Bitcoin could still be in an ABCDE triangle correction
Food for thought… Bitcoin could still be in an ABCDE triangle correction.
This would leave us with a beautiful fibonacci relationship from golden pocket (c) and the .0236 on a possible forming (d).
In general, our b-wave top in july has been an 4x+ extension of its previous (a). This typically happens when forming a triangle.
Combined it‘s a bullish-bearish mixture, leading us to the next btc halving event, followed by a retracement (e).
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This would leave us with a beautiful fibonacci relationship from golden pocket (c) and the .0236 on a possible forming (d).
In general, our b-wave top in july has been an 4x+ extension of its previous (a). This typically happens when forming a triangle.
Combined it‘s a bullish-bearish mixture, leading us to the next btc halving event, followed by a retracement (e).
Share your thoughts in the comment section and follow us on twitter.
Comment:
Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout would mean change in trend.)
Comment:
Bull or Bear?
This is our Delphi Momentum Indicator specialized on cycle investment.
You can clearly see the shifts between bullish and bearish behavior. The rise up to ca. $14K nearly resulted in a flip to bullish momentum, but was stopped and became a bearish retest. The nature and lenght of this run-up suggests a bigger BTC correction from its previous ATH in a triangle formation.
Right now, we are inching closer to a momentum shift according to Delphi, but it's a weekly chart and therefore still has a long way to go.
pbs.twimg.com/m...ENwuAwfX0AIqBeC?format=jpg...
This is our Delphi Momentum Indicator specialized on cycle investment.
You can clearly see the shifts between bullish and bearish behavior. The rise up to ca. $14K nearly resulted in a flip to bullish momentum, but was stopped and became a bearish retest. The nature and lenght of this run-up suggests a bigger BTC correction from its previous ATH in a triangle formation.
Right now, we are inching closer to a momentum shift according to Delphi, but it's a weekly chart and therefore still has a long way to go.
pbs.twimg.com/m...ENwuAwfX0AIqBeC?format=jpg...
Comment:
Correct Link: twitter.com/Libertal...595923279872/photo/1
Comment:
The curious case of Bitcoin's correlation with traditional markets:
twitter.com/Libertal.../1218539218038902784
The white line obviously is BTC, whereas the blue line refers to the SPY ETF, designed to track S&P 500 stock market index.
If SPY is trending, so does Bitcoin and if SPY tends to correct, what does Bitcoin do? Yes, looking like a trend-follower.
SPY and BTC bear market seemingly bottomed at the very same time, followed by all time highs right around the same mark, too.
But it doesn't stop there: the bottom of 2018 occurs at a similar time followed by swing highs and corrections for both.
If SPY remains a good indicator, Bitcoin could be seeing some serious upward movement and follow SPY's path to a brand new ATH... only time will tell, but it is curious, isn't it.
twitter.com/Libertal.../1218539218038902784
The white line obviously is BTC, whereas the blue line refers to the SPY ETF, designed to track S&P 500 stock market index.
If SPY is trending, so does Bitcoin and if SPY tends to correct, what does Bitcoin do? Yes, looking like a trend-follower.
SPY and BTC bear market seemingly bottomed at the very same time, followed by all time highs right around the same mark, too.
But it doesn't stop there: the bottom of 2018 occurs at a similar time followed by swing highs and corrections for both.
If SPY remains a good indicator, Bitcoin could be seeing some serious upward movement and follow SPY's path to a brand new ATH... only time will tell, but it is curious, isn't it.
Comment:
Continuing the trend - a follow-up
By simply using a pitchfork Bitcoin seems to be following a nice upwards trend that could be part of a corrective D wave in a triangle formation we already assumed.
Target area is a convergence of many TA factors: we'd see a 0.618 fib hit stemming from the last summers high, as well a 4.236 extension of the smaller A wave. It is also the prognosted trendline of the big forming triangle and would handily close a futures gap.
By simply using a pitchfork Bitcoin seems to be following a nice upwards trend that could be part of a corrective D wave in a triangle formation we already assumed.
Target area is a convergence of many TA factors: we'd see a 0.618 fib hit stemming from the last summers high, as well a 4.236 extension of the smaller A wave. It is also the prognosted trendline of the big forming triangle and would handily close a futures gap.
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