I finally spat the dummy and just created a new chart layout without all the additional indicators displayed below the candlesticks.
Now we have some clarity at last!
If anyone has any idea how to publish an idea with displaying all indicators, please let me know!
As we can see from channels, yesterday we broke below the upwards channel drawn between Wave 4 and Wave 5 on a 'cycle' EW timeframe.
This wasn't maintained for long before a bounce back. I spent ~2/3 of my fiat account on various crypto's at this point - prepared for the price to not reach this low again, but also prepared to have some remaining funds for a further potential drop.
We are nearing the end of an ABC correction no doubts about it. What remains to be seen is if we are now beginning Wave 5 in a EW supercycle, or if this rally is temporary - a 'primary' Wave B within a 'cycle' Wave C, with a final (primary and cycle) Wave C drop yet to come, which would complete the correction before the supercycle Wave 5 begins.
In any case, my projection for bitcoin is $33,000 USD by March 2018. However, at this stage, this figure is a guestimate at best. I am constantly modifying my analyzes to account for the most recently available data.
The red box drawn still accounts for all my predictions and speculations on BTCUSD since 29th December 2017. I still believe we will see price move to within this box, but most likely not lower than $11,000 USD - price is unlikely to move within the lower half of the red box.
That being said, a foreseen future event often becomes a self-fulfilling prophecy - making it occur earlier than anticipated. We may well see this at play in the near future.
Comment
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BTCUSD is still following this projection nicely.
I think we'll see a little more consolidation over the next week (maybe less) - volume is drying up, momentum has slowed to a standstill, and volatility is very low.
We're also seeing candlesticks with tiny bodies, and long wicks.
This is the calm before the storm! When the breakout begins, we'll be seeing the start of Wave 5 on an elliott wave supercycle - exciting times ahead!
I think we'll see a little more consolidation over the next week (maybe less) - volume is drying up, momentum has slowed to a standstill, and volatility is very low.
We're also seeing candlesticks with tiny bodies, and long wicks.
This is the calm before the storm! When the breakout begins, we'll be seeing the start of Wave 5 on an elliott wave supercycle - exciting times ahead!
jjbb11
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BTCUSD is still following this projection nicely.
I think we'll see a little more consolidation over the next week (maybe less) - volume is drying up, momentum has slowed to a standstill, and volatility is very low.
We're also seeing candlesticks with tiny bodies, and long wicks.
This is the calm before the storm! When the breakout begins, we'll be seeing the start of Wave 5 on an elliott wave supercycle - exciting times ahead!
jjbb11
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Removed ending diagonal as it is seeming increasingly unlikely.
Most likely will see a running flat within a running flat.
Supreme_Llama
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lol what a mess
jjbb11
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@MaxKeiser, trollololololol
atomica
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@MaxKeiser, its actually very basic and a really nice chart. What a way to hurt the real Max Keiser's rep.
PNUTTY
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Hey Bro, Great work.
Are you finding the clouds useful for Bitcoin?
jjbb11
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@PNUTTY, Yeh I find them very useful - mainly for support/resistance levels, but also paying attention to when the cloud inverts, and to a lesser extent, when the convergence line crosses the baseline, as indicators of trend reversal.
There are lots of different techniques for using them but that's mainly what I use them for