# #Bitcoin missed bullish targets for 19 May where next?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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May 19 close did not make it above \$8,470.8 and neither did the high hit or surpass \$8,631.7, therefore, from a cycle point of view bulls like me could be in trouble. Now going to watch how market performs around the white lines I've drawn. Will create new ones and discard old ones as we go forward.

Idea = take two fractals one high one low or one low and one high. Then take distance between them and multiply by two. The bar we need being the same distance from that between the two fractals becomes an important bar, and its relationship to the last fractal bar will dictate the direction of the trend. The how is what I'm trying to perfect.

The shaded box idea came to me because I wanted to study price action as it relates to more than one important bar.

The next bit I call the floating wedges (my own idea), and I'm thinking of combining with other signals for validation.

There are two kinds of floating wedges . Two bear side and two bull side.

For the first floating wedge take two highs or lows (the first being a fractal ) and create a ray connecting the two. Then multiply the distance between the two by three and use that point along the ray to connect a line to the nearest or highest high or lowest low between the two highs or lows and you've constructed your first floating wedge .

If price reverses and cuts through your diagonal and validated by supporting signals go with it, and if it falls back through that point and validated by supporting signals then it could be continuing the other way .

The second floating wedge can only be created on retracements. You take a retracement high or low and ceate a horizontal line. You then take the distance between the retracement high or low left along the horizontal line until you hit the first bar or wick. You then multiply that distance by three and use that extended point to the right along the horizontal to connect a line to the nearest or highest high or lowest low above or below your retrace high or low. and you've constructed your second floating wedge .

If price reverses and cuts through your diagonal and validated by supporting signals go with it, and if it falls back through that point and validated by supporting signals then it could be continuing the other way .

I'm going to be experimenting with all the above. Fractals can play an important role in all the set-ups.

Hope the above is clear enough to understand.
Comment: Market May 20 appears to be doing what it should have done May 19. Interesting.
Comment: If I was doing my 2hr Bollinger Chart set at (20, close, 3) the market now has twice pierced the upper Bollinger line often a directional signal. Also if you use those same Bollinger tracks for drawing trend lines, the market has broken through the downward trend line as well. If you throw in a reverse head and shoulder pattern well....... Back to the day chart. Market failed my cycle test but depending how the day ends appears to be to be ticking all the right boxes for bulls. Is it a bull trap - failed the cycle test? If it closes above the green 5 day offset moving average that would be a further plus. Don't have any stats for the cycle test - it's something completely new that I'm working on.
Comment: Daily Stoch RSI (3,3,7,7,close) from May 12 is a very recognisable pattern from oversold to overbought and worth back checking the stats in combination with MACD (6,13,close,31) with bars, and least one average below zero to get odds of how badly this run may end.
Comment: The offset 5 day MA level today May 20 is \$8,619 and tomorrow May 21 is \$8,516.
Comment: Copy of my latest post heading May 24 and going back to my previous daily chart for better perspective.
#Bitcoin looking to form a pink or blue coloured fractal box ?