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
As forecast, a shallow decline occurred right at the forecast 619.32 level. Since then, price has steadied with multiple pinbars pointing to a bullish expectancy. All this remains in line with directional forecast. All targets remains intact and in force.
Cheers,
David Alcindor
4xForecaster
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26 JUL 2014 - Technical Addendum:
From Twitter:
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BTCUSD - Look for potential Wolfe Waves/#ElliottWave's Diagonal triangle geometric development:
via @TradingView ------------------------------------
Traders,
As indicated before, technical traders might potentially perceive the development of 1) Wolfe Waves patterns, 2) Elliott Wave's Diagonal Triangle, or a 3-Drives Patterns at this particular junction, especially as a reversal is expected per model.
I have added a descending triangle to highlight the potential development of such geometry. The points are enumerated as if the geometry under consideration fell under the Wolve Waves, even though it would also answer to Elliott Wave's and the 3-Drives Pattern requirements.
Cheers,
David Alcindor
artem.koloskov
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Looks like number 5 have been hit. Now to see if pattern plays out (and it played out a lot of times, since i learned about it from your charts:))
4xForecaster
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MACD - Oscillator (bars) is showing a rising moment, while trendlines are turning bullish
Stochs - Moving on to the bullish side following a positive divergence completion
RSI - Rallied from low 30's; now at 37, indicative a mounting bullish pressure
OVERALL - Looks like it could rise from the current price point.
LastBattle
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big bear flag happening now :D peeling through 560
4xForecaster
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Yes - 581.62 is not potential support, but not likely reversal - David
Asterix
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581 is support, but not likely reversal?
4xForecaster
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18 JUL 2014 - Update:
From Twitter:
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BTCUSD bulls continue to drilling thru bear cave (purple rectangle) towards light:
David, I read your posts above with great interest and appreciate you sharing your insight about when, how and why institutional traders move the market.
We have all studied the early years of the Bitcoin chart chart, arguably, there was little or no institutional interest. The chart patterns and wave relationships (fib ratios, corrective combinations, etc) have some similarities and some differences to the last year's chart - which can be said (from news announcements and public statements) to definitely include institutional players.
What is your take on this evolution? Bitcoin's price history must be unique, in that most currencies/commodities involve institutions from the very start. Market moves, prior to, and after institutional entry to the market place do not seem that different - as if the institutions also have constraints and limits of control over price...
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From Twitter:
BTCUSD steady at forecast 619.32; Outlook remains bullish
via tradingview.com
BTC LTC #bitcoin USD
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Crypto'ers,
As forecast, a shallow decline occurred right at the forecast 619.32 level. Since then, price has steadied with multiple pinbars pointing to a bullish expectancy. All this remains in line with directional forecast. All targets remains intact and in force.
Cheers,
David Alcindor