After rearranging the and aligning it properly with our current triangle we can see that were spot on the last pump within the triangle before we break out of the triangle. Initial top of triangle is $435 on Bitfinex and if all goes to plan we will blow past it to $450-448 then go back down to retest $426-421 before the megabull picks up steam and moons.
From there we have several potential targets but the goes to $8100 per which I find exaggerated.
My more conservative targets are: $680-700 and $900-850 and $1500 and $2500
For now the bears do not have a case in my opinion as $400 held as support and we had no new lows. However, note that if March 27th passes (give it to March 31st max) and we fail to break the top of the triangle ($435) and reach $450, then it is highly likely that the megabull cycle failed again and bears will take over. If I see a change I will first post on my twitter account and then follow up with a new chart when I have time on TV.
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If by March 31st we keep curving down and doing bull traps, bears will drop this down to $327-320 if not lower. Unfortunately bulls are running out of time. Please be careful using leverage right now is not a good time unless your long from $350-380 still.
Best strategy right now is to wait and see if we are able to go above $430 by March 31st before taking any position at this point.
I see only two bullish scenario possible at this moment:
(A) We complete the big yellow triangle in April and Bitcoin does not take any direction by staying in sideways or congestion above $400 until May 2016
(B) The Megabull will still occur but delayed: But Bitcoin needs additional accumulation/consolidate time outside the initial 36 days consolidate range as this triangle is way bigger than the 2010-2013 mini triangles.
The call was spot on and I even stated that Bitcoin will pump and most likely ETH will be heading down and I see ETH starting a bear market while Bitcoin slowly curls up for a breakout towards $450 and then the megabull.
So we are indeed seeing scenario B which is a delayed megabull that should get to $450 within the next 2 weeks. It will be boring as a crawl up but we will get there once the fomo sets in and all the bears convert to bulls!
I will publish a new updated chart soon. Happy and safe trading :)
Triangle broke down to the downside.
Please be patient and do not try to buy the dip for now until the bigger picture develops
Next targets 375, 320-315, 26-275
This move from ATLS to BTC marks the preparation of the big Bitcoin move. I am expecting this move this week of April 11. I will leave it to the below 2 charts for bull and bear scenarios for now- happy trading:
Using "daily" time node right now we are in a 21 days cycle in which bulls failed to break up. imo the market chose the direction it wants to go at this point and its down. Nothing fully conclusive though, we still have few days ahead and things could still change.
What's your view you are still bullish on the monthly?
If you are talking about time at mode, you have a misconception about it.
The monthly shows a triangle, but we're at a 14 month level, around 2660 in okcoin and btcchina.
I don't see a reason to be bearish on it honestly.
152 days have past, where price was range boung, in a tighter and tighter range.