The impulsive five waves from the August 2015 low was followed by a triangle pattern that has been breaking out to the upside since the March 2016 low. This constitutes an A-triangle B-C wave count. It is rare for a triangle to be in wave two of an impulsive five wave count, therefore counting this rise as an A-B-C corrective wave has the highest probability.
The price rise since mid-September certainly looks bullish with an impulsive 5 wave structure. Volume rose and MACD, RSI & Stoch all trended upwards, even into overbought on a daily chart. I see potential for this to be a blow out from a large wave (B) expanding triangle considering it took a parabolic structure in a short amount of time. The big wicks on the...
This is a blend of Bitfinex and Bitstamp to smooth out some of the extreme candle wicks. Blending the two exchanges, BTC price did not make a new low for the year with the Bitcoin XT release.
The fork forces a vote to reach consensus on the future of Bitcoin. I believe this is a healthy market mechanism and pivotal moment for the open source democracy that is...
Bullish if price closes above the daily 200 EMA (green).
The daily 55 EMA has proven to be a strong line of support.
Non-log scale the bottom trendline is just under the daily 55 EMA at about 29,094. As long as price remains above this line, trend is up.
There is noticeable difference between a BITFINEX and a BITSTAMP 4h chart.
triple top is flat
wave 1 does not overlap wave 4 (blending the 2 exchanges price does not overlap therefore, I consider this a valid 5 wave count)
see user chessnut's 4h BITSTAMP chart linked in related ideas below
Divergences on RSI and Stochastic suggests the bullish...
With a breakout of the triangle wave (5) of ((5)) looks to be underway.
target is based on the size of the triangle and .618*wave (1) of ((5))
4h chart: trading analysis
price broke and closed above the descending trendline of the triangle after testing this area the first few days of March
price pulled back to this trendline at 120.00 level - this was the...
Intermediate-term still expecting a lower low to mark the bottom of the largest degree wave II (see The Historic Rise of Bitcoin chart linked below).
My primary count is a double zigzag W-X-Y. Alternately this could be viewed as a large A-B-C zigzag.
However, both count best with a final 5 wave decline unfolding.
Short-term count (BITFINEX) to follow...
Clear five wave impulse. Measured in price and in percentage terms Wave ((3)) of I is not the shortest. Wave ((4)) does not overlap Wave ((2)).
This chart is on log scale. On linear scale, the five wave rise can just as easily be counted with no overlap.
Since MTGOX shut down this chart will be continued using a BITSTAMP chart to show the currently unfolding...
I started to see my alternate count stepping back and taking a look at a blank chart on log scale. For now I will leave my original counting although I believe the alt. count is simpler and likely to be more accurate. I do think the internal waves of the larger decline support a diagonal or even possibly a wave ((B)) triangle but I am most confident counting a...