4xForecaster
Long

Bulls Held At Bearish Trench ... Bullish Outlook | $BTC #Bitcoin

BITSTAMP:BTCUSD   Bitcoin / Dollar
4619 64 13
Friends,

As twitted multiple times so far, the 652.26/666.74 overhead resistance was forecast as a difficult bearish entrenchment against which bull might endure a protracted battle.

Also mentioned was the speculative Kiss-of-Death pattern which I explained might develop along the course of this overhead resistance, to ultimately find a technical support (not from predictive model, but purely structurally-driven) at 613.03.

At this point, I decided to produce a new chart so that we may concentrate on this small, but important pivotal event: Small in terms of expected price range, but pivotal, as a break of this overhead resistance range would provide the bullish market reversal confirmation signal.

Feel free to consult the recent analyses in the linked references associated with this chart. Your prior comments and contribution are highly appreciated, as well as your kind referral to friends and colleagues: Thank you for it.

Cheers,


David Alcindor
Predictive Analysis & Forecasting
Denver, CO USA


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Twitter: @4xForecasting
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David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster
28 JUL 2014 - Update:

From Twitter:
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$BTCUSD reached target @658.22; Completes Wolfe extension at 5-second (5"):

snapshot


via @tradingview | $BTC #bitcoin
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snapshot



As indicated before, numerical targets (i.e.: TG-1, TG-2, or TG-3) do NOT likely define a reversal level, as opposed to TG-Lo or TG-Hi, which define a reversal at a low or high value, respectively.

At this point, all numerical targets have been reached, leaving TG-Lo = 568.22 as a low-probability, high-reversibility level.

I encourage you to Google the plotting of Wolfe Waves pattern (WW) to appreciate the completion at Point-5, Point-5' and Point5". This geometric completion stands alone and independent of the forecasting that has defined TG-Lo, making this price extension a much lower probability.

As defined before, IF and once a TG-Lo (or a TG-Hi) level is reached, a strong probability of reversal event exists. But it has yet to get there to reach that reversal likelihood.

What is occurring at this point is a "arm-wrestling" between a geometry with the WW and my prop forecasting method.

Good luck.

David
+1 Reply
LastBattle 4xForecaster
$570.... almost hitting :D
wow this is interesting...
Reply
johnrfraser 4xForecaster
Pretty hard MFI bounce but everything else looks like it still has room to go...do you think this looks like the bottom?
snapshot
+1 Reply
4xForecaster PRO johnrfraser
Hello @johnrfraser - Predictive model defined a reversal at the current price point, which corresponds to a TG-Lo defined last July 26th - See following chart:

snapshot


I will move the discussion on to that new chart, just to keep comments and eyeballs up potential rally, if indeed TG-Lo is correct - Here is the link to that new chart and discussion thread:

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Target hit Dead-On; Expecting Reversal | $BTC #bitcoin #forex


Cheers,

David Alcindor
Reply
27 JUL 2014 - Update:

From Twitter:
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$BTCUSD opted for a complex pattern at 5-prime. Look for 581.62 next:

snapshot


via @tradingview | $BTC $USD #bitcoin
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snapshot


David Alcindor
Reply
LastBattle 4xForecaster
581 broke too... more sell orders are now gathering around 579~581 :(
Reply
Asterix LastBattle
There is strong support on Stamp at 575. Although the speed of price erosion is concerning :(.
+1 Reply
LastBattle Asterix
At least I'm long, not too worried about the sell off since its part of my 5 year investment :P I don't count by my fiat but Bitcoins. These 2 wave of dump gave me 3 BTC for free xD

I'm converting those extra BTCs earned to NXT while maintaining the current BTC count
Reply
27 JUL 2014 - Update:

From Twitter:
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$BTCUSD completes Point 1-4 of a 5-point pattern

snapshot


via @tradingview | $BTC #bitcoin
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snapshot



David Alcindor
+1 Reply
4xForecaster PRO 4xForecaster
Point-5 remains questionable on the back of a continued possibility of a potential 5-prime development (Wolfe Wave), which Elliott Wave's Diagonal Triangle would see as a "Throw-Down" signature.

A condition of completion would be a price crossing above and closing above Point-4 (structural condition).

David Alcindor
+2 Reply
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