Forecast is bearing fruit at all levels, as we are finally arriving at the pan-ultimate . 630-78 was the lowest value of a significant overhead resistance defined a month ago (see: "Houston, Do You Copy? - https://www.tradingview.com/v/2z40pI45/).
At this point, I would expect a significant consolidation interim, although looking back at the recent blazing trail, price has stampeded its way up this hill without much respite, when we called for some shallow retracement. But the bulls grunted and grumbled their way up these greener pastures without looking back at incredulous bears it gored on the way.
I would have to reassess the entire picture and churn through a few data to refine any new forecast. I thank you for your kind referral and friendly, supportive comments from the way up to down, and then up to here.
Note that the arrows are left to suggest a probable price action pathway. This is not a predictive result, but a suggestion that retesting of a then-resistance-now-support level is probable before a continued rally to higher levels. The real obstacle is defined by both 630.78/667.80 range. Any price action above this will warrant new analysis.
Predictive Analysis & Forecasting
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First, happy June!
Second, from Twitter:
"$BTCUSD update: Watch for significant reversal potential @ 676.67 - via @tradingview | $BTC $USD #bitcoin #litecoin"
At this upcoming level, I expect a significant Fib-paced reversal, still using the prior resistance levels as expected supports. I'm on the road right now, so the analysis will be limited, but I thought this significant overhead resistance had to be posted pronto.
Have a great Sunday.
Please keep up sharing your knowledge, you are the only one I've seen who has targets that are almost always accurate.
"$BTCUSD Finer granular analysis sees potential #elliottwave truncation of Wave-5, spelling decline - @tradingview "
Essentially, not being a buff in EW analysis, I would only venture to say that the culmination in Wave-3 has resulted in a lack of higher attainment, which was expected from Wave-5, thus defining Wave-5's truncation.
If this is the case, then I would expect a decline in the crypto to levels defined as:
1 - TG-1 =599.68 -31 MAY 14
2 - TG-2 = 588.32 - 31 MAY 14
These targets are worth laying over original chart, although in the original 4-hour chart, the support is seen at a probable 541.00 value, a much deeper plateau than what is just defined here.