Can a Wolfe Wave Topple The Almighty Bitcoin? Of Course It Can.
Hello Traders,
If you followed my previous Bitcoin Chart you saw the two high probability targets get hit.
Just as the model is able to provide price targets, it is also able to tell us where it will go after the bull run is over.
The main indicator of a move down is the Wolfe Wave highlighted in this chart. Combining this with the proprietary forecasting model, I am able to provide you with the following scenario:
1010.07, 930.34, 812.99, and 750.94 all remain high probability targets. What happens from there will determine the bottom half of this chart. If price breaks the key support level of 750.94 look for the gray dashed lines to act as levels of support.
My ultimate bearish target for Bitcoin is 231.81.
If you are not familiar with the Wolfe Wave, I highly recommend visiting wolfewave.com to have a fundamental understanding of the pattern.
I will also provide an educational post highlighting the rules of a Wolfe Wave...soon.
Feel free to comment, like, and share this idea. If you have a chart that tells a different story, please feel free to share with a chart.
Best,
Chartistry
If you followed my previous Bitcoin Chart you saw the two high probability targets get hit.
Just as the model is able to provide price targets, it is also able to tell us where it will go after the bull run is over.
The main indicator of a move down is the Wolfe Wave highlighted in this chart. Combining this with the proprietary forecasting model, I am able to provide you with the following scenario:
1010.07, 930.34, 812.99, and 750.94 all remain high probability targets. What happens from there will determine the bottom half of this chart. If price breaks the key support level of 750.94 look for the gray dashed lines to act as levels of support.
My ultimate bearish target for Bitcoin is 231.81.
If you are not familiar with the Wolfe Wave, I highly recommend visiting wolfewave.com to have a fundamental understanding of the pattern.
I will also provide an educational post highlighting the rules of a Wolfe Wave...soon.
Feel free to comment, like, and share this idea. If you have a chart that tells a different story, please feel free to share with a chart.
Best,
Chartistry
Comment:
In this case a Wolfe Wave did not topple bitcoin. It did quite the opposite actually. 1599 remains in sight.
In this case a Wolfe Wave did not topple bitcoin. It did quite the opposite actually. 1599 remains in sight.
Comment:
Traders,
1599 target was hit dead on and price had a significant reaction from that point. There is one of two possibilities I see playing out here.
1. We will have one more high at 1787 to complete the WW highlighted in this chart that would likely end this bullish run. (above chart).
2. Price will collapse from this point testing its previous level of resistance at 1161.17 before making a long and exhausting move up to 1787 and beyond by May 2018 (below chart).
Either way, if you have been in this bull run, congratulations.
Best,
Sirak
Traders,
1599 target was hit dead on and price had a significant reaction from that point. There is one of two possibilities I see playing out here.
1. We will have one more high at 1787 to complete the WW highlighted in this chart that would likely end this bullish run. (above chart).
2. Price will collapse from this point testing its previous level of resistance at 1161.17 before making a long and exhausting move up to 1787 and beyond by May 2018 (below chart).
Either way, if you have been in this bull run, congratulations.
Best,
Sirak
Comment:
Update: 1-4 line target hit, 1787 still a possible target.
Chartistry