Elliot Wave 4 is taking us down for a .618 Fibonacci retracement of wave 3, that means we will dip to around 5k... From a timing perspective this might coincide with a TomDemark Sequential 9th Daily candle which signals price exhaustion and likely the end of the downtrend... If my analysis is right we should get there by Nov 17th, that is 5 days from now... Stay tuned!
According to EWT if W3 is to be a 1.68 extension of W1, it should be ending near the 8k... Two options either BTC just started correcting before the fork (which I doubt) or it will continue rallying just to heavily correct right after... Following fib retracement rules, counter trend wave 4 should take us back to the 6k price levels... A thing worth noting, notice...
Since W1 was an extension we should expect W3=W5 which is consistent with motive wave multiple rules where the distance from Wave 2 to Wave 5 is a .618 multiple of the extended first. With that being said I do expect wave 5 to end around the 340 levels which is consistent with previously strong resistance levels.
We might see a channeling formation like the following if W1 is around the same length as W3. Price may meet strong resistance on the 350s and end wave 3 or continue for a 1.681 extension of Wave 1 to the 400 levels.
We have a confluence of factors around the 4,100/4150 zone. First a . 382 retracement of previous wave 3, top of the Ichimoku cloud and previous resistance becoming support. This is a zone of possible reversal (Kumo bounce) and start of impulse wave 5.
We need to pay special attention to these two zones which will act as strong supports (reversal zones) in the coming days:
1) Fractal support at around 3,600 which coincides with Kumo's Senkou Span A (top of the cloud).
2) Kumo flat bottom (Senkou Span B) at 3,150.
We have a convergence of three different indicators at a price point below the 3,900 USD. The Bill Williams alligator jaws, price trend-line an a down fractal support. If price breaks this zone brace yourselves for some REAL bearish action.
BITFINEX:OMGUSD I'm a bullish on this altcoin due to several factors:
1) Technical factors:
Present: Price above the kumo (cloud).
Past: Recent TK crossover, chikou span above price action.
Future: Bullish Kumo 30 bars ahead.
2) Fundamental factors: Partnership discussion with Google going on and rumors that Taiwan's banking system will be...
Prvious TK crossover confirms possible long setup for LTC on the 4hr chart. If price breaks kumo above the next fractal resistance it will be a confirmation for long entries, stop loss must be at the kumo (below 80) and take profit above the 90s range.
If price crosses tenkan-sen (yellow line) get ready to start a long position. Delete open orders is price retraces to to the fractal resistance level. Stop loss must be placed at the fractal support, take profits on the next resistance at 4,900 level.
BTC touch briefly the 90K zone just to pull back. Ichimoku signals a bullish bias although is very clear that RSI is in the overbought zone. BTC may very well keep hitting ATH's but I wouldn't advise to enter the market in this conditions. The TD sequential also signaled (sell) price exhaustion for the last bars, this is basically telling us that the trend might...
We have a bullish signal in the form of a TK crossover in bullish territory (price above kumo). Chikou Span confirms signal above price and kumo twist signals green. Place your stop loss in the support area below 260, next resistance level is above 300.