There was going to be some buying at some point and time. Frankly, if you look at my other charts I did expect it somewhat earlier... But here it is. So the question remains. Is this really bullish?.. Sure, we climbed up about 5%. Did we break the local high (yet anyways)? Nope. Just like in some of my other charts where I compared the possible move we were...
Probably some of the hardest scenarios a trader faces is a trade going completely opposite of the direction they were expecting. Also struggling with the idea that they KNOW the general direction price is going, but the price keeps jumping up or down. When trading, you have to be dynamic, especially trading bitcoin. The volatility is the reason we're here...
Some of my previous estimates placed us in the 7300 - 7500 region much faster. Buying with real volume is basically anemic, however, 8k being defended so strongly that it gives me some hesitation about staying with the idea that we will get to 7.3k before around 8.8k. However, the NVT is STILL showing weakness in BTC, so it's hard to grasp a big buy up, till that...
In my previous ideas I had the price slowly dripping down over time. a slightly bullish scenario DOES exist where point C and even point B on the harmonic crab pattern we are likely in if we go lower than current B and head back up slightly... BUT, it's starting to run out of space for the eventual drop to D. Which likely means that it's not going to be a...
Quick Edit: I just realized the main chart was not all the way zoomed out to see everything, take a look: Ok traders. We are starting to see just tiny bits of bullish tendencies in price here. We are locked into a mostly descending wedge on the hourly patterns. Now in my last idea I painted a fairly bearish picture. Showed you how historically we have broken...
I need to point out exactly how bearish our situation is currently.... I have went back throughout the historical prices of BTC to see how Gartley's in a downtrend played out. Good news is that I hit pay dirt with the information that I'm about to share with you, so you can profit as well out of it. Bad news is that its NOT bullish one bit, like... Not at...
So we seem to have broken through the pivot point, This Harmonic pattern played out rather nicely from my last update where I was trying to figure out where we may move. At this point, we are likely not going to get more movements up. If we do, I don't believe it will be earth-shattering in size. At most I look for it to get between 0.618 and 0.786 fib but there...
In one of my previous ideas I posted that I felt that maybe we were going to be looking at ATH prices sooner than later. I did call for the correction down from 10k to roughly about this area... I also drew a lot of conclusions from the price action that happened in 2016. Screenshot of the price action below: However, further researching the price drop, I...
Remember, this is NOT set in stone. Entry points for all harmonic patterns are typically at the END of point D. So if this is how the pattern plays out, you would short from about the 0.786 fib. Right around 8600-ish. Stop loss from D is about $50 above point D. Keep an eye out for a 5-drive pattern where we drop down from point D And push right back up about...
Ok guys, on the main chart I have the September futures contract that is due to settle at end of business day TOMORROW. With that said. What is really important noting is that futures trading has really really REALLY affected prices because imagine what prices do to to any sizable position you take on even just a 5x margin... Practically affects price...
So most traders that have spent any amount of time trading know about Gartley patterns. Several shapes and sizes exist, but in theory they all belong to either a bearish or bullish category. Now... Assuming that we expect a bullish and strong future for Bitcoin, according to this chart here, no matter how we swing the price we are going to go BELOW 3.3k because...
The Elliot Wave cycle we are in is suggesting to me that we are on leg 4 going up (Or leg 4 ending) of the downward corrective 12345 drive pattern. The huge drop down is clear evidence that 3rd wave down has already completed because usually the 3rd wave of the impulse is the longest and most easiest to identify. I do believe that further consolidation is likely...
Alright folks. Here we have it. This will be my last post about BTC until after the correction. At this point there won't likely be very high spikes up in price. Although we could in theory still see a 10,200, but that shouldn't scare you out of your shorts. Anything above 10,900 invalidates the EW counts. I don't expect that. Even shorting from here, I believe...
In my previous idea I basically laid the likelyhood of this current price breakdown right into your laps. I told everyone I knew to not long this right around 10.2k. Even if we do inch up or catch a liquidation candle, I don't foresee anything higher than about 10,300. There is just way too much moving average traffic above 10,200 to really foresee something big...
Possibility?.. I'll say this. It meets up with pivots really well. Meets up with trend lines really well. With fibs really well. Makes a decent Gartley. Sure, a long shot to call here but thoughts and ideas should never be wasted. So why not share them with you?
If you like scalping as much as I do... I've identified the scalp zone based on the fib of local lowest low and highest high. Remember, the price likes to bounce around the fibs. So use that to your advantage. ALSO REMEMBER that BTC is in a downtrend, it is much riskier to long up to the top of the channel than it is to short from the top. If you're going to open...
Starting out on the daily first. The most notable thing is the obvious. We've had nothing but bearish doji's for the past 4 days in a row. This to me not only shows a divided market, but also shows potential for a small buying opportunity. (What goes up, must come down. What goes down, can go up). I know everyone and their mother is ultra bearish right now, and...