After realising I was using MA, I've changed to 200 & 300 EMA as marked in the chart. Price has bounced of the 200EMA about 4 times with one short breakthrough. I'm guessing after banging on the $600 roof we will break down through the 200EMA and at least hit the 300EMA which funnily enough crosses at my 50% fib extension target of ~$421.
(I've extended both the...
Just playing with fibs, trend lines & EW's while ignoring news/event based emotions. It's interesting where they cross over.
I honestly can't wait to finish this downtrend and hit a new ATH. Daddy needs a brand new ride! ;)
Bitcoin flat wave cycle.
Playing out as suggested by @DanV.
This is just my interpretation of how it may look.
I've had these drawn in since March 17 and so far it's looking good.
I'm just waiting to see if this 3 wave down plays out and follows with the 5 waves up to complete the cycle. Question is.... where is the bottom going to be. Target 1, 2 or...
I think this drop could (should) go much further than my original chart.
The orange Elliot Wave is a copy from the mid December 2013 crash. It seems to fit in relatively nicely with the current trend lines and markers I've already used and brings the price back down to the black trend line (bottom of previous sell offs).
At this point it should gather support...
Just putting my thoughts out there for review and discussion.
I see the price squeezing into support @ $630-640 then breaking through to first stop around $560-570. Bounce back to $600 and finally drop to the $520 area before starting its climb back to the moon.
At the bottom I think we may even see the wick touch on the $470 region.
Any thoughts, suggestions,...