Check_it_Out

Check_it_Out

Theory: In the previous wave structure linked to this idea, I said that maybe the purple wave retraced 38.2%, and the yellow wave retraced 50%, so maybe the pink wave would retrace to the next fib level of 61.8%, but now I adjusted it to where that pattern didn't hold, and it actually was more consistent with the yellow and purple waves at between 50% and 38.2%...

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Bitcoin had a lot of excitement leading up to the open of the $GBTC market. Anticipation is high this week while the market waits for the first buys on the market. Although the market will likely not have a major influence directly on the spot price through market buys, it will likely be a big psychological factor if purchases are made above the spot...

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Bitcoin is in the process of resolving its third peak/wave cycle since the local low below $170. I noticed a pattern where each wave has retraced to the next fib level higher. The first wave retraced 38.2% to the peak after crashing, the next went to 50%, so if the pattern is to continue this wave will go to $277. This seems a reasonable target for this week's...

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Bitcoin has made higher lows on the 15 minute chart. Fibonacci retracement gives a target for longs somewhere above 1600 corroborated by low volume profile area. Consolidation above that area following a minor correction might give an opportunity for further recovery. Additionally OKCoin futures settlement is in a little over 24 hours and there may be an attempt...

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Ichi cloud support at 1475 and fib support at 1300 and 1400.

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Ichimoku resistance at 1.08 will offer a target for this rally.

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If the trendline can hold, I expect a neckline pump toward the weekend, and a resumption of bear trend if buying volume doesn't kick in. I'm not trading this, just analysis on this one. I'll update tomorrow.

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Like the previous two wave sets, the price corrected to the 38.2% Fibonacci retracement line. This indicates that the price may have reached a key support area. Although, like the past two waves, there may be some choppiness in the days and weeks ahead and there may be slightly lower local lows formed before the price can resume upwards momentum. Also...

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Short term indicators show heavy selling has occurred. Price action has slowed down as volume has dropped indicating a possible reversal opportunity. Volume profile shows a heavy orderblock in this area. Additionally, diagonal and horizontal patterns indicate an area of support. OKCoin top trader sentiment is at 80% long as of writing indicating major capital...