jimmycdn

BTCUSD strange cycle...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi
Take a look my previous published idea You will understand dilemma that we are facing right now with Bitcoin .

According to G.W.T. price must make changes in three swings (first primary swing, second swing and second primary swing). What we have on Bitcoin daily chart is a series of dual swings. There is no matrix formation at all for very long time.
I did mark potential price targets to the upper and lower side. Dashed lines represent 50% of specific swings – this help us to get idea for the strength of the momentum and potential price changes around that level. Different colors should help with analysis.
To the upper side each swing is not even reach 50% level from previous swing – indication of weakening momentum. To the down side each trough is higher then the previous swing. Swing become smaller and smaller.
We have sort of triangle formation (look between two Magenta lines). On the chart you will find potential price targets based on incoming swing prediction. We have three price targets to upside and two to downside.
Momentum is slowly rising and blue lines on RSI showing what is the strength of the momentum.
If RSI will break to upper line, we will have rising price.
The stronger momentum move then faster price will make change. Knowledge of momentum analysis is incredibly beneficial in market situation like this.

Cheers
Jim
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