This Gann fan is hitting so many pivot price points (marked in blue rectangles) that it seems to be worth watching the coming weeks. It makes forecasting easy. Either we stay above the 9/1 Gann fan which started in Summer 2013 and slowly start a new uptrend in Winter 2014 - or the price falls much much lower.
The fat red brownish line is the Gann fan trend line from the last swing low (July 2013 at $63) to the last swing high (November 2013 at $1163). This is the line which - surprise - happened to be the current low at $442. And it's the line where I hope Bitcoin is nearing the bottom of the current downtrend channel which started at $597. Maybe the BTC price stops...
Test of the bottom?
Obviously the Bitcoin price is currently in oversold territory - meaning the price can still sink a few US Dollar lower, but the price dive shouldn't be as dramatic anymore like it was from $683 to $442 or previously from $1163 to $339. Using two Fibonacci Time Zones interestingly the Coppock curve might reach a low area where the second Fib Time Zone (which...
Using Fibonacci time zones it is possible that the peak of the next Bitcoin bubble might occur after Fall 2014 and before Spring of 2015. The Gann fan shows that in order to make this forecast come true the price needs to start increasing by November 2014. "Fibonacci Time Zones are vertical lines based on the Fibonacci Sequence. These lines extend along the X...
Bitcoin is still bouncing around two directions. It seems the bears want the price to go down one more time to test the low around $450. We need to stay above the very old slowly ascending trend lines to stay in the ultra several year long-term uptrend which started way below $100 (one of these trendlines in this chart started at in Nov 2011). Possible scenario:...
Less bearish and more bullish signals in the 1-day chart. And we have positive news thanks to a Bitcoin payment service: - BitPay Reveals it Paid ESPN Bitcoin for Sponsorship www.coindesk.com www.bizjournals.com ESPN's slogan: "The Worldwide Leader In Sports". They are a U.S.-based global cable and satellite television sports channel. BitPay executive chairman...
There are some very interesting correlations with the Gann fan when the swing low from March 2012 is connected with the swing high of 2013 - especially when looking at the Fibonacci retracements!
Obviously, Bitcoin's price is still inside a uptrend channel. Accumulation is increasing so far, too. Please also take a look at my other related chart. I forgot to add it as link:
The Gann fan shows we are exactly inside a uptrend channel. The $442 low was right on the edge of the channel drawn using the $339 low of April and $683 high of June. We also stopped with $534 exactly to go higher at the 0.61 Fibonacci retracment using these price points. I think we are going to test $450 as bottom first - again, but after that we are going to rally up.
--- UPDATE: Short-term shorting opportunity below 500 US Dollar --- Positive news: - New York Extends Comment Period for BitLicense Proposal: www.coindesk.com - Ben Lawsky: New York Can’t Risk Getting Bitcoin Regulation Wrong www.coindesk.com The risk that the price might fall is even below $550 starting to get lower around $525-$535 Below $490 is a large...
--- UPDATE 3: The price bounced very high at $487 and not as expected at around $450. I'm bullish again. --- UPDATE 2: The good news on Friday even with the launch of the first Bitcoin ATM in Manhattan, New York wasn't enough to start a real uptrend. The bears won. This weekend we are going to see if $442 is the bottom for Bitcoin in August. --- UPDATE 1: We are...
Look at this high demand! This is obviously a bottom at $450 and new strong support to stay above $500. --- UPDATE: The price went up to $534 since I created this chart at $511 ---
--------------------------------------------------------- UPDATE: See my comments below --------------------------------------------------------- good news: New York Times: "Overstock to Allow International Customers to Pay in Bitcoin" www.reddit.com And here an explanation of the chart pattern: "An ascending triangle is generally considered to be a...
We are above WMA 100 (weighted moving average period 100) in the long-term chart and the GANN price channel is larger than I expected. We might be at a bottom. If and when the SAR trend indicator goes positive we have the start of a new rally. But if we go below the red WMA line the BTC price could fall down.
$442 could be the bottom if the price breaks above $500. Otherwise we can only test $450 one more time or face a large downtrend. Stochastic in the daily chart shows that we are at a bottom area and could go up from here.
If $400 holds (especially $442), we might have a bottom. Otherwise much much more down. P.S. I linked the wrong related idea. I wanted to add:
A long-term Bitcoin chart (weekly time-frame) shows most indicators signal a large downtrend. But the price might still bounce at $450. Otherwise the price might fall much lower. Current price is below $500. ------- MACD (Moving Average Convergence/Divergence) shows the begin of a downtrend ROC (Rate of Change) shows currently a downtrend Stochastic Oscillator...