COINBASE:BTCUSD There are several technical reasons to be bullish on Bitcoin right now, I talked about that in a previous analysis, where I also posted my Elliott Wave Count on Bitcoin, where I was and still are expecting Intermediate Wave 3 to take Bitcoin above $13,900 USD in the next couple of weeks. But today I want to focus on the fundamental reasons why...
BITSTAMP:BTCUSD On December of 2018, Bitcoin started a new Multi-Year Bull Market, that, after nearly a year of Bear Market throughout almost all 2018. It climbed form a minimum of about $3,100 USD to a maximum of about $13,900 USD, almost $10,800 USD. And it did so in a 5-wave impulse move as seen in the chart. A move which I would label Intermediate Wave 1 of...
BITSTAMP:XRPUSD Looking at the XRP chart, we have a 5-wave move to the downside that finished a couple of days at about $0.105 USD. With huge volume, also in Bitcoin, and many other cryptocurrencies. Furthermore, it seems like we also bottom on the markets just an hour ago. I know this all seems premature, and it is. But at $0.14 USD, is a mega buy. Specially...
BITSTAMP:BTCUSD As you can see on the chart, we might be making an Inverted Head & Shoulders Pattern, www.freeonlinetradingeducation.com , one that has been in the making for over 5 months. With a neckline around $10,400 USD, the Head around $6,400 USD, the Left Shoulder around $7,300 USD, and still missing the Right Shoulder, which should take several weeks to...
BITSTAMP:BTCUSD From the December 2019 lows of about $6,400 dollar, in Elliott Wave Terms, we have a nice 5-wave move to the $10,500 dollar mark reach in mid-February of this year. A move that I will call Minor Wave 1. After that, we have a clear 3-way move to the downside, a move that has retrace about 69% of the previous up-move. A move that I will call Minor...
BITSTAMP:XRPUSD From the December 2019 lows of about $0.1747 dollars, in Elliott Wave Terms, we have a nice 5-wave move to the $0.3468 dollar mark reach in mid-February of this year. A move that I will call Minor Wave 1. After that, we have a clear 3-way move to the downside, a move that has retrace about 85% of the previous up-move. A move that I will call...
BITSTAMP:BTCUSD Bitcoin had a big down move today, breaking down of what appears to be a Rising Wedge, www.freeonlinetradingeducation.com , which is bearish. Also the move from the March 1st lows appears to be a three wave move rather than a five wave move, which, in terms of Elliot Wave, www.investopedia.com , is corrective, rather than impulsive, which is...
BITSTAMP:BTCUSD As you can see on the chart, Bitcoin is holding on a critical uptrend trendline that is acting as support, traced from the December 2019 lows. Also, Bitcoin has retraced about 50% of its current rise from the December 2019 lows, a popular Fibonacci Level. Furthermore, the decline looks like it is losing momentum over the past 5 days and it...
COINBASE:XRPUSD As you can see on the char, there is a possible Inverse Head & Shoulders Pattern, www.freeonlinetradingeducation.com , in the making, on the XRP-USD pair. And it is coming just about 66 days before the Bitcoin Halving, www.bitcoinblockhalf.com A similar pattern is also forming on the Bitcoin-USD pair: If confirmed, with a break above $0.35...
BITSTAMP:BTCUSD On December 18, 2019 Bitcoin started a new impulse wave higher from around $6,400 USD to around $10,500 USD, a move that lasted 57 days. The move broke the previous multi-month down channel, indicating that a new multi-month up-move had started. As you can clearly see on the chart, you can count 5 impulse-wave higher from the lows to the highs,...
BITTREX:STEEMUSD Here is my Elliott Wave Count on Steem, from March 2017 to January 2018, it had a mayor multi-month Bull-Market, going from $0.06 USD to about $9.3 USD, that is a 155 to 1 rise. It climbed in a clear 5-wave impulse if you look at it in a Weekly Logarithmic Chart, which I did. From there it has decline almost 99% from the January 2018 highs, to...
BITFINEX:EOSUSD EOS has been in a Multi-Year Bear Market ever since April 29, 2018, from a peak of about $23 USD. In Elliott Wave Terms, it seems to be correcting as a Complex Double Three Combination, elliottwave-forecast.com , consisting of three cycle waves, W,X,Y, where we have already trace Cycle Wave W and X, and are in the process of tracing Cycle Wave Y,...
COINBASE:ETHUSD The ETH-USD has been in a Bear Market ever since January 2018, correcting the previous multi-year Bull Market. It seems to be correcting as a Double Three Correction, elliottwave-forecast.com , of which we already trace Cycle Wave W, Cycle Wave X, and are currently tracing Cycle Wave Y, which starts at the June 2019 highs, around $364 dollars. I...
BITSTAMP:BTCUSD Bitcoin had been in a downtrend from June 26, 2019 to December 18, 2019, close to 6 months, and now it seems like it has clearly break out of it. As you can see in the chart, Bitcoin broke above the downward channel and stayed above it for almost 3 weeks now. That is a clear break, and yes, Bitcoin might have bottom at $6,500 USD, and we are...
BITSTAMP:BTCUSD On the CME futures chart of Bitcoin, we can see that there are 3 unfilled GAPS, www.investopedia.com . Statistically almost all GAPS get filled, meaning the price must come back to fill the open space. It is not 100%, but probably like 80% or 90% of the times GAPS get filled. Ever since the December 18, 2019 lows of Bitcoin of around $6,400 USD,...
BITSTAMP:BTCUSD Bitcoin may have bottom at $6,500 USD, and maybe we are going a lot higher from here, but in the short term, the next 2 weeks or more, the most likely scenario would be a pull back. Today Bitcoin pull back from strong resistance, the 200-day moving average, after being overbought from several days with the RSI indicator around 70. And yes, we...
BITSTAMP:XRPUSD This is an update of my previous Elliott Wave Count on XRP, , where I was assuming that the rise from the $0.1750 lows was a wave 4, it was clearly not. So here is the new updated version: The XRP-USD pair has been in a long-term Bear Market ever since the beginning of January of 2018, correcting the previous multi-year Bull Market. It seems to...
BITSTAMP:BTCUSD This is the Bitcoin Bearish Scenario that I’m seeing here, it is not the only possible Elliott Wave Count here, there is also the Bullish Scenario, and right now I would say it is 50%-50% between the probabilities of Bitcoin already had bottom or one last leg lower. If Bitcoin has already bottom, it would be important for it to stay above the...