BTC entered a falling wedge, the bottom part of the wedge being formed by the neck of a new, broader H&S pattern. If BTC fails to stay above it, we should have another drop to the target zone at least down to the support around 7900. So far so good, BTC rebounced against the bottom part of the wedge, and we can imagine a consolidating ABC wave (or a new Elliot wave?) that will propulse BTC out of the falling wedge up to around 10.400$, and from there probably all the way up to the neck of the big forming inverse H&S at 11650 (black dashed line on the chart). We can see a small bullish MACD divergence on the two last lower lows on the 1h chart, supporting the scenario of a positive break out.
Let's see if the MACD divergence is confirming in the coming hours, and if the lower part of the falling wedge resists. Looks like BTC is mainly moving sideways lately, without engaging in a clear trend. In my opinion, that might continue like that during a while, hovering between 8.900$ and 11.600$...
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Looks like the MACD divergence is confirmed and I think we are going to break out of the descending wedge, if no bad news arise until then. It might look to something like that...
Well, just to remind something that I don't always apply to myself (hum hum), it's always safer to wait for the breakout to happen before taking any position...
StoneFox_4X
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Coinbase just announced Segwit 2x implementation to happen sometime next week, maybe we may see a turnaround??
NEWS FEBRUARY 24, 2018 17:00 From CCN
Bitcoin Exchange Coinbase Launches SegWit Compatability
@caboodle, Thank you, interesting news, let's see the effect on the market!
StoneFox_4X
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@Cryptopathe, okay man, i may be a noob, but you've got me now, because you're the first TA person i've been following from the shadows that actually has drawn out some accurate lines, when i push that play button, you're sh*t was right on target, good for you, you seem to know what you're doing, not just drawing lines at random, anyone can do that, even me, you should see some of my drawings, i do graphic design and just get how things should layout from that perspective, so i just play with the tools and draw according to the design skill set i already have and it's not that hard to do, but it's much harder to get it right in terms of forward projection and you've hit the nail on the head. I'll be watching you, boo! ha, j/k, but i will be looking forward to more TA from you and i may have a question from time to time just about where you learned things if that's okay?! So, just curious, any good TA tutorials you'd recommend for a noob like me? thx and keep up the good work! :)
Crypt0p0tat0
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@caboodle lol, thanks Caboodle, that's nice, you made me laugh :'-D. Well I am a noob too, I have been lucky on that one. Anyway, If you are interested in how to try and make some predictions on the charts and tendencies, you can follow Philekon's youtube channel, it's full of goodies, it's an entire course, all for free... He is the king of the Elliot waves. youtube.com/channel/UCeu9yMweVfTCftF9gvnuGeA For the MACD divergence, I got that in a powerpoint in french, but that's just the basics, you'll find that anywhere, in Philekon's material too.
In the meanwhile I still believe it will continue up, since the MACD divergence has been confirmed. So it shoud reach around 10.400 before retracing a bit (ABC Elliot wave correction) and then it should suppsodely be going up again. But nothing is ever certain, things can change pretty quickly. If webreak down from the channel, it should continue down, if it breaks up, it should continue up too... Let's see!
StoneFox_4X
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@Cryptopathe, thanks for that link, ill check it out tomorrow after i get some rest, cross fingers i wake up to some good news!
have a nice day/eve, wherever you are!
~+!cab00dle!+~
StoneFox_4X
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@Cryptopathe, just curious, just started watching first part of vid and they talk about ETH mining, do you do mining too?
Crypt0p0tat0
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@caboodle, Nope. I considered it but I am a nomad. For the geeks though, it's a good idea I guess