ronfkingswanson
Short

Entire bubble correction since Jan. descends in 3-drives pattern

BITSTAMP:BTCUSD   Bitcoin / Dollar
2635 25 20
There are many other projections around trying to guess the "bottom" of the bubble correction, and there are many trendlines and historical patterns to consider in defining that bottom. This analysis ignores the past data and simply looks at the price action since the November ATH             as one long corrective series of oscillations "deflating" the bubble. On its own, regardless of historic trendline intersections, this wave pattern (a precursor to the Elliot Wave methods) seems to point to a low of $290 on Bitstamp before finally moving on to the next trend.Yes, this 3-drives pattern is bullish , but only once the final leg down to point 3 is completed. So at this moment, we have a solid drop looming before finishing this corrective pattern. This chart, unlike my others, is with Bitstamp data, as their wedge is better defined without the flash crash dump of late February that Bitfinex and BTC-e experienced.The ratios formed in these waves do not conform to the strict textbook ratios of a 3-drive pattern, but the overall formation is pretty obvious. Bitcoin markets frequently form patterns resembling traditional forex/stock formations, but tend to be not so precise.Another indicator to notice is the Algoview MACDBB, whose oscillations are clearly narrowing since the ATH             to the point where we're currently very near a flat signal.UPDATE 5/12: new daily candles are curving right underneath the ichi cloud bulge, won't touch it. See chart update below.
Tin.Foil
2 years ago
If this would just happen, I'd be happy... weeks waiting on my shorts.. waiting.. patiently.. we passed the 10th, so gonna have to wait between now and the 15th for the results.
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nick.stoneman.5 Tin.Foil
2 years ago
Patience is not something I am good at either. But impatience has cost me dear in the past. Glad I've managed some patience this time - Ron's analyses have helped greatly to see the bigger picture and hold my shorts. Like you I'm eager to close them at mega profits and finally go long for the mega run-up. Various projections suggest we could see $4,800+ in about July. Let's hope Ron's analyses help us time the top!
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No1
2 years ago
nice...
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nick.stoneman.5
2 years ago
Many thanks for this Ron. Betwwen the excellent analyses of you and David Alcindor (4xForecaster) we are indeed blessed - you and he are the people I follow most closely. Great that your analyses are suggesting similar price action at the moment. Thanks again and best wishes, Nick
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nick.stoneman.5 nick.stoneman.5
2 years ago
Algoview MACDBB looks to be a very useful indicator for timing the bigger swings. Thnx Ron
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DanV MOD
2 years ago
Excellent Chart. I don't specifically use that 3 drive method but was intrigued with similarity to my analysis with EW and both interns of downside target and possible low date using time symmetry. Here is my chart with the details for comparison.
snapshot
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nick.stoneman.5 DanV
2 years ago
Hi Dan. Nice chart. Could you let us have a link to it so we can see how it progresses? Many thanks.
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DanV MOD nick.stoneman.5
2 years ago
Well, I think the chart is self-explanatory. Wouldn't need much to just save it for monitoring the progress. Link to live chart not going to necessarily improve upon that. Or you could transfer the analysis to your chart and job is done. Sorry.
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flibbr PRO DanV
2 years ago
What ? Why don't you just post the URL so he can 'make it mine' and thus follow it live ?
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DanV MOD flibbr
2 years ago
LOL, do I sense that may be you want it too? Well I will do one better. I have published the charts - Go check it out.
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DanV MOD nick.stoneman.5
2 years ago
Here it is I give in. Hehehehe
BTCUSD - Potential In Final Swing of Bearish Cycle

+2 Reply
Alex Mendoza
2 years ago
It's already May 12. I don't see any sign of $380 dump
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ronfkingswanson PRO Alex Mendoza
2 years ago
at such a daily scale, exact timing of the scribbles projecting moves is not expected. Could still happen a week from now and the overall pattern would still be validated. Current movement is confirming the cloud boundary
snapshot
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ronfkingswanson PRO ronfkingswanson
2 years ago
but it could easily slide along underneath that bump a little bit more, waiting for the spark. the precise day of the selloff that reaches the bottom (point 3) is not important. simply reaching the target close to the estimated window is what confirms the pattern.
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Atomlab
2 years ago
What is this ticker so I can invest?
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LastBattle Atomlab
2 years ago
It's bitcoin.. Head over to Bitstamp.com to buy
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LastBattle Atomlab
2 years ago
Story it's https://www.bitstamp.net/
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nick.stoneman.5
2 years ago
Forgive me if this is the wrong place to post this: Potentially of interest to traders in BITCOIN, USD, GOLD, SILVER, HOUSING. I first heard about Bitcoin on Clif High's site http://www.halfpasthuman.com/ He had developed a system of gathering useful investment intelligence by using spyders to crawl the internet - sold data to the institutions and began making some of it available free on his site. But his methods gave so little timing info. that it was (IMHO) of very limited usefulness. He's trialling a new method which should give much better timing info. in the short term. Latest data especially relevant to BITCOIN, USD, GOLD, SILVER, HOUSING here: http://www.youtube.com/watch?v=dDKBvb0UCHg Hope it helps someone.
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Right on track
snapshot
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Close-up view of the candles scuttling around the cloud. Also showing 4H head and shoulders forming.
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FlaviusTodorius ronfkingswanson
2 years ago
It will be interesting to see if this works out for you guys that have shorted at this point.
I wouldn't be surprised if bitcoin will completely ignore your prognosis of the 3-drives pattern. It shows some really nice support at the 430-440 level. I for one think that it will break out soon, and upwards not downwards. But we shall see.
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ronfkingswanson PRO FlaviusTodorius
2 years ago
I reserve the right to be dead wrong... ;-)
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Price has now curved completely around the ichi bulge and is climbing up but under great strain. 4hour RSI is banging up against the historic bear trend ceiling of 60, and we're all just waiting for some impulse
snapshot
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a close-up of the current approach to the bear triangle boundary shows what would have to happen if the bulls think they can rally strongly from this level. not only would the bear triangle have to be finally breached, but a heavy ichi cloud would have to be crossed. Best case, price could continue to slide sideways and just skirt under the cloud to rise much later.
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Alex Mendoza
2 years ago
$290
-1 Reply
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