tommyf1001

tommyf1001 Updated 

Bitcoin is setting up for a short opportunity as it approaches an area of resistance formed by the confluence of several fibonacci retrace levels, several moving averages on different time frames, a region of high volume on the price-by-volume chart, and the Potential Reversal Zone of the Bat Advanced Formation. Additionally, there is a bearish divergence on the...

tommyf1001 Updated 

Hi friends, I found a potential opportunity to go long on GBPUSD, based purely on technicals only. On the chart: - The price has found support at the 0.5 fib level. This fibonacci retracement was drawn from 1.43840 down to 1.19100. - We also see the price wicked down and bounced off the blue trend line below which is a support trend line drawn from Jan 2017 to...

tommyf1001 Updated 

Looking at USDCAD on the daily, there is a potential bearish bat harmonic pattern setting up. The B-point is retracing just under 50% of the XA leg, which qualifies this as a perfect bat pattern upon completion. The Potential Reversal Zone is calculated as a confluence of the 1.) 88.6% XA level 2.) 1.272AB=CD 3.) 161.8% BC inversion level (see below for...

tommyf1001 Updated 

Hello everyone, it’s been some time since my last Bitcoin update so let’s get into it. As many of you know, I have had a very bearish outlook on Bitcoin for the last few months and that hasn’t changed. However I believe we will see some short/med term upside before continuing to fall. There could be a case to argue that Bitcoin is forming a new bottom here. The...

tommyf1001 Updated 

Hey guys, it’s been awhile since I’ve done an idea on Forex and wanted to show you guys this one. It looks like we have a nice short setup for GBPJPY. On the chart we see the price has retested a long-term trendline that has kept price up as support since April 2017. The trendline was broken just a couple weeks ago and this trend line is now acting as...

tommyf1001 Updated 

Hello and thank you for taking the time to read my analysis. Today I want to look at Bitcoin from a long-term perspective as I like to do every couple of weeks to help keep myself in check with the bigger picture. On the chart, I have applied Andrew’s Pitchfork from 2012 onwards. As far as I know, Bitstamp provides us with the longest history of Bitcoin’s price...

tommyf1001 Updated 

New game plan: With the weakness in this move up, it seems like we might not reach our first target of $7,800 just yet. Currently the price is now testing the top of the black channel as support, so before we move on to the harmonic, we need to see the price fall back into this channel. So here we see a bullish shark pattern emerging on the 2hr time frame...

tommyf1001 Updated 

Hi everyone, thank you for taking the time to read my analysis on Bitcoin. Looking at the chart from a longer-term perspective, it’s clear the Bitcoin has been consolidating in a large wedge since the first drop to 6k in Feburary. Each reaction high touches the R1 trend line which has kept the price down since January 19th, and both bull traps to 11.7k as well...

tommyf1001 Updated 

Hi guys, I wanted to write up another analysis before I leave for vacation tomorrow. So once again the whales have everybody confused and have kept the price in this 8.2-8.3k range all day at an area where the price can honestly go either way. What makes the most sense in this situation is to see more downside until we reach the 0.618 fib level (in red) or...

tommyf1001 Updated 

Hey guys, I just got back from vacation and I wanted to provide an update for you. Looking back at my last update, there was a small rally after I spotted the 4 hour bullish divergence but unfortunately it did not lead to much upside with only a 600 point movement before falling back down once again. The area that it bounced from at 8k was from a pretty...

tommyf1001 Updated 

Hi guys, got another update on Bitcoin’s outlook. Since Bitcoin was unable to get past 8.8k to make the Bat Harmonic Pattern valid, I am reverting back to my original game plan which was to see a continued drop down to the major support zone. 3 weeks ago I posted a chart entertaining the idea that this entire April rally was repeating the fractal from February’s...

tommyf1001 Updated 

Bitcoin is forming a perfect bat harmonic pattern with a precise 50% retracement of the XA leg. - Currently, the price is finding resistance at the R1 trend line and it has also not surprassed Point B of the harmonic pattern yet. - Point B MUST be passed first and then this pattern will be set into motion, otherwise a failure to break above will most likely...

tommyf1001 Updated 

Hi guys, I think we might have another advanced butterfly formation setting up. It might be too early to say for sure that this pattern will play out, especially as the price is dealing with this .618 fib retracement of 11.7k down to 6.4k level right now. But if the price can stay above this .618 fib level (in black) then there’s a good chance this will follow....

tommyf1001 Updated 

Hi thanks for taking the time to read my analysis. So what seemed like a strong bullish move to break through the major resistance zone has now found itself struggling to make a higher move. Sure we have some wicks and a little candle body above the .618, but until we see either a strong move with volume or continued movement past this resistance area, I am...

tommyf1001 Updated 

There is a nice butterfly advanced harmonic pattern forming here. The Price Reversal Zone is at Point D and the red arrows point to each downside target. Please note these targets are not necessarily points for price to reverse but rather points to expect the price to drop to if this pattern plays out.

tommyf1001 Updated 

Comparing this entire move up this month to the move up from Feb 6th low, shows many similarities so far. I have copied over this bar pattern and slightly modified it to conform better to the current price action and it seems to be tracking this fractal pretty nicely so far. I’m not sure that we will see a double top like last time, but I’m still sticking to my...

tommyf1001 Updated 

It is clear that Bitcoin has been consolidating in a symmetrical triangle over the past week. What isn’t so clear is which direction it is going to break out into. Looking at the chart, if this Elliott wave count is correct, then a bullish breakout is the most likely scenario given the fact that the preceding trend is also bullish. On the chart the entire...

tommyf1001 Updated 

Looking at the chart on Gold it looks like there could be a buying opportunity here. The price hit the bottom of this symmetrical triangle formation and is starting to reverse. It also hit the .618 Fibonacci retrace (in black) of $1236 to $1365. Looking at the RSI and the CMF on the 2 hour time frame, there is a clear divergence from the price on both indicators...