TradingElephant
Long

Bitcoin Movement based on Numerous Potential Factors

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Much of the reasoning behind my future price action speculation can be found in the chart itself, yet I will include some further details below. I first drew the Fibonacci levels in order to find the support/resistance levels given the range of price we are already in. Notice how many times the price crossing that 50% retracement level correlated with the price going upwards afterwards. Once I had the Fibonacci levels in place, I set up the Gann Fan , a tool I use when determining future support/resistance levels after a sudden drop in price. Notice how the price action respects the Gann lines, especially the 1:3, 1:1, and 2:1 lines. The next thing I placed in my chart was an Ichimoku cloud , due to it's tremendous capability in forecasting the amount of resistance and support at a given time, 26 periods ahead. The thickness of the cloud represents this support/resistance very well, and in the chart, we have found great support in order to even enter the cloud; yet a true bull run would not be supported by the Ichimoku until both the price action and the Chikou span are both above the cloud. The elliot wave , and elliot retracement both follow their principles in the chart, and I used a known support/resistance line to demonstrate how the elliot waves may react at that particular level. And finally after this major bull run to roughly $380 concludes, we'll most likely retrace, either for another leg up, or back down for a potential double bottom .

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