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CLOAK/BTC (CloakCoin) “Last Move Hit >17X! New Wedge Formed!”

Long
CLOAK/ BTC , 5/23/18, analysis completed at 9:00 PM EST, by Michael Mansfield. 
Hi trader friends, for this post I am using “3 day” price bars with Candlestick wicks removed. And, we are using Log Scale, which can make a huge difference in look and analysis results. Read why below. But first...

BOTTOM LINE FOR CLOAKCOIN:
  • CloakCoin is likely in the late stage of a cyclical correction down. Cyclical UP-move due next.
  • Must first break above this wedge formation @ 0.000148 (or higher, to be safe).
  • 1st measured move price target up from there = 0.60 to 0.0066.
  • 2nd target up = 0.0133, the highest yellow dashed line.
  • 3rd target up = 0.0175, the upper paralleled channel line (white) on or around December 21, 2018, if we get the breakout up.
  • Cycle highs are due November 9th and December 21st, 2018, for these two cycles.
  • Bullish view negated if a 4 hour close below 0.00076 (dashed pink breakdown line).
  • If breakout down, target becomes a likely consolidation down to 0.0002950 to 0.0002350 area.
  • CloakCoin has been around since 2014 and, like some successful cryptos, has experience a few huge moves to the upside. Watch this one.

    MEASURED MOVE TARGETS HAVE WORKED WELL ON CLOAKCOIN. TARGET FOR EARLIEST MOVE ON THIS CHART:
  • I measure the first all-time high and the subsequent lowest low move (1st vertical green arrow, far left of the chart).
  • Copied that arrow, and added that price move amount to the first wedge breakout point of 0.00023 in March, 2017 (second vertical green arrow).
  • That price range amount added to the prior wedge breakout point forecasted and matched the next all-time high in June, 2017, of 0.0038 on a
    closing basis!
  • Subsequent price move amounted to a 16.5X move from the breakout point! That was not even from the low of the price swing before the
    breakout up. That would have been a move of 34.5X! WOW!
  • Big move and perfect symmetry again (we talked about symmetrical price moves on our last post).

    CURRENT PRICE TARGETS:
  • I measured the price range from the all-time high of rounding it to 0.0038 (closing basis) to the Andrews Pitchfork lower support line (lowest solid
    red line moving upward) at 0.0001886.
  • Then, add that price range to what is likely to be the next breakout at the cyan (light blue) wedge resistance line (moving down off the all-time
    high tapping the recent swing high on a closing basis, on April 16th, of roughly 0.0001480.
  • That range measures to an initial price target of 0.0066 area, a roughly 44x potential move!
  • This potential move does not look like a 44x move because of the log scaling, but it would be!

    WEDGE BREAKOUT UP NEEDED BY MID JULY:

    VOLUME FORCE OSCILLATOR SUPPORTS BULLISH CASE:
  • Klinger Volume Force, in the lower window, is trending up within its oscillation.
  • It is likely to hit its lower support line within a week or two, then move higher as price rallies toward a wedge breakout. Be ready to buy the
    breakout up!
  • The dashed white line is the Volume Force oscillator’s support line, from two prior swing lows ago, is a risk point for a breakout down instead of up.
  • This is the same theory as breakouts from a wedges 2nd swing high or low breakout point. The 2nd swing point offers a high probability of a sustained move, but less of a move had you acted sooner.

    CYCLES:
  • Longer-term cycle is up until December 3-12th.
  • Shorter-term cycle (cyan color) is moving down until July 9-12 then up until November 9-12, 2018.
  • Since larger cycles almost always dominate, the downward movement of this smaller cyan cycle may bottom sooner than the smaller cycle
    suggests.

    DISCLOSURE:  
    This analysis is meant for educational purposes only. You trade at your own risk!  

    Cheers! 
    Michael Mansfield CIO