TradingElephant
Long

Bitcoin Movement based on Numerous Potential Factors

BITSTAMP:BTCUSD   Bitcoin / 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 .
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out