bluemt95

bluemt95 Updated 

Below is a link to my previous analysis identifying the head and shoulders pattern with the neckline at 10,400. It looks like we may have the shortened low of the right shoulder behind us. A lot of pressure from the bulls to get back to the neckline at 10,400. There are several stops ahead before we get there with 9800 and 10000 being the 2 big ones. But it's a...

bluemt95 Updated 

Short term bear with the inverted right shoulder yet to be formed after bouncing back off the 10,400 level. Pull back to 7k range before blow back through up to 14k.

bluemt95 Updated 

Pretty self explanatory on the chart. I've just added the latest wave counts as it appears we are in a Wave 2 retrace of the 1st Major Bull Impulse Wave after we hit the bottom. These extensions show we will continue to retrace over the next week back down to 4650 range. Then Wave 3 will take us up to the important overhead resistance zone of 6000-6150 in a...

bluemt95

Pretty clearly displayed in the chart. The wave counts have matched up pretty well the last couple months. It seems we are going to complete this Wave 5 subwave with the rising wedge formation and also hitting the upper trendline of the channel we've been in. This should result in a rejection near 6000 and a retrace/consolidation back to 5400 range, at/near the...

bluemt95 Updated 

Getting ready for a retrace in the next couple days, down to black trendline and coinciding 200 EMA and .618 Fib retrace for support before another consolidation period and the next bullish wave. The falling black trendline is drawn as an extension of the highs of the large descending triangle starting way back in March of 2018. See pic below in comments.

bluemt95

Have we finally retraced Wave 2 enough to begin Wave 3? 1st target 4188 2nd target 44xx 3rd target 5000 The current daily candle is engulfing at this point and if it remains above 3600, that is a great sign of a reversal. The wave 2 I had previously drawn kept getting extended until finally we see this positive candlestick pattern after a hard bounce off...

bluemt95 Updated 

Elliott Wave analysis here showing that we are currently in a consolidation phase of wave 2. We are range trading in what appears to be a consolidation triangle with upper bounds of 4085 and lower bounds of 3970 that is taking the form of a nice bull flag from the last impulse wave 1. On the daily chart, we are trading right below the 50 EMA causing pretty...

bluemt95 Updated 

Short term day traders should observe the rectangle range we've been trading in since the 24th, after the sudden drop. I have drawn the bear flag that has setup this pattern. Now, after 3 touches on bottom and 2 on top, it seems we have a partial rise. That is good news for the bears as this typically indicates a breakout of the pattern is impending. As part...

bluemt95 Updated 

Hey all: Well since my last analysis, the falling wedge did indeed break upward, and has continued upward with momentum. I suspect that this will hit major overhead resistance at around 4400, which coincides with previous resistance/support in 2017 plus the falling 50 EMA. This presents a good opportunity for a pullback and allows me to pencil in the head and...

bluemt95 Updated 

Descending Wedge...get ready for the bounce.

bluemt95 Updated 

On the log scale, long term uptrend line shown in black shows that yesterdays dive took us right to the intersection of it...see chart pic below for more upclose view. This also coincides with the .786 (4417) fib-retrace beginning at August 2015 at the beginning of that same uptrend line. I would expect BTC to test this line and touch at least one more time, but...

bluemt95

my ideas...the last one was way off! LOL.

bluemt95

Just my ideas.

bluemt95 Updated 

A lot of volume on that surge downward and we have broken through the bounds of the uptrend channel on the down side. It's obvious our bull impulse wave has completed. I have one idea on the chart that perhaps the end of the 5th wave happened earlier and we have been in a correction ABC wave for a few days now after the pump up to 7430 on September 2. We...

bluemt95 Updated 

I think everyone is in agreement that this bull run is more persistent and consistent than expected and a correction could/should happen at anytime. I agree but it sure like this steady rise in growth isn't slowing down today. We are seeing an ascending triangle inside an ascending triangle, both bullish indicators that predict another pump in price. This may...

bluemt95 Updated 

A couple observations on the recent price action. The uptrend that we are in is holding form. Last week we penetrated through the purple downtrend channel from 2 previous highs (standard scale, not log scale...interesting side discussion). But after that breakout, BTC has hit a hard wall at 7123, which is the same resistance level that BTC hit on Aug 5 and 7...

bluemt95

If you didn't buy at or near the bottom like I did (6180 last Friday), then now is the time! There has been tons of support at the 6280 level over the last 8 days (green arrows), but also tons of resistance at the .786 fib level of 6475 (red arrows). Previously, whales would put on the squeeze (seen by looking at the huge volume spikes over 1-2 bars), but...

bluemt95 Updated 

I've extended my Elliott Wave count and made only one slight adjustment over the last week. My ABC correction wave remains intact, as you can see, but the bears decided to continue their relentless attack and created a WXY combo wave taking us down to 6128. This is a deep retrace of the SuperCycle wave II, slightly beyond .786 retrace. That is a super bullish...