The question on everyone's mind, are we off to the races? Industry analysts believe that we need to retain bullish sentiment through to options closing Friday to stay in the game on this bull cycle. I believe we'll continue ranging between 55 and 57k until then. We could even retest 53k, but ~55k is forming up to be a short term support zone, falling below that...
BTC bullish pennant formed, breakout to next trend within 2 hours, multiple indicators and most timeframes flashing bullish indicators. VFI indicating short term bullish movement. I don't think this is the big brekaout we are all waiting for, I think Friday will have to come and options expire for us to move on, but we could resume the uptrend and retest...
Bitcoin formed a pennant over the past two weeks. Many of us were expecting deeper corrections to follow the strong downtrend on 13/14 March, but the market found strong support at 53k and reversed rather decisively the next day, climbing eventually to retest 60k. Since then volume has consolidated into a pennant pattern with a slight bullish bias by 4 degrees...
Bulls and bears just put down your arms, close your orders and let it ride to 100k. No? Okay back to our regularly scheduled March bearish indecision. Best of luck traders.
So here we are again, another day of bearish ranging in the low to mid 50s. On the day chart we see an ascending triangle shaping up nicely. We are also in a second day of negative VFI which indicates continued bearish movements short term. If we look at the last two impulses up on the supertrend they were preceded by 5-6 days of negative VFI before swinging...
Note of caution- this could mean nothing compared to the continued bearish price action for BTC, but VFI as a momentum indicator can indicate future growth when you see the VFI moving bullish against bearish price movement. Run a tight stoploss on your shorts today, VFI could prelude a swift reversal, but its not guaranteed, other indicators like MA indicate a...
We see Bitcoin in another triangle for a second day in a row. Lots of indecision. We have a second chance to see if that indecision leads to a breakout North or South of the triangle. Statistically I think the breakout South is more likely, with a bounce off ~53.5k and reversal. It also could break North and this would indicate a rise to ~58k. Bullish...
Looking at today's chart we see Bitcoin forming a symmetrical triangle, with a slight bullish trend angle at 9 degrees (from bottom trendline). Also volume flow appears to be retracing towards bullish territory, sitting around -5 now, and rising. Breakout is likely between 1900 and 2100 Eastern time (USA). If we break out, first target will be to regain 58k where...
I've seen a lot of predictions for this cycle. From zero to 1 million. The most commonly believed (and dare I say supported?) forecast is 100k. While I think 100k is feasible for many reasons, particularly because stock 2 flow, fibonnaci and EW would support it; I am erring on the side of a more conservative forecast here around 88k. The reason I'm slightly...
If we assume the standard ratios for wave 5 EW .. low end ~61k, high end ~100k. My personal target around 88k by second week of April.. though EW supports 100k at the high end too. Link here to the snapshot , 9 times out of 10 TradingView skews any angle trends I plot based on how zoomed in/out you are on your web browser, apologies but not sure how to fix that....
Interesting tracker to see if you've regained value post-correction from the February to March correction.
Not TA, just a quick visual reference. Around 15 February BTC was ranging at the same price point as today (05 March). How have ALTs performed in that time? Most of them dumped in correlation with BTC dumps, but didn't regain ground as quickly. Newer coins like DOT and ADA aren't correlating to BTC and have climbed in short term, partially influenced (possibly) by...
No meaningful TA here. Just an overview on the angle trends, price growth/loss during the past two quarters. General observation is that volatility grows each wave up, with the last correction volatility was highest, and the correction was significantly shorter than earlier corrections, though well within the range of correction, about halfway between the %...
In mid February (15 February to be exact), Bitcoin hovered around the same price range as today (04 March). It looks like a double whammy, the spike up to 58k for BTC pulled value from alts and then the miners dumped soon after and we know what happened after. BTC has taken much less of a hit (as is to be expected). Some alts took it extremely hard like BCH which...
Measuring the average uptrend angle since correction on 23 February is around 57 degrees. Adjusting for the 72 hour timeframe and current uptrend angle we arrive at 47 degrees uptrend. Factoring in the range of growth on each swing, we arrive at 3 possible price targets on this current movement. If BTC continues up along this current channel, we will retest...
We see a falling wedge forming on BTC on the day chart. If BTC falls to around ~41k overlapping wave 2 in this wedge, it will be indicative of an extended corrective wave and continue down for 5-10 days more before resuming uptrend. This would put us around 16 days total correction which falls in line with the durations we saw in the previous corrections during...
Given these assumptions about wave 5, all three possibilities arrive between 65k and 70k as final target. "The three ways to forecast wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% of wave 1-3' This assumes the correction is completed, but it was significantly quicker/shorter...
While I think larger sentiments and data indicate a continued bull run long term, we can't dismiss continued short term correction and bearish sentiments. Possible 3 wave correction breaking out of falling wedge within ~48 hours. If we fall South of the wedge that would invalidate this forecast and we'll retest 43k with additional strong support between 40k and...