we're heading down for some form of wave B or THE wave B. ill close my short hedge there in the green box. those are time/price target zones. Maybe wait for indicators to align and go long for a scalp. my major play is to look for shorts once we start bouncing up. another 12-36hrs of sideways/down for now.
compare the moves in june 2014 and our latest leg up. (yellow fractal) the moves preceding it are very similar as well. same hidden bull div. rsi levels were similar. compare the action in the red fractals. so if our local bottom at $249 bitstamp holds, then we know what is likely to happen. should look at weekly chart as well. after changing the scale...
hidden bullish div forming on daily but is not confirmed yet. we currently have higher low in price and lower low in rsi/macd. the measured move provides a price target of $318. which fits in line with one of my longer time frame weekly log charts. price projection/fractal in red. we can also backtest the support at $233 to $240 without violating the hidden...
price/time targets in yellow box on chart to go long. id close shorts in the green box area based on shorter time frame indicators. expect dumps into settlement
testing an elliot wave pattern for a short entry. the light red box is the time target of 50-100% of wave a for completion of wave b. price is ote short in 50-78% retracement in price. i have the optimal time zone just in the solid red box but it can be larger red box as well. i wont begin shorting until we've entered the solid red box in time and price. once...
weekly hidden bear div in green. i expect there to be lower high in price and higher high in rsi. these are very powerful. the only way it can be canceled is if we can sustainably break $453. i wont be betting on that. also keep an eye on weekly rsi if it can close above 50, which is very bullish. i also dont think that will happen. confluence of resistance...
the yellow box is where a lot of ppl went long/short. volume profile shows it. IF this goes up, it can squeeze the shorters into a margin call around $300 to $303. after that the "bullish" momentum should be completely gone so we can resume the correction sideways or down. probvalby down. back into the 270s area. my play is stay hedged, and if it fomo spikes...
testing a price and time target looks like a corrective wave up before down.
this is the first time we've had 3day rsi cross over 50 since may of 2014. the next 3day candle prints in about 6 hours from this post. in may we had 5 3day candles of pumping and we are currenly only in the 2nd candle. last time during may 2014 we went from $440 to 680. we started this move around $235. extrapolating i get 2273 cny or $360ish. just a...
fractal of valentines, but indicators confirm similar structure. no bear div on 1h rsi. also we closed above upper daily bollinger band today and have bounced off of it once at 1703cny. we have not closed above upper daily bb since the november $475 pump. its possible this may actually go parabolic on the final leg and shoot vertical above the top of the channel.
description on chart. wait to short in red box, take profit at maybe bottom purple line
this seems more symmetrical with the minor yellow abc counts making up the B of the yellow wave. meaning that the past few days are a sideways flat correction and maybe a slight pump to 1550 or lower before continuing to make our B leg to double bottom, then one more bounce to make the major C leg then doom to new lows
i think i drew this right for the elliot waves. black arrow is doom to new lows. the minor abc correction in purple does not seem symmetrical and proportional. the a leg is so long compared to the b and c leg in purple. i will publish an alternate more immediately bear scenario
i have highlighted in the yellow boxes the october dump/bounce with our most recent dump/bounce. the october rally off the bottom took 4 days to hit the daily center BB which is also the 20 day sma. then it consolidated and made a run at the top of the bb failing slightly below it. it did all of this on sideways volume. it also had a bullish div on the rsi in...