Cont'd After $3000+ Move, Where Could Bitcoin Go Next?? See ETC.
Following up on my previous idea. .. This Bitcoin price action is nearly mirroring the Ethereum Classic price action from August 20-23.
By the time I post this, that may change, but until it does change, I will continue trading it accordingly.
Points to note via vertical lines on both charts.
First vertical line, first low, and see corresponding RSI, MACD.
Second vertical line, second lower low in price, the bottom, and divergence in MACD, RSI.
Third vertical line, first high, and see corresponding RSI, MACD.
Fourth vertical line, second high, the top???, and divergence in MACD, RSI.
IF.. if.. this pattern continues to mirror ETC from August.. then it has topped out around 9800, and will drift sideways (look for break of 100 MA?) before the major fall back to the beginning of the move, or at least the low 8,000's.
As I said this could change at any time, or it could vary...(I am allowing for one more wick higher, which I will add on my short) but I will continue trading the template until it proves otherwise. Hope this is of use to you!
Happy Feast of Christ the King! God Bless.
Travis
By the time I post this, that may change, but until it does change, I will continue trading it accordingly.
Points to note via vertical lines on both charts.
First vertical line, first low, and see corresponding RSI, MACD.
Second vertical line, second lower low in price, the bottom, and divergence in MACD, RSI.
Third vertical line, first high, and see corresponding RSI, MACD.
Fourth vertical line, second high, the top???, and divergence in MACD, RSI.
IF.. if.. this pattern continues to mirror ETC from August.. then it has topped out around 9800, and will drift sideways (look for break of 100 MA?) before the major fall back to the beginning of the move, or at least the low 8,000's.
As I said this could change at any time, or it could vary...(I am allowing for one more wick higher, which I will add on my short) but I will continue trading the template until it proves otherwise. Hope this is of use to you!
Happy Feast of Christ the King! God Bless.
Travis
Comment:
that higher high just happened.. if there is another, then this pattern mirroring has run its course. if there is consolidation above 10,000... then I may manually close before it even gets to my stop.
Comment:
It could be time this pattern finally breaks from mirroring ETC... a big drop is due imminently, if it is to stay the course. If price gets back above the 100 MA, that may be a clue as to it being over... It was a nice run though.
Comment:
As it turned out, BTC did continue to mirror the ETC price action.
While the rate of speed of Bitcoins price action slowed a lot, the validation of this idea, that there would be a "major fall back to the beginning of the move, or at least the low 8,000's" has been met.
There could of course be further downside, but for the sake of this idea, it can be viewed as complete. Also, note that on both BTC and ETC, the moves completed retracements of over 78.6%.
Hope this was of use to you!
As it turned out, BTC did continue to mirror the ETC price action.
While the rate of speed of Bitcoins price action slowed a lot, the validation of this idea, that there would be a "major fall back to the beginning of the move, or at least the low 8,000's" has been met.
There could of course be further downside, but for the sake of this idea, it can be viewed as complete. Also, note that on both BTC and ETC, the moves completed retracements of over 78.6%.
Hope this was of use to you!
Trade closed: target reached
