The 91.5% retrace of the previous bear market seems a reasonable target.
The previous period of 411 days to the low coincides with where we are right now...but how realistic that is, is obviously questionable...although it gives some credence to our current low perhaps being 'the low'.
Impressed to see this playing out after more than a year. It's clear to see where I lost steam in exhaustively plotting EW on this Bitfinex chart, back in about August 2015...I just looked back at it to see if I had a reasonable target prediction for wave 5.
The Volume Profile seems to demonstrates the level of consolidation that has been going on around 11.0
The Lower Volume corresponding to the 11.39 resistance level may well support the case for a rejection of this price again...and therefore a triple top.
I think I need to see a solid volume break of 11.39 before buying this.
Please Tradingview...I'll seriously pay you a year's subscription if you'll bring back Heikin Ashi alerts.
(and the other chart types people are crying out for)
How do I even get to speak to an administrator on the site to discuss this?
Get Suckisfaction is a total insult and a waste of all our time.
Thought I'd have to throw some abuse in there just get noticed...
I was expecting this picture to look far worse before I opened it, than it does.
With StochRSI bottoming out and forming a 9 month double bottom and price forming a triple bottom over the same period, I'd be optimistic price would break upwards from this support and the RSI low.
So it seems BTC is back in the wedge business...breaking out of rising and falling wedges one after the other.
A very strong inverse H&S has formed and there appears to be continued buying off of the rhs shoulder.
The last rally upwards looks very impulsive and in turn the following fall looks quite corrective.
The string buying action of the last rally fits the...
I'm back on the day job...3d artist...bought in with burrowed funds before I had to take on a big job and haven't been able to keep a close eye on things...but I'm a few hundred yuan up still.
Decided to have a look in to see whether to bail on this drop back down under 1800.
Reverse h&S says 'stay in'.
Let me know if you disagree! ;-)
Actually looks like this on...
Looks like this wedge may complete this leg:
Measured move from the first part of the ABC points to low 1530s.
But the wedge implies low 1550s.
Although on the same wedge on 8hr makes 1546 possible.
Bigger question is which leg does this complete?
Notes to which are in the chart.
I'm posting this more as a record than anything else.
It's just a little theory/hypothesis I'm observing/using for use when rallies occur and indicators throw out false signals
Once the rally is under way the StochRSI begins to diverge off of the first peak.
Subsequent intersections with the divergent trend line in the StochRSI indicate price spikes...internal...
Big question is whether this rising wedge is in fact wave 1 of an impulse up as above...
Or if it is part of a continued corrective move down as below:
Shorted yesterday's 5 waves up, and found the entry here all the same, giving initial target...
Just my take on today's action...as I see it we have just left the wave 4 wedge into wave 5.
Targeting 1550s...possibly 1560s for this wave.
That will complete wave i of the larger 5 (v) waves targeting 1616 - 1680 range again.
Solid red line is the 'sell off' level from the other day...700, 800 btc chunks were being sold off at 1575 level so I expect resistance...