Unfortunately it really looks like it could be the case. Seems like demand is getting weaker and weaker pushing the price lower each time. I have tagged it as short sell but only on a retest of the red zone after it gets violated.
Is Tyler Jenks Hyperwave theory going to be right about the $1000 target? Now I know he used to do it exclusively on the weekly chart and this triangle is on the Monthly, but it sure looks like one massive dreaded descending triangle with the target at 1k!
Fractal voodoo, is indicating that that the breakout should happen in Jan'20, but if we take into account previous 2015/2016 bottoming action that took twice as long as the most recent one we could hope the current sideways boredom to break out in Sep'19.
Price is hanging above both EMA55 and SMA50 but just below EMA21, tonight will see a big fight for it, close above it and we should see a lot upside below it, will signal retracement to 42% most likely. And this will also close the CME gap.
Stoch has crossed to the upside in the bearish control zone which is a good sign similar to both previous times (solid...
I'm comparing here the levels and crosses on Stoch and RSI to the previous times before we had major runs up.
If indeed this is a fake out we'll test MA's before run up, the difficulty comes from the peak, it's not really higher than previous highs.
It's definately not a proper TA, just some pattern recognition, but so far price has been saved by the daily 30 sma, and we usually had a long consolidation channels, it's way to early to say it could still drop like a stone, but maybe there is a chance that before this happens it will attack the yearly highs once again, we'll see how it goes. Till then
It's just an observation of a repeating pattern, I'm guessing the timing on my ghost bars is going to be way off but something similar is quite possible, I've put first a down / sideways move before the spiking because there will be a correction on bitcoin which will no doubt drag all the coins down, but then eventually we might see a nice spike up.
Whoever holds the bitcoin now will say it's legit, bears will argue otherwise, truth is no one really knows and at this point it is the last breaths of this rally, it is quite possible it will go to these insane levels to trap as many as possible, it is tempting to try and catch the last 1k but the real question is, is the risk really worth it? I don't know it may...
I'm gonna take the 27th of February as the beginning of WAVE 1 and the lows of 25th of April as the end of WAVE 2 just were the #2 is. If we draw a Fibonacci Extension between points 0, 1 and 2 we're getting the cyan 1.618 at $8176 and purple 2.618 at $10145. Notice how the WAVE 3 stopped exactly at the 1.618 extension.
Now if we draw another extension between...