Felix000

#Bitcoin bulls stay away from $8,171.5 and and $8,054.8 May 22

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
See post 19 May for explanation why I'm studying these fractal zones and how they could work. I'm shading them in grey as I go forward. Could be good for bears if market closes below $8,171.5 but not sure if also needs a wick below $8,054.8

Don't forget Comment May 20: 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: In my other daily chart there has been a divergence in the MACD which is when I add a green or red vertical bar to it (occurs when in this case price closes below open but MACD bar rises). This often can mean that the next day open i.e. Tue May 22 is a good decision/review point if the market closes outside of Monday's open/close.
Comment: Following on from that Stoch RSI pattern idea, is it still a little short from being overbought or has it done enough to face jury/verdict?
Comment: Looking ahead with my fractal cycle idea and how maybe it could be used I'm studying multiplying distances by three. You can't make a fractal high or low on the multiple of three in all circumstances. In places where you can then I may currently be looking for a fractal high or low occurring Thur May 24th or Sat May 26 (a confluence of two cycles). Just an idea, no stats.
Comment: CORRECTION #Bitcoin bulls stay away from $8,171.5 and and $8,054.8 May 22

Really annoying because I just realised that the zone for May 22 is between $8,054.8 $7,925.
Comment: Just to inform of my latest post
#Bitcoin comparison with last double top sell off
Not exactly an original comparison but I wanted to see how what I'm currently experimenting with would have worked then.
Comment: I think I'll drop one idea which was trying to predict timing of fractal lows by multiplying distance between fractals by three.

I have pretty much done to death the bear side of this chart for May. I even went long at one stage during the month, so I think I will now focus on a post Bitcoin weekly fractal low. I've been putting some new chart lines in using the previous double top sell off and intend to use them for catching Bitcoin back up. I may also return to my previous daily chart set up and just use this one for testing new ideas.
Comment: On may the May 12 I calculated an 8 - 12 day bear market from May 5 but didn't fall as fast and quick as expected. Didn't have any further stats on whether it could continue for longer than 12 days so I left it at that. Lots of events could have interfered. Anyway now were heading that way maybe market is just completing what it should have completed last Wednesday. I picked the lowest $6,745.1 because of a major trend line otherwise could go lower (see previous posts detailing my calculations if interested)

#Bitcoin Buy zone between $7,271.3 and $6,745.1
Comment: Above is not advice all standard disclaimers apply
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 ?
Comment: Being doing some studies with the weekly chart and bulls need to hold May 24 low or worst case scenario I reckon $6,250/$6,200. Also, closing above $8,523 on the weekly chart will be a key future target. Not advice, all standard disclaimers apply.
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