BTC has just completed a "NonFailure Swing" reversal pattern. See this link for a textbook example: i.gyazo.com/45ae8dbf...862563dd2cb28a7a.png
This is a strong reversal pattern that establishes 2 lower lows and 1 lower high (as opposed to a failure swing, which establishes 1 lower high and 1 lower low).
It is likely that BTC will need to test the local big even of $3,000 before establishing a bullish trajectory for the new year (see linked long term BTC prediction). Levels are more important than patterns, and $3,000 is a very important level, with both EW1 and EW4 testing $3,000 during the 2017 bull run.
The yellow fib was placed with 0 at 4200 and 1 at 3400, this conforms with the recent price level interaction and predicts a possible Stop Loss hunt / Long Squeeze through $3,000 and close to $2,900.
The blue Fibonacci time zone is drawn with the 0 at the breakout impulse wave, and the 1 at the beginning of the second impulse. This gives time periods of 1 day and 10 hours, and predicted the C wave of the swing reversal. The 8th point in the fib time zone aligns with the trough of the yellow sine wave.
The yellow sine wave was drawn following the waves of optimism and pessimism since the break below 5800. When combined with a longer term waveform, this predicts the coming drop and test of 3K to be the bottom, before a bullish recovery.
The purple bar pattern was taken from the previous wave of optimism/pessimism. When aligned horizontally with the breakout wave, and vertically with the A wave, this predicts a test of 3K towards the end of the year.
The green box is the buy zone, I expect the window of opportunity to close by the new year.
This is a strong reversal pattern that establishes 2 lower lows and 1 lower high (as opposed to a failure swing, which establishes 1 lower high and 1 lower low).
It is likely that BTC will need to test the local big even of $3,000 before establishing a bullish trajectory for the new year (see linked long term BTC prediction). Levels are more important than patterns, and $3,000 is a very important level, with both EW1 and EW4 testing $3,000 during the 2017 bull run.
The yellow fib was placed with 0 at 4200 and 1 at 3400, this conforms with the recent price level interaction and predicts a possible Stop Loss hunt / Long Squeeze through $3,000 and close to $2,900.
The blue Fibonacci time zone is drawn with the 0 at the breakout impulse wave, and the 1 at the beginning of the second impulse. This gives time periods of 1 day and 10 hours, and predicted the C wave of the swing reversal. The 8th point in the fib time zone aligns with the trough of the yellow sine wave.
The yellow sine wave was drawn following the waves of optimism and pessimism since the break below 5800. When combined with a longer term waveform, this predicts the coming drop and test of 3K to be the bottom, before a bullish recovery.
The purple bar pattern was taken from the previous wave of optimism/pessimism. When aligned horizontally with the breakout wave, and vertically with the A wave, this predicts a test of 3K towards the end of the year.
The green box is the buy zone, I expect the window of opportunity to close by the new year.
Order cancelled:
Higher high established. An inverted head and shoulders now appears more likely than a test of $3,000
