JosephWagner_618

JosephWagner_618

Bitcoin futures hit new all-time highs after hitting $61,000 in the spot market this weekend. BTC futures hit a high of $62,000 before backing off slightly. As of 4 PM, EST BTC is trading at approximately $60,500. This marks the first close above $60,000 for Bitcoin futures, and I believe we will see $65,000 by week's end. The consumer price index is set to be...

JosephWagner_618

This week in BTC we in essence closed were we started, at the 78% retracement at $9,249. Combined with last week’s doji candle we have seen the least amount of volatility in the market for quite some time. We have also seen a decrease in volume in BTC over the last three weeks. All of this has certainly put a hold on a rally getting up past $10,000 and after...

JosephWagner_618

thegoldforecast.com Over time I full heartedly believe what my technical studies continue to reveal again and again. The numbers of the Fibonacci sequence and in turn so do Elliot Wave Theory principles are not expressed more clearly and abundantly on any other traded stock or commodity as on a chart of Bitcoin futures via the CME. The short answer for why I...

JosephWagner_618

Last week we spoke about the pennant formation that Bitcoin had broken out of we have that particular formation drawn in blue lines on our first chart. What is also evident on that chart is a pennant formation still in play drawn in red. Most importantly the highlighted ascending triangle formation highlighted in yellow formed by the same support line as the blue...

JosephWagner_618

BTC Futures as of Wednesday officially broke out of the compression triangle it was caught in. Although it was not a huge move, Wednesday’s spike in volume concurs that the break to the upside may hint at an even longer extended rally in Bitcoin futures. A few other technical indicators are pointing to the same conclusion such as the RSI is close to breaking...

JosephWagner_618

BTC futures are once again trading within the compacting range of yet another compression triangle. On a daily candlestick chart of Bitcoin futures in the CME continuous contracts (BTC #F) it is drawn out as such. Starting a line from the opening price on April 29 then connecting it to the low hit on May 26 and extending it will give you the bottom support line....

JosephWagner_618

We have been somewhat surprised since mid-March by the consistency in BTC’s ascension. Not by the increased value itself, but by the timing and structured nature of the spring 2020 rally in Bitcoin. Bitcoin is making a tradition of an early harvest so to speak. For the last two years BTC futures bottomed from mid-February to mid-March, only to bloom by the...

JosephWagner_618

At the moment (4:45 PM EST) bitcoin futures are trading back in the bullish trend channel that it had broken out of on Tuesday and was resistance yesterday. This also harmonizes with our 78% retracement at $9,249, which is exactly were the market closed yesterday. As of right now Bitcoin is trading back where it opened exactly one week ago, last Thursday. This...

JosephWagner_618

thegoldforecast.com thegoldforecast.com Above our links to our charts. After a nearly ten week climb from the bottom at $4,210 that took it to $10,000 Bitcoin futures have left the recent upward channel breaking clearly below it in trading today. The support line I am referring to (dashed red line in first chart) was touched upon nine times on the way up to...

JosephWagner_618

Last Friday we spoke about my long term projected price average and although it was not intended as a support/resistance line it did indeed prove to act as resistance as the rally of the lows in mid-March was stopped dead in its tracts May 7th and 8th. In both days edging over this line intraday only to close below it like every other candle so far this year....