I used the wrong trendlines when I first published this triangle. Proof that I'm not just reneging on my previous forecast can be found in the chart before it, which shows that I did expect the price to break the trendline that has now been broken. I've also decided to give a more zoomed in view of what to expect as well as trying to make clear what I'm seeing in...
My previous forecast seems to be playing out well and this is what the end result will look like on a longer timeframe. It's fairly simple: we appear to be in a sort of descending triangle and I think we're going to fall out of the bottom in a big way. The region of support that we're sitting on is incredibly strong and has fended off numerous attempts at a break...
Here's the script. Been drawing it for about ten minutes and it's already being followed so you know it's 100% accurate. Seriously though, inverse maddies, short squeezes, dumps on rallies, fake ups...this zone is just rinse and repeat and it won't stop until we leave it. Personally, I'm don't think I'm going to be taking any positions until we leave this range....
I haven't been publishing lately because this area has been incredibly difficult to navigate with short sqeezes, fakeouts and everything else that makes Bitcoin Bitcoin. Therefore, I've had a look at some of the longer timeframes and the story is interesting. As you can see here, there is some serious convergence of indicators. We've been hovering around this...
Update: This one didn't pan out as expected. I spotted the bull div on the 4H only after publishing this and so that was ignorance on my part. Ideally, a dynamic stop-loss would be set on that purple trendline. A long position on the break of that would have made you a nice quick profit. I hope you all had a profitable Christmas and best wishes for the New Year....
Update: This trade worked out perfectly and netted a lovely 100CNY drop (-4.56%). Of course, you could have held on for much greater profits. With the original trade, however, just multiply the percentage drop by your preferred magnitude of leverage and you have your percentage profit; with 20x, this trade roughly doubled your money. Holding on until the bottom...
I don't think nearly enough selling has happened since breaking out of the mid-term channel. Some good support around 343usd (Bitfinex) has led to a pennant forming and I think the bounce will turn out to be a dead cat that wants to fall further. Indicators are winding up for the move as well. Let's wait and see.
The price is currently 374.26 USD/BTC on Bitstamp. The dump two days ago caused the RSI to drop another level but yesterday's recovery took it just just high enough to give the impression of a sound recovery. Again, today is critical. Momentum is right at the top of its converging channel and RSI is leaning on that already broken support. Unless there's a breakout...
It looks like we're coming in for a third contact with the lower mid-term support when every other contact with these purple lines has been a single touch before traversing to the other one. It seems obvious that the orange resistance is coming into play even though it's a good distance away from the current price. The RSI has broken down from the steeper...
I took out a lot of the noise and just left the bare bones so that my reasoning with the RSI can be seen.
OK, so the bearish prediction was missed by a hair and reached the day after predicted. Forgive me if I claim victory on that one. _______________ My last two publications were a mess so this one's purpose is to do justice to the forecast without trying to display the messy angles and tenuous mathematics involved with them. Long term resistance is shown in orange...
I decided to take a look at the longer-term view of Buttcoin and spotted that the RSI is doing something interesting. I'll try to explain the mathematics here: Take the sine of the the gradients (14, 17, 24). Find the differences between consecutive sine values. Find the ratio of these differences. Apply this ratio to the last difference between sine values to...
I decided to take a look at the longer-term view of Buttcoin and spotted that the RSI is doing something interesting. I'll try to explain the mathematics here: Take the sine of the the gradients (14, 17, 24). Find the differences between consecutive sine values. Find the ratio of these differences. Apply this ratio to the last difference between sine values to...
Mid-term convergence of indicators and the price is starting to get intimate with the upper trend-line of the symmetrical triangle. It's overdue on leaving the channel support and should begin the journey to the upper resistance.
Got another bull penant forming in the short-term and there's also a bit of a mid-term one that I'll post as a reply to this. Indicators are winding up nicely and the volume's doing the usual diminuendo. The EMA's have also crossed bullishly. Let's see what happens.
Should do what it says on the tin, already looks like it's about to shoot off, better publish quickly.
The price is threatening to break out of this widening channel but there are some bearish divergences just waiting to be played out. This could explode in either direction over the next couple of hours.
Here's an interesting similarity that I spotted between the recent 275 fractal and the current one being painted. This chart also shows you how the price is interacting with the fib levels in the mid-term.