The last 4h bar has 2 hours to go, but is already over the mode. If it closes there it'll confirm an uptrend signal.
Add to this the fundamental catalyst of BTCUSD crashing because of the XT , problems regarding consensus between developers, an alleged post by Satoshi Nakamoto himself complaning about it and we have the perfect storm...
- Rgmov is signaling an emerging uptrend
- CCI moved past +100
- Proportionality is fine for a trending impulse
- Confirming time at mode uptrend on close
- Lowest high holding
- Rising with rising prices
- Fundamental catalyst for a paradigm shift
I bought more here, I was going to short but I went long ETH instead.
Time is at the minimum required for a wave 3 advance to maintain proportionality.
Grab your popcorn and soda,
Good luck to us all,
Once rgmov points up and forms a new high price will surge. Volume action has been positive, but we should be seeing higher volume as we move higher up, otherwise it might just be a short squeeze rally.
low liquidity, and not sure if that's reliable enough.
I buy back in when it drops 5%+ and sell enough once it rallies10%+ to keep the btc and eth allocation on par.
We should see price hold above 0.00463, if below if can fall sharply.
I'm not 100% involved with the fundamentals right now, although some of my friends do like to keep up.
I decided on an investing style approach for that reason, while accumulating coins, I generate passive profits, buying and selling on swings.
Are you doing the same?
Anyways, Sunday buyers hopefully start uptrend. Then we would need some big buys to find our way to previous higher mode(?)
The tendency here would be to see price either return to the previous fair value area, or form a new one, a new fair accepted price while it consolidates around a new mode. For it to start trending in search of new fair value, we need a fundamental reason, no one will push the price up for free, or at their expense if they don't think value might be higher than where it currently sits.
I can reccomend 4 books that have helped me grasp these concepts, apart from reading Tim West's charts here:
#1 George Soros "Alchemy of finance"
#2 James Dalton "Markets in profile"
#3 David Weis "Trades about to happen"
#4 Glenn Neely "Mastering Elliott Wave" (then read his pattern updates and his Q&A section at his site)
Good way to kill time while we wait for moves to occurr.
If we close above the higher mode this is REALLY bullish.
All I can say is, don't sell.
Buys under 0.00559798 are good, as long as we don't go back under today's open.
Should be an easy retest of the highs, or even a new rally from here.