Bears Running Out Of Rope? | $BTC USD #bitcoin #litecoin $Gold
Friends,
If you have followed the predictive analyses and forecasting for this crypto-currency, then you received the most recent bearish target, with a floor defined at 408.87 - Here are a few for your review:
1 - Following significant rally, a low 554.65 target is defined (29 days ago)
-
2 - Bearcoins are back (6 days ago)
-
3 - Defining BEARISH supports (3 days ago)
-
Now that we are coming to the very last of the support defined by my predictive analysis and forecasting system, one has to raise several questions. First, with a doubting overtone:
How do we know that we are at the end of the rope?
The simple answer is that we don't. The system offers signals, and it is up to the individual trader to look back at the information that has come out of it and that I posted to see whether there is any real reason to doubt a system that has been quite on the money so far.
Assuming that you have residual doubt, then let's look at some technical events of late.
TECHNICALS:
Taking a look at the WEEKLY chart above, there is little doubt as to the existence of a long-term trendline that has offered its support three times so far, and is now building the anticipation of a fourth one.
The triple bottom that we are about to witness happens to also define a potential 3-Drives pattern. The purist would disagree with the implied Wolfe Waves Pattern expressed through the 2-4 Target Line, however, I will leave it there, because as a non-pattern trader (at least not as a principle mode of trading), I have had quite a lot of reasons to build respect for this 3-Drives/Wolfe Waves hybrid organism.
Another pattern to consider in the background, defined by the X-A-B-C-D is a Butterfly, with a Point-D projecting to a 1.272 x XA, and lining perfectly its 1.618 x AB into a surgically equal PRZ @ 1374.16.
A reverse engineered rally into a speculative 2-4 Line might be quite a stretch, but again, all my targets were considered worse than that if you followed my earlier analysis. So, I won't feel to ridiculed here either.
OVERALL:
At this point, I caution the bear, as the ultimate low target is nearing. Given the 400.00 historical structure-low, price action closing below that level should invigorate the bears and scare the bulls. But until then, I would encourage bears to keep an open mind about the potential reversal at the levels defined above. This is not a question of being right or wrong, but of remaining with the market.
The market has defined a long-term trendline to cushion the current decline into a potential reversal level that falls squarely with the forecast value of my system @ 408.87. While that value was qualified as low-probability of being attained, price is nonetheless reaching the market's gentle trendline support at or near that value.
The directional tag is now moved from short to neutral until these price/trendline interaction solidify a support.
Cheers,
David Alcindor
Predictive Analysis and Forecasting
-------------------------------------
Disclaimer:
- Remember to remain dubious about every and any thing I say. All comments are subjective perceptions based on unshared, proprietary and common knowledge of fundamental analysis, classic technical analysis, basic and advanced pattern trading, as well as personal research in occult market geometries, predictive analysis and quant-based forecasting, some or none of which is being shared in my trading profiles, so do your due diligence and review the disclaimer below.
- Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
If you have followed the predictive analyses and forecasting for this crypto-currency, then you received the most recent bearish target, with a floor defined at 408.87 - Here are a few for your review:
1 - Following significant rally, a low 554.65 target is defined (29 days ago)
-
2 - Bearcoins are back (6 days ago)
-
3 - Defining BEARISH supports (3 days ago)
-
Now that we are coming to the very last of the support defined by my predictive analysis and forecasting system, one has to raise several questions. First, with a doubting overtone:
How do we know that we are at the end of the rope?
The simple answer is that we don't. The system offers signals, and it is up to the individual trader to look back at the information that has come out of it and that I posted to see whether there is any real reason to doubt a system that has been quite on the money so far.
Assuming that you have residual doubt, then let's look at some technical events of late.
TECHNICALS:
Taking a look at the WEEKLY chart above, there is little doubt as to the existence of a long-term trendline that has offered its support three times so far, and is now building the anticipation of a fourth one.
The triple bottom that we are about to witness happens to also define a potential 3-Drives pattern. The purist would disagree with the implied Wolfe Waves Pattern expressed through the 2-4 Target Line, however, I will leave it there, because as a non-pattern trader (at least not as a principle mode of trading), I have had quite a lot of reasons to build respect for this 3-Drives/Wolfe Waves hybrid organism.
Another pattern to consider in the background, defined by the X-A-B-C-D is a Butterfly, with a Point-D projecting to a 1.272 x XA, and lining perfectly its 1.618 x AB into a surgically equal PRZ @ 1374.16.
A reverse engineered rally into a speculative 2-4 Line might be quite a stretch, but again, all my targets were considered worse than that if you followed my earlier analysis. So, I won't feel to ridiculed here either.
OVERALL:
At this point, I caution the bear, as the ultimate low target is nearing. Given the 400.00 historical structure-low, price action closing below that level should invigorate the bears and scare the bulls. But until then, I would encourage bears to keep an open mind about the potential reversal at the levels defined above. This is not a question of being right or wrong, but of remaining with the market.
The market has defined a long-term trendline to cushion the current decline into a potential reversal level that falls squarely with the forecast value of my system @ 408.87. While that value was qualified as low-probability of being attained, price is nonetheless reaching the market's gentle trendline support at or near that value.
The directional tag is now moved from short to neutral until these price/trendline interaction solidify a support.
Cheers,
David Alcindor
Predictive Analysis and Forecasting
-------------------------------------
Disclaimer:
- Remember to remain dubious about every and any thing I say. All comments are subjective perceptions based on unshared, proprietary and common knowledge of fundamental analysis, classic technical analysis, basic and advanced pattern trading, as well as personal research in occult market geometries, predictive analysis and quant-based forecasting, some or none of which is being shared in my trading profiles, so do your due diligence and review the disclaimer below.
- Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
