I am currently flat waiting for my next long entry. Just posting this chart for my own future reference. If I were to go short, now would be the time as all indicators are topping out and the price is hitting major resistance line on the chart as well as the ABCDE completing. Curious to see if this plays out as expected.
After breaking out of the inverted head and shoulders pattern is looks like BTC has finally taken a break. If the current candlestick closes as a rickshaw doji it is very likely that we will see a pull back before continuing higher. If this link works you will see what I am talking about or just google rickshaw doji. www.google.com Good luck!
I thought I posted this earlier but I guess it didn't take. At any rate, this chart looks at the bit-coin shorts. As you can see the rising wedge followed by a selloff followed by what appears to be a cup and handle type pattern. If this pattern plays out like other valid cup and handle patterns then it would indicate a break upward at some point. A rise in...
I took another look at the 2014 decline and compared it to where we are today. IF, and I stress IF, the price and length of the current decline is similar to the last then bit-coin could go as low as the $3,000 mark. To exceed that would be to exceed the percentage of the previous major decline which would seem unreasonable now that cryptos have become so...
There have been a few obvious spike in the price of Bit-coin to the upside. Is this organic buying or shorts taking their profits? I'm starting to think it is more of the shorts taking their profits and getting ready to reload. Looking at this chart of USD Shorts you can see how the price fell out of the rising wedge only to make what now looks like a cup and...
I've worked up a weekly chart using automatic log scaling going all the back to 2013. I then applied a Schiff pitchfork with multiple fib levels. I've read many calls for bit-coin to go as low as 2K. I think I even did a work up some time back projecting the same. Looking at this chart, however, and assuming that the price never significantly breaches the...
I opened a small long position on the assumption that the price has touched the bottom of the triangle at point D and will reverse for awhile until point E. If my trend line is not accurate and we continue a lower to around $7K I will double my position and adjust my stop. If it breaks the previous low at point B I'm out. If we do reach point E I will take off...
So far the price is pretty much following the ABCDE Bearish Triangle pattern I posted a few charts ago. Here is a 2hr view of what I think may happen going forward.... Previous Triangle Chart
As you can see on the chart the bulls have once again failed to break out and hold their ground. The two pink lines indicate an area of support/resistance that the bulls tried to break above, failed, and are now looking at it from underneath. The next stop is $7900 and below...... (in my opinion of course)
I decided to take a look at the SPY to see how other markets are looking. What did I find? Another huge triangle. The chart is self-explanatory. I suppose it will crap out just in time for the mid-terms......
I have once again updated my Triangle idea by adding a pitch fork which lines up nicely with the current pattern. My expectation is that the price continues it's journey south on the eventual break of the triangle (outlined in orange lines) finding it's bottom around $1,625 which is the bottom of the pitch fork channel and is also the bottom breakout target for...
I have labored over this triangle for some time now. Depending on where you start it could make it either Bullish or Bearish with an ABCDE wave pattern inside it. Based on how far and fast bit-coin has climbed and the crazy volatility evolved over the same time period I have decided that it makes more sense the triangle towards the bearish bias. If this pattern...
According to the C.M.F (Money Flow) indicator there appears to be another bullish divergence forming at the top of this triangle pattern. If you look at two of the previous divergence patterns you will see that the price quickly fell off as the C.M.F continued to decline. I am currently flat waiting for another long entry around Wave E on the chart. If I were...
I'm not going to make this long. I just wanted to share what I currently see on the chart for BTC. It appears to be a rising wedge that would also terminate around a short term double top. Perhaps a good place to open a short position or reinforce and existing one. The entry would be made when the price touches the top of the wedge again and the stop would be...
I do not pretend to be an educator. I don't even play one on TV. But for the sake of this post I will tag this information as "Educational" rather than "Analysis" as I did the markup as a personal training exercise rather than during an active trade. In other words, the marking on the chart were done after the fact and not based on any corresponding trades I...
The B-T-C Chart Gremlins shutter in fear as they anticipate touching the top of the channel again. "It burns! it burns! cries the little one" "Oh shut up and keep pushing" says the Head Chart Gremlin. They all know their fate should they fail to push through and hold their ground this time.....
Is this another "Head-Fake" ? "Bear-Trap" ? or the "Real-Deal" ? Inquiring minds want to know. I'm still in cash after selling at $8,190 so I'm gonna say it's the beginning of the Real-Deal. I've been laying out my case for a while now for another leg down. Especially after bouncing off the top of the channel and getting rejected again by the 50 day EMA. The...
If the latest daily candle for BTC were to close right now it would be a HUGE bearish engulfing of the previous day. Combine that with the bounce off the top of the bear channel and things are not looking favorable to the bulls right now. I remain in cash anticipating another visit to the bottom of the channel.....