BitcoinNews24

BTCUSD Trend Lines And Support Lines Forecast for Feb17 onwards

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi all i just wanted to share this as i noticed allot of patterns forming and they all seem to have the elliott wave pattern in
them some where, this is roughly done just to let other traders see if there is any thing in this, im new and still learning
but wanted to share my ideas.

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-Some TA -
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5 wave patter in up trening channel another elliot wave we all have been watching this
is on the day chart looks like its in another channel we are also on the 5th wave and
ema 50 and 100 is about to touch at the 5th wave point, ??Possible pattern emerging.

Notice the lines all seem to match at some point even the ema 50 and 100 touching or
going to cross at the 5th wave i do not know what this means, but wanted to put this
out there for other traders to see we could be due for a ABC retracement could see
around 8k maybe a little more.

Lets see how it plays out if we break the resistance at 11k i think we will still see
the ABC reatracment then a the correction.

I think the 11k wil be the next resistance at the 5th wave point and then the retracment,
i've drawn these roughly but lets see what happens when we hit this line if we break
it again we

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RSI (1).
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There seems to be a channel forming with elliot wave patter on the RSI 14, for 'medium term' rather than long or short.
There looke to be a wave and we are entering the 5th wave now.I dont know if that has any meaning but im just looking
for anythng that can give us a clue to what whill happen next, we mighht even do an ABC retracment along with the
above chart..I would be bearish at the moment until the 5th wave is finished.

I really hope someone can make something of this good luck all happy trading and good luck in the coming days weeks and
months,I hope some one better at TA can spot what is going on with this chart and make some thing of it.

Want to buy a n00b a cuppa tea whilst he is still learning you could help me a little to get into trading by a small donation
below although this is not necessary but would be a nice cuppa tea :))

BTC            
===
1LuVYASn75HZeLeKksExKTNwZpF59zXWk7

ETH
===
0x6C4aa3B856D167977d39b4AB49aC66D967Edd9F2

Bitcoin cash            
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qrd904m4v4k4mz0r4xk2dajkunt02jtg2gw8m8f57t




Comment: Looks like we are definitely on track, i hope that was not wave 5 completed ? or is it possible that this is wave 4 and my Elliott wave count was wrong ?

if we are just onto wave 4 then it is very possible we will go to around $8500 - $9200 if this is a retracement of wave 4, and we should then begin wave 5 which is the strongest wave and carries the most momentum..

Now if my chart is correct then this was wave 5 and we could be onto a correction ?? too me it was pumped then dumped and people took allot of profit we knew it was coming it went up too fast even though it spent most of its time in the overbought zone.

Now if this is just wave 4 retracement we could be looking at my other chart drawn as i had also done a bearish and a bullish chart, i wanted to add both ideas.i would say have a exit plan and lets see where this goes next it might reach the support line and bounce who knows time will tell but there was some big players in this moment.

Good luck all either way i hope you have an exit plan and also a buy in price make sure you cover both scenarios as we could seriously see a very bearish pullback,

This is only my opinion and people should check their own theories im not telling you to buy or sell its just an idea i wanted to put out there.
We did actually just break out but on the 4hr chart its looking very bearish too much resistance.
Reply
This was on the nose quite good for a n00b cannot wait to learn more about trading.I hope people made some $$££ and
if you did not there is always a next time we will see a correction, don't worry about that it's just when i will take a
look in a few days, How much will this go down is the question.

Hope this helped out a few people to see what was going to happen it was posted on the 17th Feb so everyone should have
had there sell and buy in points ready.I will be doing allot more analysis in the future but there is a lot of reading i need
to do.

Good luck with future trades to every one the bears and the bulls short and long I do not care we are all in this together
keep up your chin guys and wait for a reentry price.Now it time to work out what will happen next. :))
Reply
Here is a 4hr analysis i know there not really TA but im mainly concentrating on the trend line.

Reply
Check out the selling that is going on everyone seems to be dumping there BTC.Have a look on bitfinex the
order book is full of sellers..Dumping there BTC im trying to help people see what is could happen, this
does not look good guys, Be careful chose a exit strategy just incase..Please
Reply
Look at the RSI its has a down pattern dropping rapidly !!This could signal a bearish movement just be cautious only
time will tell.
Reply
This is getting very near i do not think we have broke above this enough yet and is on a 1 day chart for Long position,
but there is massive resistance ?We are not out of the woods yet guys..This post was made on the 17th well before
others started to jump onto it, now every one is looking at the downtrend.Lets see what happens guys i hope it
breaks and we can follow a new trend, but my opinion is that this wont happen and we will see a sudden down trend.

Remember this is on the 1 day charts guys :) good luck to all that are trading !!Im stuck in a long position with BTC
tied up at 12k GBP so im not bullish or bearish this is a critical point we are going to reach the trend line could
also be wrong for the resistance it could actually be set a little higher..
Reply
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