The current market structure is similar to the entire structure for the past 18 months. Very interesting.
Confirmed Rejection off Channel Resistance - let's easily clear the CME gaps highlighted with the huge ATR (volatility) and bearish momentum. Also hit simple moving average middle BB band for resistance and the target puts us at the .786 Fib Level all nicely coinciding for strong resistance.
Diamond Top Fulfilling its Obligations as a Reversal Pattern
Confirmation Bias or Is the future of Bitcoin already planned?
Diamond Top Reversal - Diamond top formations are generally uncommon however when they do form they can be a strong indicator for a reversal.
Check out how many trend lines are intersecting at about $13,500. Looks like we hit it tonigh/tomorrow then go down finally.
Ok, so I have re-evaluated after mis-calling the top (thinking previously it would have been around 8850ish). I have amended my long term down trend channel (will post a seperate analysis of just that) which coincides nicely with the following resistance at around 9950ish: - Long term down trend channel - May 2018 high of 9950 (red dashed line) - White local...
The recent highs have formed a perfect down trend channel for Bitcoin . As per my recent analysis linked below; we have just about reached the top of $9950. There will be some up and down on the way down; before falling to our ultimate bottom of $1850 where the support of the down trend channel will converge with other key support levels later this year/early next...
The unexpected move up and above the long term down trend channel seems more and more like a fakeout. It has also opened up a new CME gap as highlighted in light blue. In addition, we still have the green CME gap to close aswell. Both gaps will be closed by June 30, so we have 2 weeks to clear them. SHORT!
As per my previous analyses - we have been expecting this top for some time. It has now been reached and it is all short from here. Expecting the standard pattern similar to what I have drawn here (but by no means exact!). As we move more into the journey I will update with more detailed price movement expectations as we form more solid down trend structures.
As per my previous analysis; we have now cleared the red CME gap. We will likely retrace to around 8550-8600 levels and range sideways before we hit the very top somewhere around 8550-8600. From here it is SHORT SHORT SHORT!
As per my previous analysis we have already topped out. The bottom is a long way down to $1850 which we will reach towards the end of the year before the new bull run begins. This being said, I thought I would take a closer look at what will happen in the next couple weeks. The red and green boxes on this chart represent gaps in the CME futures for June. In the...
Too many updates on my last analysis, so created this new one. All is going to plan if you have been following me. We now have a green bull flag to support the smaller yellow ascending triangle and large pink ascending triangle. We have the red CME gap to close above, and a subsequent retest of the long term purple down trend channel is likely. Will update more...
We are almost at a critical point where we need to decide whether we are going to clear the green or red CME gaps first. On the bullish flip side we have the pink dashed ascending triangle; as well as a breakout of the blue down trend channel complete with retrace confirming support. This has a target of the top purple long term downtrend channel. On the...
So the new yellow CME gap has been closed. Next we head up to close the red gap. This will likely take us to retest the heavy resistance of the purple long term down trend channel. Will progressively close my longs from 76XX from 8550 upwards. Have drew the potential price path based on the fractal which is playing out. Get ready to short from the top!
Ok as per my last analysis we are now pretty much at the bottom of this most recent move. It is worth noting that this move has created a new CME futures gap in yellow. From here I see some ranging for a day or so before we move to the top of the pink ascending triangle and close the new yellow gap. We will then range briefly before rocketing up to just below the...
We have an emerging geometric fractal forming on the. A geometric fractal is a recurring geometric pattern that is repeated on all time frames as opposed to a candlestick fractal. I have seen this fractal many times and it is generally bullish and plays out as per the black arrows below. Therefore I now believe we might head down to 7700ish before moving up...