This video is about what is happening with Bitcoin:
First I show that in the 3 month chart 12k is a major support/resistance area.
Second, the 50 and 100 MA is normally acting as support on the 1 day time frame, but Bitcoin price is currently below these indicators price just bounced off both the 50 and 100.
Third, we have a descending channel where the trend...
Here's a technical video presenting a Bear and Bull scenario for today's Bitcoin chart.
Bear Scenario ==> We could be in a Bull Flag which could bring us down to 4k area.
Supporting Data :
(1) Historically the shortest retracement period for Bitcoin has been 75 days or 2.5 months. The average retracement is much more proably about 90 days. From 20k to 6k we...
Looks like the Wave 4 ABC correction is complete. The candles have broken from the pattern. Also the sub wave 1-5 in C looks complete. Let continue watching. It looks like we are now on Sub Wave 1 of Wave 5.
Previously I mentioned that we may be near a ABC correction. After looking at the chart, there should be 5 subwaves starting from the end of B until the end of point C. For the 5 subwaves we should have 5 subwaves as seen in green. Subwave 3 is usually the longest wave and should further have 5 subwaves. So if we do a count of 5 subwaves with in Wave 3 then it...
Today it looks like we finished an ABC correction to complete Wave 4 of Bitcoin. The graph shows the the ABC retraced between the .618 and .786 fibonacci zone. We may still touch the .786 fib.
The new Wave 5 target looks to project toward 1400-1500 area. The Wave 5 for December may be extended due to talks of CME group and NASDAQ launching futures platform for Bitcoin.
This Chart shows BCH on its way up to complete Prime Wave 3 after a ABC correction. Fibonnaci extensions have been done from Sub Wave 1 of 5h wave showing target of about $2,000 to complete Wave 5.
I believe we are in a short term buy zone now with entry of 1550 and exit of 1900-2000.
After Prime Wave 3 completes, we will see Wave 4 ABC correction probablty...