To match a previous pattern I've been following on the 4hr chart price would have to go down to $8,350 area. Two current areas of interest for Fib support would be $8,343 - $8424 marked with red arrows.
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Should start getting some signals again on 4 hour and 2hour MACD and Stoch RSI.
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Using pattern on 4 hour chart high should have reached $9,225 and fell short at $9,177 therefore maybe should add and extra $48 to $ $8343 = $8,391. In the 4 hour chart the previous rise form the low was $1,785 and a drop of $855.
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Correction High of $9,225 - $855 = $8,340 and $9,177 - $855 = $8292 both would be satisfied by lower red arrow. Then you got Fibs at $8,424 and $8,437 for the red arrow above it. Say all of them a range between $ 8,290 and $8,450
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This is real embarasing my math is getting worse ! Correction $7,240 + $1,785 = $9,025 and not $9,225. Real high of $9,177 - $885 = $8,292 which is correct. I would not take the $9,025 - $885 = $8,140 because that is absurdly low. The Fibs with red arrows can stay at $8,424, $8,437,and $8,343.
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Just in case you missed my most recent post on the 4 hour chart I'm reproducing it here.
H & S or bull trap ? I'm still confident that this Williams Fractal set-up will cradle the market for the next leg up. I haven't been getting any signals on MACD or Stoch RSI for quite a while. So here's an idea on the 4 hour chart. I've marked the key points in the Stoch RSI with green lines and arrows. The last pattern the preceding oversold condition read 12.5 at its lowest, and the following oversold condition dropped below that to 5.4. Therefore I'm thinking that if expecting the next leg up then the preceding oversold condition to the current one read 1.7 at its lowest. For a buy opportunity this time I'm thinking maybe oversold condition will have to drop to less than 1.7. Hopefully the price will also still be within the safe zone of the Wiliams Fractal cradle. It's touching zero at the minute so this 4 hour bar could be the make or break. Sorry, but this post will appear after the four hour bar I'm referring too closes. Then again the low of that bar should hold if it repeats like last time.
H & S or bull trap ? I'm still confident that this Williams Fractal set-up will cradle the market for the next leg up. I haven't been getting any signals on MACD or Stoch RSI for quite a while. So here's an idea on the 4 hour chart. I've marked the key points in the Stoch RSI with green lines and arrows. The last pattern the preceding oversold condition read 12.5 at its lowest, and the following oversold condition dropped below that to 5.4. Therefore I'm thinking that if expecting the next leg up then the preceding oversold condition to the current one read 1.7 at its lowest. For a buy opportunity this time I'm thinking maybe oversold condition will have to drop to less than 1.7. Hopefully the price will also still be within the safe zone of the Wiliams Fractal cradle. It's touching zero at the minute so this 4 hour bar could be the make or break. Sorry, but this post will appear after the four hour bar I'm referring too closes. Then again the low of that bar should hold if it repeats like last time.
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Latest post for 4 hour chart
Bitcoin price channel ready to fire upward Y/N
I think there is a lot of buying power below the low that's been made i.e. lots of Fib support, and I don't think there is much left on the downside even if it did break lower.
Bitcoin price channel ready to fire upward Y/N
I think there is a lot of buying power below the low that's been made i.e. lots of Fib support, and I don't think there is much left on the downside even if it did break lower.
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Correction: Using pattern from 4 hour chart and figures of a rise $1,785 and drop $855. Calculations of real low and theoretical low as follows. Real high of $9,177 - $855 = real low $8,322. Alternatively, $7,240 + $1,785 = theoretical high $9,025. Therefore theoretical low $9,025 - $855 = $8,170
So many mistakes publishing in a hurry today. Hope now clear.
So many mistakes publishing in a hurry today. Hope now clear.
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In my latest postings I've identified new big downside risks.
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Just adding note from my last post for the week ahead. Have removed price channel. New low of $8,311. New retrace 50% = $8,680. Price for now couldn't hold above 20 MA. Anybody for H & S or more sideways movement. Media concerns perhaps about daily moving average crossover if you follow 50, 100, 200 MA's.... What's going to be the creature's strategy? Change of habit (or not)?