We've already hit bottom, stop selling your mother f$%^ coins! I can't make this any easier to comprehend...
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ETH has already exited the triangle, please refer to the comments in my Fractals Fractals Everywhere chart
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I'll add a second comment here about ETH and the alts following btc in tandem. That s@#$ is about to change, we're going to see a divergence. As long as BTC is not dropping, the alts will come out to play, it doesn't necessarily need to go up.
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xlm and xrp are about to break out of their triangles. xrp heading out first.
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rep is about to break out as well
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bch is basically holding on the the edge of the triangle trying to claw it's way out. expect this one to move up the fastest out of the 4 staple coins - btc, eth, bch, ltc
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LTC and XMR are lagging behind, they won't breakout until after btc does.
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EOS, XMR, and LTC are all stuck in a symmetrical triangle. XLM, XRP and BCH are in a descending wedge, like ETH and BTC. Although BTC is in a triangle that's something in between the two. I think, at least for the coins on Kraken, the timing of breakout will depend on the shape of the triangle as the coins break free. ETH was first mover and broke out a few hours ago, XLM, XRP and BCH will soon follow, then EOS, XMR, and LTC still need an upswing (few days) in order to break out of theirs. If you were to play musical chairs with your coin positions to maximize profit, that would be the order I would go with.
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oh, rep is also in a symmetrical triangle but it has almost broken free, I think rep will be the biggest gainer during this first round of the bull run.
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In any case, we're about to get a break in one direction or the other.
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We'll have another shot at breaking out of the triangle in the next few hours.
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BTC might seem a day or two off from the finishing line, but there are so many coins poised to break through that something has to give.
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There is a chance we might do a slight tumble down to 6700 before resuming our trek.
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Bitcoin is making the attempt now.
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Remember that breakouts are usually followed by some form of throwback. If Bitcoin were to make it out of the triangle now, there more than a good chance that it would look like this:
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For all the weak hands out there, yea, you know who you are, here's one possibility of how this throwback could go. There is 0% chance it will be a straight line down, just like there's 0% chance that it will be a straight line up. I'm expecting at least 3 jagged peaks to form while we bounce around in either a bull flag or pennant.
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possibility #2
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More likely outcome based on the action these last 4-8 hrs
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we're dropping back down to 6600
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I'm hoping that we bounce around that red channel until exit time. In which case we know where our exit is. If we fall below that red channel, then game over, we try again at 6k, but more likely 3k.
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Blue channel gets us out early
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if we manage not to drop down right now at all, then the purple channel gets us out even earlier
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EOS completed it's Inverse H&S and spiked 30%. That is reaaaallly good news for us.
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One final candidate - if we shoot up to 7800 in the next 8-12 hours:
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Full disclosure, not that I'm telling anybody what to do. Because I think the coins creating an InvH&S will be the first to break out of the pack, and I have a feeling that it's going to choose one of the purple channels, I've opened two long positions, one for BTC and the other for XLM.
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This is from the 5min chart, if that right shoulder finishes in the next 15-30mins, expect the same action as shown in the circled area.
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we're about to do a dramatic exit of the triangle. Bitcoin is finishing up the handle in a slanted cup and handle formation:
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Current throwback, completes the fractal pattern
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See how the last candle dipped out of the purple upwards channel? Consider that a warning from Bitcoin, that at some point things will go south very quickly.
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Fortunately, now is not that time.
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The next candle on the 1hr, completes the fractal pattern
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see how the shape of the green cup is a mirror image of the yellow cup? Bitcoin is telling us something. I've seen this mirroring everywhere the last few weeks. I think we should expect a mirror image of the crash for the recovery. But I'll also go on to let you know that there is a 50/50 chance that the current bull run will end disastrously.
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We're going to b be creating a series of slanted inverse H&S formations with a tiny little right shoulder (in proportion to the left shoulder) as we move our way up. These are going to be periods of sideways action, maybe a slight dip. Until we get to the one where there will be a big dip. I'm sure you can figure out which one that will be. So keep that in mind, if you're trading on margin and need to take profits, or want to reconfigure your stack to take full advantage of the unfolding situation.
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I'll add here for future reference that, the BIG dip could actually form the tip of the head of a bigger inverse H&S formation with an even shoulder line. So that will be a key area to observe closely.
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Note that both exits pictured are valid. We'll get thrown back after the exit from the bigger pin, only to exit back out from the smaller pin.
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Yes, I realize that Bitcoin would have to go up by $500 in the next 5 hours for that to happen
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was the prediction perfect? No, but was it pretty darn close? You be the judge. It's 50/50 whether we come back down for a retest of the breakout point.
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fingers crossed that we stop dropping before 7800, in which case it's back to our regularly scheduled programming. I am 50/50 on whether that will happen.
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we're still in the wedge...
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we broke upwards
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people keep looking at this chart.... I'm putting up updates on the "Road to 12k' chart, don't you wanna know how we get there?
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you guys should really check out my Go Big or Go Home chart.
IN THE NAME OF ALL THAT IS HOLY! This has got to be the most delusional chart of them all! (Well, the 2nd most delusional, right after the Psychic Lady saying BTC was bottomed).
Rainman2
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@stevenchase, I've got trolls, hooray!!!
XUser2112
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@Rainman2, Entering the big leagues with that compelling analysis.
ultranemesys
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@stevenchase, All these "PROS" waiting and hoping for a 1K BTC is PRICELESS!
XUser2112
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@ultracoin, I don't see much of anybody waiting for 1000$ BTC.
Rainman2
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I'll be using the 'Roadmap to 12k' chart for further updates