The black line is the price action from Jan 17 onward. I posted it a week ago and it seems to work 50%
The Elliot wave is a symmetrical Triangle, it is quite rare but still a possibility. I posted it last night and it may work.
thepatternsite.com/E...ngleSymmetrical.html
This is a previous instance of a symmetrical triangle in Dec 2017
FYI: I don't know Elliot wave analysis
The Elliot wave is a symmetrical Triangle, it is quite rare but still a possibility. I posted it last night and it may work.
thepatternsite.com/E...ngleSymmetrical.html
This is a previous instance of a symmetrical triangle in Dec 2017
FYI: I don't know Elliot wave analysis
Comment:
Forgot to change the D point. It should be in the next high.
Comment:
bullish divergence on 30m MACD. Still might be too early to confirm reversal
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This is the correct one. The trend line should be drawn from the "close" since MACD source is also price "close"
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we may have a frustrating day ahead inside a triangle. Too early to make such an assumption though.
Comment:
This one is a bit better aligned:
Trade active:
Next target is the red dashed downtrend line. At least 8700, most likely 8800+.
Comment:
Closing half of my positions that I opened at 6900. Stop loss for the rest at 7200.
It seems that the spike was happened because of shorts closing. The market is still weak.
It seems that the spike was happened because of shorts closing. The market is still weak.
Comment:
Adjusting the next target to 8440.
Comment:
a poosible price actio. taken from feb 6k low.
Trade closed: target reached:
I will re-open at 8.1k and 8k.
Comment:
Since the recent short squeeze that destroyed about 33% of positions on Bitfinex, shorts are up again by about 15%. Longs have not changed. It means, there are no organic/real buyers for Bitcoin at this price level. However, operators can pull off another short squeeze. I imagine the spike length would be near half that of April 12. That would take us to around 8.8k. This could have a snowball effect by triggering stop limit orders placed above the channel. Together, they can take us near 9k in no time. I personally don't like Bitcoin price going up by squeezing shorts. I hope that does not happen.
Comment:
The red line is pierced in Bitmex as you can see in the chart. It is not pierced in Bitstamp or Bitfinex yet.
Happy trading and I hope you have made good profit so far.
Happy trading and I hope you have made good profit so far.
