This is how the Bitcoin chart looks right now. The long term uptrend is active until the end of 2017, and after that, we have an ample range of choices, with a likely consolidation or retracement starting. Once we approach or surpass the long term target on chart, we might enter a bubble phase, so it is logical to see a correction or consolidation of a large scale in Bitcoin.
I know people will hate me for saying this, I already had some people saying I was crazy when showing them this idea before publishing, but it is what the charts show. In the short term I see a 17% upside give or take, after which we may see a small correction. The rally and the break out are legit right now, so this is what makes the most sense to me currently. I hold 24% account in BTC give or take, for full disclosure.
Best of luck, and see you at the target by year end...or higher with some luck! Cheers,
Ivan Labrie.
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Was wrong with top target but right with the time.
Funny...There are two arrows and an ample spectre there.
Tae69
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Hi Ivan. Thank you for analysis. I was at the same time, writing the exact same thing using my own tools :
IvanLabrie
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@rem6996, great Remy. Let's see if we can ride this.
IvanLabrie
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One thing, look at ATR...this type of pattern usually breaks out to the upside sharply...don't get fooled by a 'rising wedge with low volatility'.
Tae69
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@IvanLabrie, My chart was really bad received by my friends. Lack of objectivity imo, but atm, fundamental on BTC are really sad and a good solution could relaunch the move. Wait and see. Trading BTC with care.
Noobincrypt
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@rem6996, i think the new price high across all exchanges tells us how this is going to go, at least in the short term. Alts also completely rekt, ppl cashing out to king btc.
IvanLabrie
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@Noobincrypt, analyze relative strength: which alt held its own against BTC. if any?
...ETH.
Noobincrypt
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@IvanLabrie, eth didnt hold its strenth against btc, lots of alts went down, and up a certain % today (and yes zec, eth, xrp, lots went up 2 days back). dash, xmr, eth went for a massive rally when bitcoin did months ago, and all 4 crashed at the same exact time. Just all money flowing around and playing. Over the next month or so I expect more gain from ltc than compared to eth, but the market will show me if im right. Always appreciate your charts ivan, thx