developing upwards with the intensity and speed shown from last March 25. The technical reasons exist, I have been anticipating in these columns, but the time has come to classify in more detail the movements developed and those that are to come, for the BTC / USD exchange ratio. In this sense, it is fundamental to understand the nature of the correction offered by the product between January 5 and March 25, conditioning and determining everything we are seeing now. On January 5, at 1146 USD, we concluded the bullish climb started two years earlier, starting January 18, 2017 from USD 152. This 1000% expansion is in fact the first upward wave that happens to the great bear market (November 2013 to January 2015), and ends clearly with 5 full waves at 1146 USD on 05/01/2017. Well, we immediately see a violent week-long fall to USD 749 and then a non-core recovery to USD 1353 during the weeks when it talked about the authorization to market a BTC ETF. After 1353 another violent descent happened, coinciding with the theme of the Hard Fork until the 888 USD of the 25 of March. The structure formed then between 05/01/2017 and 03/25/2017 (1146-749-1353-888 USD) constitutes in my opinion a clear "continuous plane" or a "running-correction", the weakest figure Existing that can correct an impulse, and appears exclusively in waves 2, thus predating to violent waves 3, where these become the 1.618 of the size of 1 or preferably of 2,618 of the size of 1, not discarding up to 4,236 of Fibonacci of size 1. Wave 1 had, if not clear, an extension of 994 USD arithmetic, represented 6.54 times of logarithmic rise. It means that if wave 1 was deployed 6.54 times from the base, the same size as wave 3 added to the completion of wave 2 at 888 USD brings us to 5807 USD, but more preferably pointing to the logarithmic 1,618 of 6 , 54 times higher, we should find a bitcoin of 9397 USD ideally for the third week of November 2017 or for the third week of April 2018. Now, let's get down to the shortest term. 1008 USD raised the BTC since the end of the low at 888 USD, after landing in 1896 about 10 days and then falling to 1640 USD. Since the present rally is a wave 3, within a wave of higher grade 3, I expect that the bullish force of these days will not be altered by any bearish recoil of importance. Therefore, I estimate we will see a BTC very soon in the USD 2648, although my technical preference is now for the achievement of USD 3271 for the first week of July 2017. The numbers impress, of course, but the running-correction for The story that the BTC left impregnated in the chart between January and March means something and is surely giving us the technical signal and the most valuable philosophical message in the history of Bitcoin.
