With the ridiculous DeFi rally leading alt coins to ATHs left and right - things are starting to feel a lot like the sideways price action of late 2015 - mid 2016..
dETH release..ICO's..AlTcOiNs. Meanwhile, BTC chops sideways destroying volatility.
We all know what happened next.
If the events in March really were a minor wave 2, we are going to see something...
Quick take from a different perspective than usual.
Crazy range since May chopping up many market participants.
Looking for an ultimate revisit of my 'range low' here around 8400.
Possible bounce to 9090 - 9200 then further down.
Looking for signs of support at 9100 for chance of further upside.
Will look to take a fresh macro EW overview soon.
A glorious bounce off the 200W EMA in March has brought us back above 10k once again.
Without a complete breakdown here, there are few barriers to 11k.
If we are to break that level I believe we may be at 13 in the blink of an eye.
I may go as far 20 may come sooner than any of us expect. It all depending on our strength here.
We may be well on our way into a...
The repression of DCR's break out will soon subside.
- We note two large daily wicks towards ~23.875
- Liquidity on the books will soon be unable to hold. As a result we begin to see large daily wicks as the sell side is lifted without
liquidity to back the price stall.
- With over 50% of the circulation locked up in staking, the upside pressure will soon take...
What an interesting ride down it has been.
At this point in time I believe there is a strong chance wave ii has completed.
For now, some key levels to watch for signs of significant upside strength in the market:
(1) ~ $7400 where the market found some support before rocketing on Xi news
(2) $8000-8100 level (support/resistance zone) & approx. 200D EMA
There is strong chance our down trend from highs of the summer has come to its close.
We are in the midst of completing a minor wave ii, currently sitting just above 200D EMA.
I believe we may see one more push down toward ~8500-8400 before strongly asserting an uptrend.
The rally towards the end of October on the back of news from China was too strong to ignore...
This is what I see for now.
Dark Blue -> Main Count / Light Blue -> Expanded count.
Only difference is one takes us longer than the other - I think they both come to an end around the same price level.
Other obvious option is we break up from here (I don't see the strength for it at all yet).
Things have become exceedingly interesting down here.
Over the past couple days my view has taken a bit more shape.
Again, I believe we are completing a wave 2 here.
The two scenarios are as follows:
A-B-C: Where we are completing 3 of 5 of C. (Dark Red)
W-X-Y: Where we are completing 5 of C of Y. (Pink Red)
Interesting times.. Will continue to evaluate as price becomes more revealing.
While we wait for BTC to make up its mind on where its headed, lets take a look at ETH.
From here it appears there is no clear resistance until ~256 level.
Should be interesting to see if it makes it there, and if we continue through resistance upward.
From the ashes of DETH.
With the most recent price action off of lows, we have pushed above the 200 D EMA.
We now see resistance sitting with the 200 D volatility adjusted moving average at ~5600$
We may be able to push through to this level, but this looks like a good area for a healthy retracement b/n the 0.382 and 0.618 ranges.
Most likely we find support ~4600-4800$ back around the...
BTC price has broken through the 200 W EMA.
We will have some twists and turns from here, but at this point I believe the bear market can be declared over.
200 SMA now sits around ~$3450 which we continue to monitor as a remaining 'final' support.
Enjoy the beginning of the ride.
Here we lay out a possible bullish count off the potential bottom action from previous 3-4 months.
The count works off a (possible) failed wave (v) ending our bear market.
We have completed wave (1)/(2) and look to be coming to an end for 1/2 of (3).
If this scenario plays out I expect (3) to finally bring us to the magnet, 200D EMA.
We will then...
I am going to try to continue to follow this move in BTC regularly.
Here we are looking for a break over horizontal resistance ( blue ray on both charts ).
Using Bitstamp BTCUSD price this resistance is sitting around $4077.
Additionally, looking at Okcoin 3M BTCUSD futures this resistance is sitting at $3977 ( potentially already breaking ).
If we can get...