The new year crash on bitcoin has provided an interesting situation on the monthly trading chart.
Possible ABC=D move on Bitcoin.
A= €1552.24 July 2017 Low
B= €16979.00 December 2017 High
C= €8130.30 January 2018 Close
Still long on Bitcoin Head and Shoulder pattern in progress meaning price could fall as low as €4628 however, I don't think it will.
I am looking for strong support at €11700 to €1100 also volume to incrase and push a close aboove €12606 to signal bullish mometum.
This pattern shows up on both XRPUSD and XRPEUR 11.80% the completion with good reaction at the $1.62 shows that profit taking has nearly all but ended and new money is slowing again entering the market.
Price should begin to retest $2.50 and a bullish brakeout above that.
There have been lots of reports in the media in recent times that Credit Card debt could bring around another finical crises if the company's that lent the money could not recover the funds from the debtors in time.
PFG has suffered huge losses as it has failed to collect debt from the sub prime customer base it lends to.
- £I.7 Billion
Interested to get...
Bitcoin Price on ABCD
(C) £3094 = Pullback to 0.238 Fib
(D) Target = £3600
Price to retest (B) £3457 and close above this level to start testing the (D) £3600 zone
support for this move is way back at (C) £3094 and (A) £2950.
Close above €3724 today will confirm for me this move that I have been tracking.
ABC=D at .50 extension.
=(D) Target at €4200
IF we hit that target without dropping below €3250 this will also form a good length for the 3rd leg of an Elliot Wave on the uptrend.
All this puts suupport to brake this move at (a) ponit = €2742.
It would be very interesting to see if technical indicators apply to new markets.
(a) at $139
(c) at $242
= (d) @ $944
Also there are 2 other moves that are valid from the (A) @ $242
And @ $278
It makes me think a buy move is available to the first step up to $377 stop at $278.
This is my theory on Bitcoin / Euro.
If the uptrend continues it would the create the 3rd leg of an Elliot wave.
Science tells us that this uptrend has to pull back at some at and then that would be the 4th point on the wave from there a reversal back up would signal the 5th.
It looks like the First 3 legs of an Elliot Wave along with the first Move on a ABCD.
Price pulling back down the FIB would then put the D target price next in line.
If price pulled back past the (A) The move is dead.
If Price continues on the UPSIDE it would mean a continuation of the (3)rd Elliot Wave.
At first I thought this was an ABCD but the price never responded to the c leg and now I see the 3rd leg on a Elliot Wave.
I am teaching myself this theory and so would like your feedback - What do you think ?