Nickonomics

Nickonomics

My view is that this is the breakout we needed to trigger this H&S bottom pattern and set sights on $224 area, which is the first target. $199 is current POC ( heavy volume level, simply speaking ), mind this level, as it should be the last barrier. Event risk: Tomorrow's bitcoin hard fork. This may actually be beneficial for large alts like Ethereum.

Nickonomics

The market seems to be ready to go for all time highs now. There is an Inverted H&S ( trend continuation pattern ) and an incomplete _5-wave structure that support the bullish bias. All three trends are now up. Also, check my ETH idea, as it seems to be moving in the same direction:

Nickonomics Updated 

In my previous post I expected the price to make a new all-time high soon as there was a clear 5-wave impulse developing with 4th wave being a Triangle. Unfortunately, the Triangle was never formed, but instead it transformed into a Flat correction (A-B-C) with Triangle in wave B. This formation is very similiar to the previous higher degree correction. Just look...

Nickonomics Updated 

The price is likely to sink further down to $182 level because there is an impulsive wave developing now. There is a Triangle in wave (iv), and a move below $192 generates a sell signal with at least 5% downside potential.

Nickonomics Updated 

In the previous update I identified the move from $2980 to $1830 as a W-X-Y correction within a rising trend and expected bullish sentiment to set in. The first target was $2760, and here we are now. Currently I expect the price to make a new all-time high soon. There is a clear _5-wave impulse_ developing with 4th wave being a Triangle. Key price levels are...

Nickonomics Updated 

Previously, I anticipated a minor pullback from $220 to Fibo levels before a new move upwards. Schiff pitchfork was applied as a price channel (resistance). Now the pullback has likely ended, and a move beyond $237 generates a buy signal.

Nickonomics Updated 

It's been a long time since I posted ETH ideas. The last one was quite successful as it called to open short position just below $287 level: Now we see that the correction took form of a Flat pattern (3-3-5). It doesn't look impulsive, so there is no immediate threat to the main trend, which remains uptrend. On this chart I apply modified Schiff pitchfork as...

Nickonomics Updated 

Previously, I identified a bullish Inverse H&S Pattern, which targeted the $2200 area. It worked out to our benefit: The upward momentum continued with price breaking out of the pitchfork boundaries. The short-term trend has turned neutral from negative. I've changed the wave labels from A-B-C to W-X-Y correction, which is more accurate and, more important,...

Nickonomics Updated 

In my previous post I anticipated more selling towards 1929-1935 and 1850 targets. All of them were met. Switching to intraday charts, we're seeing a bounce, which may lead the price up to the current resistance zone @2200. Inverse Head&Shoulders pattern supports this idea. Short-term trend remains negative as long as the price stays within the pitchfork.

Nickonomics Updated 

In my previous update I suggested going short BTC on break of 2307 level. It proved successful: The sell-off halted @ the median line of Andrews' pitchfork. Nevertheless, I expect more weakness ahead as the short-term downtrend progresses towards 1929-1935 target and, possibly, below 1850.

Nickonomics Updated 

My recent Triangle-based setups have proved very efficient. XRPBTC chart: ETHUSD chart: Now we see the coiling price action in BTCUSD. These wave analysis labels suggest lower prices for BTC as part of an A-B-C correction. My criteria for going short is the break of 2307 level (candle close below). Also drawn on chart is Andrews' pitchfork, which is used as...

Nickonomics Updated 

Price has been coiling for quite a while, forming a triangular pattern. If this is indeed a wave Triangle (A-B-C-D-E), then new record prices are soon to come. Considering that main trend is rising, the possibility of breaking from the triangle upwards is higher. Yet, we should also take into account an alternative scenario, under which the break of $287 will...

Nickonomics

Just like in ETHUSD (see links), a triangular pattern is developing in Ripple. This one is more tricky, as the current wave count is bearish. It also aligns with a big bearish H&S top pattern. In any case, my intent is to trade this pattern using breakout strategy.

Nickonomics

Not much action in this market since my previous idea release: The market structure remains buillish. This chart details intraday levels. Use the pitchfork as the current price channel. Once price breaks it, expect more bullishness. More updates are due.

Nickonomics

The thrust from Wave (4) Triangle opens up a great trend-following opportunity in Lisk (LSKBTC).

Nickonomics Updated 

The current correction scenario with key price levels were outlined in my previous post - thank you for positive feedback. This time I have updated key levels, and would like to draw your attention to the pitchfork, which proved to be the best possible price channel for this short-term downtrend. As long as price stays within it, the correction is not over, even...

Nickonomics Updated 

My previous idea was a sell signal below $2540 with a first target @$2300.That was a pitchfork-based breakout setup: Now the market is rangebound in the short-term. To resume the longer term uptrend we need to break the $2650-2670 resistance, which aligns with the new Pitchfork. This correction phase may be extended if the key support of $2320 is broken.

Nickonomics

The breakout from Andrews' pitchfork @H1 chart suggested that the recent correction, which took form of an A-B-C pattern, has likely been completed: If we look at the bigger picture, we can see a strong uptrend (main trend) that is set to continue higher above $412. The correction from $412 to $265 is labeled as Wave (4), and there is a clear Reverse Divergence...