1-Year falling wedge is close to completion.

BITSTAMP:BTCUSD   Bitcoin / Dollar
5288 23 43
Falling Wedge is by definition a bullish pattern and mostly ends to a reverse strong move.

There are 2 interesting WW (Wolve Wave) patterns on the falling wedge .
Both are annoted, red one is the most obvious.

We are now in the "5" areas where it's very interesting to set some long orders.

WW Pattern: http://www.investopedia.com/articles/trading/05/040405.asp
Falling wedge: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge_reversal
Related ideas (just below) to see proven WW reactions.
Comment: There we go, the dynamic was slow but present. With a multi-month consolidation in the process.

We're now close from the target and could initiate a new trend.
Comment: Magnet around 1-4 is strong.

How could it ends ?
Trade active: Price is still colliding with 1-4, this is impressive.
Lower bound just pinned.
Good analyziz. My analysis is based on fundamentals. As I mentioned in a comment previously - two months ago was the last time to sell your coins on a good price. Now there is no more chance for it. The longer you wait - the worst it gets. It will be devaluing faster and faster as more and more FOMOS realize no more gains in BTC. From now on it's only going down... Down untill it reaches $10.
Then it will recover to $70 - $100 and will remain in that range in unforceeable future. No more volatility. I calculate price action between $70 - $100 for a practical BTC market cap. I also project EURUSD to reach 0.98. DXY to 113. in fast pace. Gennie is out of the bottle. Dollar explosion is happening right now. OIL down to $35. Silver to $9 and Gold to $800. Personally I will buy Silver at $9 coz that price will be the end of the cycle on commodities. Probably also Fed's QE resumtion. BTC seems to be unrelated to any of this. BTC follows its own path and it only seems to be related to uninformed speculants hoping for gains on appreciation. News does not matter for them because they don'read it.. IT's a very bad signal for a market. Means it's totally hollow. Full of uneducated uninformed, "a horse with blinders" participants. About the dollar: I don't know if the dollar will continue to rise further after it reaches113, but at least there will be a correction.
+3 Reply
Falling wedge is bullish until it fails?
BTCUSD, double support to be tested
Kind of, but the odds that's we have a bullish outcome are quite consistent.
jangseohee J.Livermore
IvanLabrie PRO jangseohee
https://pbs.twimg.com/media/B6jsSpNCMAEvnKl.jpg%3Alarge - Biggest (or close) Bitcoin exchange hacked.
Bearish news.
Qiuness IvanLabrie
yeah my thought exactly.. this might kill the reversal
The "reversal" is still some weeks/month away (february/march). Enough time to reach upper bound of the wedge (then break or bust).
+1 Reply
jangseohee jangseohee
it found support and moving towards channel top?
jangseohee jangseohee
price reached and break channel TOP!

+1 Reply
So here comes the 200ish panic exhaustion. Let's see how it will react and get into the wedge or not.

5, 5' out of the wedge: http://i.investopedia.com/inv/dictionary/terms/AT-wolfe.gif
+1 Reply
i believe you have nailed it. Ripping in Feb/March looks probable.
We're almost back in the wedge... very interesting level right now.

NB: the total random handmade round line is ridiculously efficient. Funny.
Holy shit I just filled in the chart and it traces like a glove. You nailed it.
+2 Reply
Lovely mate!
+1 Reply
Bitcoin lifts off the wedge, the idea takes shape for the final round to the target.
+1 Reply
allegro101 vortexspaces
Elliott Wave analysts I follow have all turned bullish, which by itself is interesting. I think it is important to also consider DanV analysis that considers any move up here a temporary bounce and not the start of a new bull market cycle:

The target is indeed around ~$500 which is a quite substancial raise. But then it could turn out as a lower long term high. So time will tell.
Great seeing this develop. One more resistence line to cross.
+1 Reply
This is it ?
Great work. Where do you see this rallying topping?
Trading is not about predicting price but beeing on the right side. It will go where it's gonna be well priced so the answer is: until the uptrend stops.

"a trend revival several times but did return once"

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