It's been a while, but it's time for another analysis.
I enjoy looking for repetitive patterns (fractals) and believe we are in one.
I like to remove the wicks and use the open and closes as trend line points, and find you can get a clearer picture and perhaps a different view of trend lines. As you can see from the past 3 peaks the only price action...
Update to my March 9th 2014 comparison which so far BTC is tracking.
Take a couple of minutes to analyse, then it should be clearer.
Fib channels and horizontal fib retracements are in place, and as you can see it is tracking exactly on the weekly. Just a speed difference. Vertical red dashed lines show the RSI is at a similar level, and has...
Hi fellow traders
I have placed an arrow on the oscillator where I can ascertain where we are progressing relative to the the previous wave 4 of the first primary A corrective wave. My fibs I believe are now more accurate and I have placed them over the corresponding waves.
Oscillator wave count showing one more wave down to go.
Elliott wave update. We are...
Hi fellow traders
Elliott wave update. We are currently trading a triangle formation. This can only be a 4 or b corrective wave. My take is it is a wave b as the other triangle at 7666 was a corrective wave 4 in the middle of the wave (a).
B waves are known as traps. Be weary.
This means corrective wave c still to come. Another 3 down impulses. A-B generally...
Hi fellow traders
So far BTC is tracking the same as 2014 correction which I analysed March 9. Expect a large upswing soon.
Been looking at then previous trend to 6000 in Jan. Very similar pattern to this point. Even where corrective waves are in the same fib corridors. Extrapolating with fib gets us to 5557. This would match the support level of the start...
Inverse H & S formed. Lets see if it will hold.
Neckline - watch for retest bounce. Target 11,100
Breaks through the neckline it will be subwave 3 commencing and we are currently in completion of wave c of subwave 2
Bounce off neckline indicates completion of bear market truncation reversal pattern which will end up being...
BTC 2.51% has just finished minor wave 4 correction of intermediate wave (1) of primary C wave correction from ATH 0.08% .
Minor wave 5 is yet to come. Target $7800-8000 - .618 fib retracement
4 hourly has closed doji reversal.
RSI is sufficiently high enough to enable further drop.
EMAs have crossed.
Bearish trend on weekly RSI...
There has been some discussions lately on the comparison of the 2014 crash to the current situation. I have been analysing the correlation over the past few weeks so I thought I would post my take.
The biggest thing I hear is that the 2014 was caused by Mt Gox. Maybe it did, maybe it didn't. I'm assuming it didn't, that was a bubble correciton, ...
My EW assessment we are currently in the last major C wave correction. Within the C wave there are 5 sub waves. Making a 5 3 5 correction from the ATH.
We are currently at the start of iii of subwave 1, (or starting subwave c of abc correction, before starting iii - wait confirmation). I would expect subwave 1 to bottom out at major support...
Confirmation of an earlier post of mine 4 days ago. The reversal trend has bean confirmed within the bump and run reversal trend. This has also confirmed to me that we are in wave 5 of a 5 wave correction from the ATH. Wave 4 just having peaked.
Wave 5 could have approximately the same percentage decline as wave 1. This will take us to around the...
Quick update on a post on the Bump and Run Reversal I posted a few days ago. As time progresses, it is progressing into one, and following my thoughts that the .75 mark will be the peak. As much as I am bullish medium and long term on BTC, for the short term I am tending bearish.
The pink dotted line is the lead in trend line which is between 30-45...
Hi Traders. Well the rise is still going strong. I have outlined 2 possible scenarios based on the CME futures that expire 23rd Feb - Vertical purple dashed line. Either the strongest have shorted, or gone long. I for one don't know which one, maybe someone out there might be able to shed some light in the comments.
A bull flag formed, and broke to the...
Hi Traders. Such a rapid rise in price I believe to be unsustainable.
As you can see form the chart I have highlighted heavy resistance with a red box. This coincides with the .618 retraction from the ATH and also coincides with the approximate peak of the H and S from the dip. IMO the dip to $6000 was the bottom, but the market needs another downward dip to...
Hi traders. As you can see from the chart, a head and shoulders pattern formed at the $6000 low. It's projection from the neckline is shown with the red dashed line. BTC has tried 3 times to penetrate this region with no success. MACD is trending back down and RSI is almost oversold. Volume is decreasing on average. All points to a downward move on the 1...