mitkoenchev

mitkoenchev Updated 

This weekly log chart shows my view of the future of Bitcoin for the next couple of years. The trend line shows the minimum levels I expect to see, but I also anticipate BTC testing the $4200 point of control. This sits under the 100-week moving average and will set off a lot of alarms. Falling under $5000 could create a panic sell which will be bought swiftly by...

mitkoenchev Updated 

Here's an for my previous Substratum chart - it seems the price will not go further down and there will be no double zigzag pattern - it's more likely that Substratum's correction has ended and the price is now moving sideways in the first consolidation range, staying just above the trend line. If momentum gains, expect a pretty nice price jump of about 20% going...

mitkoenchev

As volume has been getting even lower, it looks logical for Bitcoin to move further down to the next point of control, the first being $5700 and ultimately $4500. Whales will buy a lot at these price levels and trigger a chain reaction with almost no sellers left, resulting in substantial price and volume boosts. I believe BTC's price will then return around the...

mitkoenchev

Truth is you can always draw waves :) However, we saw some nice volume around the $8000 level, which is much more important than the price action alone (and any kind of waves). I expected higher volume, but I still anticipate Bitcoin's price to slowly move upward, until some FOMO generating news appear...

mitkoenchev

Here's a chart showing BTC's future price consolidation ranges and price jumps between them, following the volume profile. We can also see that Bitcoin's price starts forming last 5th Elliott wave, which I anticipate topping out around $13000-$13500, just as shown in my update for the previous chart. If the $13500 resistance is strong, we could see a small...

mitkoenchev Updated 

Here's what I think of Substratum's near future. Before the announcment of the final working platform and the market calming down, I see Substratum going further down a bit, but not lower than the 4000 mark. I think a nice buy zone will form around these levels, which should pay back at least 2-3 fold in a few months. Keep in mind that large players can pump the...

mitkoenchev Updated 

After confirming the $860 support, I expect to see ETH to break above the downtrend line by the end of this month. That is, if Bitcoin does not move a lot below $11k, otherwise, we'll probably see Ethereum test the $800 support before moving higher.

mitkoenchev Updated 

Not very likely to follow the exact pattern - just an idea around the Elliot waves and history repetition... If the previous bull run repeats again and we're in the first wave, we could see Bitcoin near $30k just before the summer :)

mitkoenchev Updated 

Support at $6k proved strong, as the volume profile suggested. I belive this was the bottom, confirmed by the daily volume spikes. BTC should restore and move sideways between $7-8k, spiking between the green and blue trendlines. A few more tests of the $6k support are possible these days. The stocks market crash could move some funds to crypto this week and as...

mitkoenchev Updated 

Proving the update on mylast chart wrong, it seems BTC will still get lower until it confirms one or both support lines based, at least volume analysis confirms that. The best buy zone is indicated by the red box and the end of the XABCD pattern, which is quite possible to happen in the time frame depicted. However I would not suggest any buying or selling until...

mitkoenchev Updated 

Support at 10k is strong and I believe SUBBTC will form a cup and start moving up again in the next 1-2 months. The perfect buying time will be right after the price consolidates and starts gaining momentum. In the long term I see Substratum aroung the 20th position in coinmarketcap. The project is very good and it is my top undervalued one. There's been...

mitkoenchev Updated 

Here's where I see current and future support/resistance lines for BTC. Let's see what will happen after the futures contracts finalize tomorrow. There will be some trying to bring BTC's price down, so it could follow either of the blue lines. If it touches the 200-day MA, the correction will be full and I guess we'll see BTC only going up for a few months :)

mitkoenchev

Just an update for my previous chart with a few corrections.

mitkoenchev

Potential re-test of $9k support expected before the end of January. Closing the day below $9k (unlikely) would mean stepping back to the Jul-2017 trend line and testing $6k support. Watch carefully where the price bounces and buy after the dust has settled, not while falling down :) If history repeats again (as it usually happens) the downtrend will reverse and...

mitkoenchev Updated 

A bit more detailed chart; although highly unlikely to follow it precisely - BTC clould drop below $10k tomorrow :) I will personally wait for the $8-8.5k range to buy, although there is a chance BTC will not touch that level.

mitkoenchev

I see BTCUSD recovery before the end of January. Now BTC is a very good buy. Not sure whether it will be a fast or slow recovery, but this summer I expect to see at least triple the previous year's all time high, with a much bigger bubble forming. The way we exit that one will depend mostly on cryptocurrency adoption.

mitkoenchev

Update for my previous BTC short term chart

mitkoenchev

Failing to follow the 50 day and closing near that level could bring the price back to the 100 day MA for a few days. Then failing to close above previous support ($12.5-13.5k) could "burst" the bubble, touch the 200 day MA around $8k and close right below previous support, which is now resistance. Then we could see a downtrending consolidation around $10-12k....