BAT has recently incurred some steep buys w/ no follow through. Product is good, and more used now than ever.
w/ Elliot Wave Extension tool we can see that the 1:1 ratio does not exceed to lower lows. I believe we can now look at this as a 2nd wave and expect and Fib Extension to higher highs. time will tell.
Here's a quick chart I put together mimicking BTC's last recovery from bear market. One line of specific interested to me is the base line that I placed based off of the turning point BTC. I see a lot of confluence here and I think we'll see this line on a lot of peoples charts in the future as a new baseline support.
What do you think? July 2020 until anything...
This chart is a continuation pattern chart. Simply points of confluence dictating the trajectory of the fork. Support pushes bull movement start. Final resistance at $220 after 2 resistance points along the way.
With the massive plunge recently, BTC pushed through its main support line that was keeping it "parabolic". This being said, BTC must find a new support line for this next wave, and there's no clear contenders. 2015-2017 shows a line that BTC continually beat on.
BTC's last recovery followed the Gann Fan tool quite well. I've looked for similarities between the 2...
Running a Curve on our bear market plunge, I see BTC is forming a curve that may result in a bowl reversal pattern with hard resistance at 4231 and 6015.
3477 Support can also be found on BTC history as support and resistance and represents the first candle that confirmed BTC was bullish past 6k.
Good sign to see this break out of this channel.
December 1st Bull...
BTCUSD: 1 Day Candles, Log
Using the fork channel tool and counting the major highs and lows I've put together this chart that may indicate where we are in the market cycle for BTC by comparing our current structure to the 2014 bear market cycle. I would note, the 2014 bear market was caused by major security threat FUD, while our current cycle is price...
Classic pattern here. Looks like it's played out and we'll be going down a bit further before the next structure. Following the indicators and day candles trend I'd say a flash crash or a neutral long and out are the most likely scenerios. Either way, no profit to be made and high risk of big drop.
I've been researching Bitcoin's previous major structures, especially 2014 to find patterns for how BTC recovers from large motions like this.
GREEN: Best Case Scenario
YELLOW: Most Likely Scenario
RED: Worst Case Scenario (Matching the 2014 bear market)
1,2,3: The 3 major waves before breaking the downward trendline
GREEN BOX: "Bull Trap" Happens...
Counting these waves, and seeing bearish signs as we crush through support lines and dip below $6450, creating a new lower low than previous dip. BTC 5.33% must retrace back to support levels around $5k before we can break back to a bull market.
This graph represents a parabolic growth pattern of BTC if it continues at it's growth rate over the past 6 years. The concept here is that every time it finds new highs it falls back to level on the fork channel that's one step above the previous market cycle, thus keeping BTC parabolic. This chart shows BTC functioning under an Elliot Impulse wave pattern. If...
OMG broke through the downward resistance point this evening, which also matched a reverse FIB level .236
I ran a trend based FIB extension on the current spike and found a 1:1 extension at .001658 for sell order. Expecting this trend to continue, but will need more details before elaborating.
PPT just finishing an ABC correction. With this much new volume I'm expecting an easy 1:1 FIB extension over the next couple days, could go as high as 1.618 or 2.618 as there is so much volume pressure in this coin that has not yet revealed itself in price. Doubt we'll see a full 1:1 retracement as .782 FIB level seems to be holding up.
PPTBTC Binance 1 hour chart
BTC looks to be finishing up this last little market structure. It looks like the $8200 .5 Fib level didn't hold up barely, so I've moved my levels to .618, which based on the market reaction to .5 will make the .618 level be even more reactive. Looking forward to big green candles soon!
( 4hr candles )
Today BTC recovered from a dip that had ALL the bear signs. I've never seen so many charts wrong on #TradingView This is clear market minipulation! It's ok though! We can use this knowledge to our benifits as traders. When markets gets pumped like this, it's usually millionairs moving tons of money into the market it small pieces that directly flip the market to...
This chart is bias towards a bull market correction. I believe we're in a #BullMarket now since breaking the downward trend line from BTC 20k, and thus I assume this is the correction pattern. LTC always follows BTC better than any other coin. That's why its my favorite crypto, steady steady, then breaks out. Best risk reward ratio.
That being said! This is an...