jamesdbarnard

jamesdbarnard

The question on everyone's lips, are we there yet? Is the #BearMarket bottom in? Almost 1 year ago to the day I shared my Bitcoin bottoms up idea: Which used Ben Cowen's risk indicator to indicate the bottom or top of the Bitcoin market waves. The theory for using this indicator is as follows: 1. Bottoms must be below 0.20 2. Tops must be over 0.85 3....

jamesdbarnard

#BTC #BTCUSDT #Bitcoin The Bullish & Bearish scenario is around a 10k difference to the upside & a 6k difference to the down side, remember that the market makers will ALWAYS leave at least two options on the table (someone has to loose). The Bullish scenario would be a move to 43K (Blue B) before a pull back to 20K (Blue C) before commencing a bull run The...

jamesdbarnard

For me the 2 scenarios on the table right now are highlighted on the above chart in Green (bullish EIW) and Red (bearish EIW) The Green scenario suggests that the ‘bottom’ is already in for BTC, we closed weekly above 19.7k which was vital to this theory. There are also some major bullish indicators on multiple time frames of the charts which should signal the...

jamesdbarnard

$CAKE the local token for the PancakeSwap exchange on the Binance Smart Chain BSC has seen a significate drop after it's launch to ATH at $44. The bear market and drop in price for BTC has really hit it hard but the project remains great with genuine use case. 10's of coins are launched on the PancakeSwap exchange everyday it is still seen as the 'go to' for...

jamesdbarnard

As we all continue to look for a price bottom for #Bitcoin #BTC I have been looking at some alternative indicators One which I found interesting is Ben Cowen's risk indicator which, if history is to go by, has done a pretty good job of indicating the bottom whenever the indicator has turned bright purple falling below 0.20 This has not happened yet which...

jamesdbarnard Updated 

With the 3 day 'death cross' (200 & 50SMA) a matter of days away let’s look back at what this has meant for the price historically The 3 day 200SMA and 50SMA have crossed on 2 other occasions: Once in 2014 where we had a 61% drop with a bear market lasting 137 days, with it taking approximately 1 month before we hit the low or ‘bottom’ The other time was in...

jamesdbarnard

Updated EIW theory for btc As we continue to fall it appears inevitable that we will arrive at 21K What happens once we arrive here will be determined by the stocks and global financial markets If we enter a recession the yellow path will be followed Alternatively if the markets begin to recover the stage will be set for BTC and crypto to fly to the moon

jamesdbarnard

200 moving average has provided vital support to us on many previous occasions particularly after ‘death crosses’ under the other major MA’s The gap on the CME also aligns with this potential move to sub 30k and the ‘bottom’ for me will be once we hit the weekly 200SMA As always leave a like and let me know your thoughts

jamesdbarnard

A closer look at the EIW theroy for BTC's deeper correction

jamesdbarnard

While I anticipate a fairly brief 'relief' rally, possibly up towards 44.6k, there can be little doubt that BTC looks set for yet further correction from it’s 2020 – 2021 charge The weekly moving averages of significance (50 & 20 MA) crossed down on 14th March and if we take a look back at the historical data regarding these crosses it makes for break...

jamesdbarnard

Bitcoin remains indecisive with the long-term uptrend possibly slightly swaying us in favour of the bullish scenario. The only way we can tell who has taken over, the bulls or the bears, is if we close above or below the marked prices. A daily close above 54k would instigate the bulls taking over A daily close below 37.7k would instigate the bears taking...

jamesdbarnard

A possible Elliott Wave theory for Bitcoin Should we pull back for our ABC correction after an extensive run it is crutial that we hold above support and this could see the idea playout very nicely. It would also be a fantastic oppertunity to load up on Alt coins before a push to 52k then a new ATH

jamesdbarnard

With the recent pump blasting us price over the 20 & 50 moving averages I will be looking for a pull back to the 43.6k area. This area has a lot of confluence as it marks the 0.382 level of the fib, there is historical support/resistance, it marks the neckline of the weekly double bottom and the weekly 20 moving average. If we can back test this area and hold it...

jamesdbarnard

Weekly semetrical wedge (blue trendlines) with a bearish pole (blue line) which has a target of around 27.5k Barring a large bullish divergence developing we should break below once the side trading is done

jamesdbarnard

As I anticipate some more sideways trading for #BTC for the next month or so I will be looking for a short position if certain criteria are met. The DXY looks set for a pull back and a possible pump and if this occurs the price of #Bitcoin will be affected to the reverse effect. We could see a small rally back up to the top of the wedge around the 44k mark and...

jamesdbarnard

Updated as realized there was an obvious error on my previous chart Let me know what you think guys, like and comments appreciated :)

jamesdbarnard

Waiting on wave 2 to confirm still but it is possible that it is already in Only time will tell..

jamesdbarnard

Here is a possible idea on BTC: With the current consolidation/correction still in play, it is very possible to see more downside before the bull run continues Wave 2 correlates nicely with the 0.786 of the Fib and the blue line of the log growth While we would not want to see a weekly close below 37.5k a wick down to this area is still a possibility before...