Update: Basing At 554.65? | $BTC $LTC $USD #bitcoin #litecoin
Friends,
As indicated in the comment made following the release of the bullish reversal signal:
"Cautionary Note: I would NOT trade this until a candle closes above the overhead resistance. Right now, the analysis has turned bullish, but it is up to the trader to define his rule of engagement. Added confirmation won't hurt. Cheers! David Alcindor, MOD "
What every trader has to come to term with (and this may be true of the newbies and less patient ones), is that institutional players who may or may not start participating in this exchange (See this WSJ piece hinting at insitutional interest: " NY's finance regulator is taking applications for BitLicense, the first government oversight of #bitcoin: on.wsj.com/1fpzyJd ") have several advantages, not the least of which is time. In fact, they may be more aware of Warren Buffett's quote than any one else (paraphrasing here):
"The market is an instrument of wealth transfer from the impatient to the patient traders"
The reason I am writing this piece is because, as price has posted a significant technical event in terms of a high-probability bullish reversal confirmation (using the breakout of the momental channel and my proprietary predictive analysis and forecasting strategic system), there is now cause to pause, deep a little easy and assess the situation skywards - Which is what I recently did in the prior analysis (here:
).
At this point, expect loading activities from both the retail and the institutional sides, expressed in a likely protracted consolidation, within a range which I have defined as the channel (just broken) and the "EAGLE" range, whose lowest value should represent the lowest tolerable floor at 554.65, below which bulls should lay their horns down and done their ursine outfit.
Incidentally, this value lines up per-fect-ly well with the PRIOR "TG-1 = 554.64 - 04 MAR" level, which was defined 7 days ago, way before price would submit its data to our predictive system. Hence, I believe that if there was to be a serious consolidation, an ultimately support would take hold at this 554.64 level.
OVERALL:
For the time being, the bullish signal remains intact and above targets are unchanged as well. Expect to see price forming a base in the technical range defined above.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & Market Forecasting
PS: If you liked the analysis, feel free to give it a "Thumb Up" and pass of a friendly referral to friends interested in occult market mathematics and hidden geometries. All targets generated are defined by non-price means, and confirmed by either proprietary patterns (Euclid, Janus, Great White, Deep Shark), or other well known patterns. However, we concentrate mainly on Shark, 5-0 and occasional Bats, to complement our predictive analysis and forecasting - Cheers, David Alcindor.
-----------------------------------------------------
Get signals, analyses and forecasts on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
As indicated in the comment made following the release of the bullish reversal signal:
"Cautionary Note: I would NOT trade this until a candle closes above the overhead resistance. Right now, the analysis has turned bullish, but it is up to the trader to define his rule of engagement. Added confirmation won't hurt. Cheers! David Alcindor, MOD "
What every trader has to come to term with (and this may be true of the newbies and less patient ones), is that institutional players who may or may not start participating in this exchange (See this WSJ piece hinting at insitutional interest: " NY's finance regulator is taking applications for BitLicense, the first government oversight of #bitcoin: on.wsj.com/1fpzyJd ") have several advantages, not the least of which is time. In fact, they may be more aware of Warren Buffett's quote than any one else (paraphrasing here):
"The market is an instrument of wealth transfer from the impatient to the patient traders"
The reason I am writing this piece is because, as price has posted a significant technical event in terms of a high-probability bullish reversal confirmation (using the breakout of the momental channel and my proprietary predictive analysis and forecasting strategic system), there is now cause to pause, deep a little easy and assess the situation skywards - Which is what I recently did in the prior analysis (here:
At this point, expect loading activities from both the retail and the institutional sides, expressed in a likely protracted consolidation, within a range which I have defined as the channel (just broken) and the "EAGLE" range, whose lowest value should represent the lowest tolerable floor at 554.65, below which bulls should lay their horns down and done their ursine outfit.
Incidentally, this value lines up per-fect-ly well with the PRIOR "TG-1 = 554.64 - 04 MAR" level, which was defined 7 days ago, way before price would submit its data to our predictive system. Hence, I believe that if there was to be a serious consolidation, an ultimately support would take hold at this 554.64 level.
OVERALL:
For the time being, the bullish signal remains intact and above targets are unchanged as well. Expect to see price forming a base in the technical range defined above.
Cheers,
David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & Market Forecasting
PS: If you liked the analysis, feel free to give it a "Thumb Up" and pass of a friendly referral to friends interested in occult market mathematics and hidden geometries. All targets generated are defined by non-price means, and confirmed by either proprietary patterns (Euclid, Janus, Great White, Deep Shark), or other well known patterns. However, we concentrate mainly on Shark, 5-0 and occasional Bats, to complement our predictive analysis and forecasting - Cheers, David Alcindor.
-----------------------------------------------------
Get signals, analyses and forecasts on Twitter
Alias: @4xForecaster
-----------------------------------------------------
Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster