Bitcoin broke higher of the suggested triangle/corrective pattern and is knocking on the 10k handle . The present wave structure needs some more legs upwards for completion, and I will be on lookout for signs of exhaustion since we're considering this to be a 5th wave. 9385 becomes now a level to watch on the downside that would trigger an alternate change to the...
Bitcoin prices are still consolidating but we're getting a bit extended here so I anticipate a move to be happening soon. I am keeping an eye for prices to resume towards topside in line with the overall trend and complete the 5th wave structure. I expect volatility to pick up on the approach of 10k and if we manage to bust thru it lots of money will be changing...
Price is sideways for now with a slight bullish tone here in early US session and we are still looking for a resolution in this corrective price action. I favor the triangle scenario for now in this wave 4 as long as above 8850 and prices should be pushing higher upon completion. An alternate count could allow for a deeper pullback in wave 2 considering wave 1...
Bitcoin was in a corrective move today and still trying to toy with the 8950 level as i type. Most signs point towards a 4th wave correction following the latest ascent to 9400, and once that completes we can try again our chances to reach 10,000 mark. Below 8850 the market might get more jittery and unless we pull an expanded flat out of the hat , the prospects...
With every new high it makes bitcoin gets knocked back about 2-300 dollars , indicative of heavy sell orders meant to defend the 10k level. Let's see if the market can eat thru that and advance some more to complete the assigned wave counts for a full impulse pattern. On the daily charts we are looking at this as either the wave 5 of larger 3, or wave 5 of larger...
Bitcoin continues the ascent and it still looks like we have no complete structures just yet. After we broke out of the triangle or the flat correction, we have a series of 1,2's that need to be fulfilled before a top is being established. 10,000 seems to be an attractive target and a 5 wave move into that zone could be sufficient to have a completed structure....
Bitcoin broke thru new highs overnight canceling the idea of a developing larger triangle but following higher as we were expecting once the correction ended. If the wave 4 was indeed just a running flat correction we should find ourselves in wave 5 red that should still have some more fuel in it until it's over. I am assuming 10k is an attractive target for the...
Bitcoin jumped today late in the US session reaching 8700 after a period of multiple uptrending waves . This could be the D leg of the triangle and it could climb a little higher without hurting anything on the count. Above 9100, the triangle count will be invalidated and we will have to switch. It can also be an X wave with the Y leg still to come to complete the...
Bitcoin continues its advance in what seems to be for now the D wave of the larger triangle. The advance seems complex in a way, but could also be viewed as a series of 1's and 2's which can lead to an explosion higher in price . Will stick with the D version for now and adapt the other if 8800 gets taken out. This could also be the X leg of larger wxy coming down...
Bitcoin decided to send some juice through the wires and is advancing as i type towards 8400 zone. We will be approaching .618 retrace fib zone of previous leg so let's be on the lookout for any selling up there. Next is 8700 area of defense. If this is indeed wave D of the triangle we need to return to earth in wave E , which as you know can be a triangle on its...
Bitcoin consolidating here in a small corrective channel visible in lower time frames, probably staging the attack towards upper boundary line of the triangle to complete D wave. 8245 is the upside level to be taken out and 7910 on the downside to provide support. Staying neutral here for now with a bullish tilt until the market figures out the next move. New...
A very pathetic rise in bitcoin takes us to 8170, and it is not convincing me of anything. We seem to want to climb and complete the D leg of the triangle but is more like pulling teeth if you ask me. Is this the calm before the storm, maybe , but the internals of a triangle are always messy and twisted. At least one of the legs becomes complex and keeps you...
Bitcoin has been slowly climbing between parallel lines and it does "feel" like it wants to break higher. We need to get above 8145 to gain more trust into the advance towards D targets of the triangle. I don't brush off the other 2 scenarios yet but the lack of downside action is what triggers my concern. A larger C wave flat should have started by now. I have a...
Not much changed in the bitcoin outlook since the last journal entry but i have a feeling we're running on borrowed time for some reason. A move will come here shortly and it should prove aggressive even if possibly short lived given the triangle look. Will continue to monitor the 3 scenarios at stake and take our clues from further price action. 8145 and 7480...
Bitcoin is deciding what it wants to do here and we have to be prepared for the possibilities. As i have mentioned many times, wave 4's are beasts and they will keep you guessing to no end. Is it a triangle with the wave C over , is the wave C gonna come a bit lower then up in D, or will we be moving in a larger C flat down? they are all viable possibilities but...
Bitcoin stalling for now at 8000 level. I continue to monitor if this is part of the wave D development or we're still getting ready for a move lower in C part of a flat. No further clues yet. Looking at Litecoin we seemed to have attempted to gain some traction but bitcoin seems tired still. Waiting further price action for more data. 7500 and 8150 are nearby...
Bitcoin bounced overnight with 7450 level holding in what seems to be a completion of wave C of the larger triangle. If correct, a move in wave D should follow. I have eliminated the larger drop in wave 4 flat for now since the bearish move was not sustained. We need to get above 8145 to increase confidence in higher levels. For now keeping this count in focus...
Bitcoin weakened slightly over the weekend but not enough yet to take down the 7450 level. I continue to view this as a corrective move against the larger trend in either a triangle or a flat with the alternate possibility of the wave 4 dropping towards 6500 area. We need to drop in 5 waves for that to happen , so bitcoin needs to get after it and get it over...