Felix000

#crypto # bitcoin OMG here's why Y/N

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In my last post Jul 17 my idea was that bitcoin             could touch $7,764 by end of that week (July 22), and any later close above $7,926.8 could be a game changer, and after that more likely an attempted sell-off like earlier patterns. Well here we are, not a weekly close just yet but bitcoin             has breached $7,926.8.

I am now thinking A & B marked on the chart is what happened last time one of my white lines was breached and put in strong resistance. Red upward sloping trend lines could be like last time a good place for a bounce, or, sell off.

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.

Chart Key:

Top horizontal zone is volatility of week beginning April 30th because it's a X2 multiple of the distance between Feb 19th fractal high and March 26th fractal low.

Lower horizontal zone is volatility of week beginning June 4th because it's a X2 multiple of the distance between March 26th fractal low and April 30th fractal high.

White diagonal lines have been created whenever there has been a consecutive divergence e.g. two green candles with consecutive lower scores in the Histogram below (yellow).

Yellow arrows indicate the day after divergences when market closes outside the divergence candles.

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.

Note my MACD settings are:-

Fast Length 6
Slow Length 13
Source: Close
Signal Smoothing 31

Default settings Trading View are:

Fast Length 12
Slow Length 26
Source: Close
Signal Smoothing 9

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
Comment: Correction: Just noticed the horizontal white lines are slightly off where they should be. The first is marked as $11,626 but instead should be $11,651. The second is marked $7,926.8 but be $7,925. Thankfully not a big difference.
Comment: I did not include week of January 22 in my analysis because there was no chance of a fractal high.
Comment: Just to update you on what I'm watching here on the weekly because there is not much point me posting another chart till end of the week, and instead I've been focused on the daily which has been working out very nicely.

You will notice in the above chart two groups of three down pointing arrows. Well as reported above the price broke through the white horizontal. However, at this time of posting the price has not broken past the middle arrow pointing down. See what happened last time. The only difference being that the market hadn't made the third arrow yet. Price needs at least to break past the opening price of the week beginning May 21, and at best close above in order to break with the past pattern.

It doesn't help that the ETF decision has been postponed till September.

Will the decision due out in India the same month keep the price buoyant?

Could tensions between US and Iran with a threat by Iran to block the Strait of Hormuz help i.e. If such happened would Bitcoin rocket into the stratosphere?

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
Comment: Check out my latest post Sunday 29 July on the daily:-

#crypto #bitcoin mega quant move here's how and why Y/N

Here's what you need to know........................If you ask me why I did not post this when market hit bottom, well its because I forgot. It's not easy keeping up to date with so many weird signals at once, and scouting for newer ones. Last time I was making a lot of posts about this signal was back in May, and was using the volatility to calculate a measured move...................Good luck technical analysts. No patterns are guaranteed to repeat for ever. At some point quantity and distribution methods have to change or price discovery mechanisms wouldn't properly work.........I'm sticking with my long for now, and my supports in earlier posts. Given the above I would not want to play it to close.

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
Comment: Bitcoin closed week above $7,925 (and $7926.8). Check out my latest post on the daily about mega moves "here's how and why"

NOT ADVICE. ALL STANDARD DISCLAIMERS APPLY. DO YOUR OWN RESEARCH.
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