Disclaimer: My approach is very unorthodox as I am not a professional trader.
I think that the current bullish wave is following a very similar pattern that occurred 2 months ago, fitting to an Elliot Impulse Wave (12345). In this chart I have made 2 month long lines to show the similar periods of each trend. The vertical lines illustrate the highest it reached during the last two month period
Looking at the Elliot Wave prediction, it appears that this period may reach its high point (5) around the 6200-6800 zone.
I realize that it's unlikely to follow the same elliot wave exactly, but I found it surprising that exactly 2months ago on August 18th, the MACD, RSI and Elliot Waves are in complete harmony.
I had the same thoughts regarding $6,200 and I thought we would dive down to at least 5K before making another run at it. However, we have now bounced back into the upward channel so I'm waiting to see what direction we head in over the coming hours.
ttovmasy
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@An0nym0us, Yes, it is climbing a little, but they are still lower highs each time, and it can still lead to the low point on about the same time as the last wave (Oct 22)
An0nym0us
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@ttovmasy, indeed. I was just waiting for confirmation of direction after the bounce as I know the FOMO is strong among those who want their free BTG. :p
An0nym0us
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@ttovmasy, earlier today we came up only a few dollars shy of the 10/16 high - almost a full retrace of the sell-off. I'm still hoping for the dip, but keeping an open mind as the price action says to me that we could go either way.
ttovmasy
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@An0nym0us, I know, I was looking at it as well with some disbelief. I still think the long term chart looks in tune with 3-4-5 elliot wave with it being in the 3-4 phase.
ttovmasy
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I'm not sure how to get rid of the Stochastic Slow Strategy Report (not sure what that is). Sorry for the mess.