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Trade #1 Channel Bounce
Bounce off orange dotted line, head to red dotted line
Trade #2 Inverse H&S Break-out
Complete left shoulder, breaks top trend line (dotted red) and proceeds to target (head to neckline measures around 7k which would take BTC to ATH as H&S breakout is length of head to neckline)
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We are looking to add / buy in support levels. We are looking to sell in resistance levels. We can also enter trades once downtrending resistance is broken and ride to the next support/resistance level.
This broke on the upside.
I would take caution as the Descending Triangle is generally a bearish pattern.
I guess the triple bottom at 3, 4 and 6, or A and C of ABC elliot wave correction attracted some buyers and buy volume came in.
Descending triangle generally means demand for an asset is weakening as price fails to establish higher highs.
Price crossed 50,...
We finally broke the downtrend, good signal that we are bullish!
Price can still fakeout and head downside, so we are looking for downtrending resistance to be tested as support to increase position size.
Trading without confirmations like stated above is risky.
Main target is 20K.
Seems like everyone is pretty bearish in the short term for BTC, but I just spotted a potential inverted H&S.
Let me know what you think is going to happen! Are we entering another bear market? If we compare the current daily chart of BTC to past booms and busts, it does seem like we could be entering a bear market.
At this point, cryptocurrencies have become so...
Looking at the past 6 months of Bitcoin, we see a huge gain in the past month. Alot of people assumed its growing simply because of the growth in popularity and more and more people are buying into it. But over the past week we've seen the prices drop and many experts believe the price will continue to drop for the remainder of the year. Those same people feel it...
Take a look at the chart.
I see 2 possible scenarios playing out.
1. ABC Correction. we can be moving downwards in wave C and be heading to next support around 9K.
This would be good as we would close our position and get ready to re-enter as we catch the bottom and see bearish exhaustion and ride Elliot wave 12345 upwards, as cycle starts. This should go to...
Here is what I see in XCP.
The past 2 years it has had 5 explosive cycles.
The cycles "pop", go up between 180% and 1400%, and do a full or near full retracement to 1 fib level, sometimes a little between .786 and 1.
The only cycle that saw a retracement deeper than 1 was the first one, which went between 1 and 1.618.
The cycles from start to finish last between...
Here's my trend analysis for this new month and the upcoming new all time high of $6000 by the end of Sept 2017.
Watch for bitcoin to fall slightly to about $3500, then buy buy buy and hold through the end of the month for the big payoff!