Zooming in my last weekly chart to day-timeframe it is possible a triangle formation to complete the "b" wave. If we are into a bull trend since january then this correction should break down to continue a bullish rally thereafter. BUT if we were still into the bear market it would be very possible to see the price below 1500cny. Anyway in both cases it seems we could touch 1500cny, even 1350cny to make double bottom ;) In the other hand the RSI has a primary bear div in day-timeframe. Thanks for your reading ;)
By the way my last analysis is not yet invalidated.
By the way my last analysis is not yet invalidated.
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Zooming in at the day timeframe BITSTAMP
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Hey guys, analyzing this I have thought about two theories:
1. We are into the 4th wave: we are into a running flat, I mean we gonna hit 2300~2400cny/345~370usd, once this target is reached we have to range slightly up as I drew (red lines) to break up and to make the last wave up for this fractal, this would go to 3300cny/500usd as minimum and 800usd/5050cny as max.
2. We are into the 2nd wave: if this is true then price has to fall to 320usd/2050cny approx. to make the wave A of the ABC down, which would shape a bigger H&S after retesting 3100cny/460usd. At the same time this would send price down to 1000cny/170usd to make double bottom. Then you could take a look on my BTC: WEEKLY VIEW publication.
3. We are into the ABC (double zigzag) from january 2015 (same targets of the 1st Theory) to go up and the same targets of the second theory to go down.
1. We are into the 4th wave: we are into a running flat, I mean we gonna hit 2300~2400cny/345~370usd, once this target is reached we have to range slightly up as I drew (red lines) to break up and to make the last wave up for this fractal, this would go to 3300cny/500usd as minimum and 800usd/5050cny as max.
2. We are into the 2nd wave: if this is true then price has to fall to 320usd/2050cny approx. to make the wave A of the ABC down, which would shape a bigger H&S after retesting 3100cny/460usd. At the same time this would send price down to 1000cny/170usd to make double bottom. Then you could take a look on my BTC: WEEKLY VIEW publication.
3. We are into the ABC (double zigzag) from january 2015 (same targets of the 1st Theory) to go up and the same targets of the second theory to go down.
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Hi, 4 scenarios to this triangle:
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