How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Feature Request FAQ Help & Wiki Twitter
Long

# Medium-term Bitcoin still has some ways to go.

BITSTAMP:BTCUSD   Bitcoin / Dollar
625 7
Another look at the BTC chart, this time with a slightly different assumption for the end of primary wave 1 (blue box)
As intra-day chart shows a hidden 4-5 pattern. This seems to fit much better on the fibonacci scale than the last time.

For the chart I use a line (H L C /3) chart to reflect a weighted median price.

If this assumption hold, we can project a target for the end of (intermediate) wave 5. (Which would become the Wave 3 by measuring a fibonacci projection from the base wave 1 to 3 and place the scale at wave 4 which would suggest a {Profit Target 1} at \$926 for a normal fifth.
Then we could also project a fibonacci scale from the base of wave 1 to the end of wave 1 then place the scale at wave 2 and we'll see two Fibonacci resonance at \$926 and \$1346 for an extended fifth (which is rather normal inside a wave 3.

Over the medium term, I'll be going Long on the next dip around \$650 or if the price break previous high at \$690
This would give me a relatively short Stop-loss level and a good profit target.

There is also a chance that wave 4 has yet to end (probable target around \$653) Which is why I decided to wait a see for a few more days if the target will hold.
Comment: Correction Target still holds. Waiting to see if it'll break.
If the target holds then I can enter Long on the first confirmation signal.
EW(1)(2) and (3)(4) retrace are completed ? The fibs shows that both hit the same level.
BTCana
"IF" they are completed. (1)(2) should be, but (3)(4) is still questionable.
When studying EW I don't look for the correct picture, just the ones that aren't violating any rules and work from that probability.
piriya33
Do you also follow the rule that wave 3 cannot be the shortest ?
BTCana
Yes
piriya33
Annnnd that 4 just died :D
Target for Possibility 2 still holding though. wait and see.
Something else to consider is that the reason they have any value at all is scarcity because of Controlled supply. BitCoins have been around for 7 years and are in "Era 2". "Era 3" begins in 4 days (July 9th, 2016) at which point BitCoins become twice as hard to acquire. I also think this will increase their value.

https://en.bitcoin.it/wiki/Controlled_supply
http://www.bitcoinblockhalf.com/
Squiggs
Yes, Thank you.
As Andreas Antonopolous said, the price will either go up, or down but there will be reactions.
I have no idea which way it'll go but the chart suggests up. :)
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia

한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter