Weekly chart seems to suggest a long term triangle formation that should now be complete (E)
Triangles form at the end of a trend or are found as continuation patterns. In this case it could be a continuation pattern from the $1900 high correction. If so, much lower prices should follow below $1000
* A sustainable break above the top triangle trend line will of...
Possible short term triangle formation in BTCUSD that should terminate in the last leg down (E) before reaching a new high. This new high could very well also be the end of the initial phase of the trend change that started at the $3,000 bottom. Triangles tend to proceed the final leg in a trend.
The long running debate - Will ETH overtake BTC. The ETHBTC chart may very well answer the question.
The daily chart shows a potential cycle I and II complete. Next up should then be cycle III if support at 0.03 holds.
Cycle III should carry ETHBTC to far above the cycle I high of 0.15
We should now be in Intermediate (3) of Primary 3 of the next up trend as confirmed by the break of the all time high. The target for Primary 3 is aprox. $800 ( Primary 1 of $400 x 1.618 )
The short term correction from the $517 high should be complete or almost complete ( Maybe a retest of the $400 mark - prior iv low )...
If we start looking at the ever expanding and speeding up of BTC/USD - a Fibonacci Sequence starts to appear 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, Of course the digits are in the 1,000 sequence. So while everybody is anticipating 10,000 will it be 13,000 and climbing? Food for thought.
We are currently at a crucial point in BTG. The correction from the $477 high may have completed at $150 or we are seeing a sharp ZIG ZAG correction unfolding that should terminate at the $420 zone and head back down.
Pushing to a new high would of course void this outlook and we can consider higher prices to come as we head into Primary...
A cycle looks to have completed in BCH/USD at $2800. The ensuing correction looks to be tracing out a Elliott Flat correction - 3 waves down followed by three waves up so far - if correct, then next should be 5 waves down to complete the flat correction at the $850 zone.
A break above $1780 would of course void this outlook and we could start looking at the...
The overlapping rise from the $32 low could be the beginnings of Intermediate wave ( 1 ) of Primary wave 3. Primary wave 1 topped out at the $93 high. A initial target for Primary wave 3 would be above $170 ( 1.618 x Primary wave 1 )
The rise from the $2900 low has now become too large to be considered a 5th wave or even a extended 5th.
By the rules of the Elliott wave principle - the 3rd wave in a sequence of 5 waves would be the most dynamic, powerful, longest.
We will now switch to our alternative theory that the rise from the $2900 low is a 3rd wave extension within Primary wave 3 with...
The up trend from the $280 low has traced out three waves so far and is turning at a .618 fib level. This is typically a turning point for corrections. A further break down could indicate a long term zig zag unfolding and no new high for quite some time.