MonkeyMagic

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Top Mentioned Symbols
BITFINEX:BTCUSD 62% | 20 TRXBTC 15% | 5 BITSTAMP:BTCUSD 9% | 3 XVGBTC 6% | 2
MonkeyMagic MonkeyMagic XVGBTC, 120, Short ,
XVGBTC: Updated count, correction ongoing
100 0 0
XVGBTC, 120 Short
Updated count, correction ongoing

My count of the last impulse was invalidated, this time it looks like the top of larger wave 1 is complete and wave 2 is underway with a zigzag correction.

MonkeyMagic MonkeyMagic BTCUSD, 1D, Short ,
BTCUSD: death cross
208 0 1
BTCUSD, 1D Short
death cross

50 day moving average has crossed the 200 day. Lower lows expected. https://www.investopedia.com/terms/d/deathcross.asp

MonkeyMagic MonkeyMagic XVGBTC, 120, Short ,
XVGBTC: Vertical impulse -> deep correction
34 0 0
XVGBTC, 120 Short
Vertical impulse -> deep correction

Verge climbed powerfully out of its hole, but with a lot of people ready to drop their heavy bags once a better price was reached I think wave 1 will retrace deeply back to wave 4 of the previous sub waves of wave 1.

MonkeyMagic MonkeyMagic TRXBTC, 120, Long ,
TRXBTC: Tron wave count
199 0 2
TRXBTC, 120 Long
Tron wave count

Wave count for Trons recent revival.

MonkeyMagic MonkeyMagic BTCUSD, 1D, Short ,
BTCUSD: Lower low looks likely
45 0 0
BTCUSD, 1D Short
Lower low looks likely

Selling has been strong, and has all but broken previous trend line. With the end of the tax year approaching I think there is still more selling to come. There is another trend line (1), strong horizontal resistance (2) and a bearish trend line (3) all crossing at the 78.6% fib level for BTCUSD all time. I think we are certainly headed for $4,200 or so, and I ...

MonkeyMagic MonkeyMagic BTCUSD, 1D, Long ,
BTCUSD: BTCUSD alternative view of the major correction
1036 27 6
BTCUSD, 1D Long
BTCUSD alternative view of the major correction

BTCUSD could have been following a triangle (ABCDE) correction since the all time high. A triangle correction can have one of the sub waves trace a complex correction, and in this case the first wave can be viewed as another smaller triangle marked in red lines (This wave *could* also be counted as a zigzag or a double zigzag). Then the remaining BCDE waves can ...

MonkeyMagic MonkeyMagic BTCUSD, 60, Short ,
BTCUSD: BTCUSD lower low - updated count
240 0 5
BTCUSD, 60 Short
BTCUSD lower low - updated count

As per my previous post - B wave went higher than my first projection and does not look convincingly impulsive to be considered a new wave up. Since the B wave ends higher than originally thought, then the C wave will end higher than originally thought. If we consider the height of the C wave to be the same as the height of the A wave then that would finish ...

MonkeyMagic MonkeyMagic TRXBTC, 30, Long ,
TRXBTC: Bullish cross, wave 5 still to go
39 0 0
TRXBTC, 30 Long
Bullish cross, wave 5 still to go

50 day MA crossed over the 200 day MA indicating a new trend. My count puts us on wave 4, which could be a triangle ABCDE correction. Wave 5 would follow and then larger wave 2 correction after that.

MonkeyMagic MonkeyMagic BTCUSD, 30, Short ,
BTCUSD: BTCUSD lower low is possible
299 1 4
BTCUSD, 30 Short
BTCUSD lower low is possible

The recent 5 waves down have held a tight channel, typical of a downwards impulse. If this is the correct count, then a zigzag (5-3-5) correction is likely. I will be looking to see if the next move up looks to be made of 3 waves. This would bring retracement back to the 0.786 fib level, not unusual for a wave 2. The low would likely create a bull wick on the ...

MonkeyMagic MonkeyMagic BTCUSD, 60, Long ,
BTCUSD: Major resistance expected at $9k-$10k
80 0 0
BTCUSD, 60 Long
Major resistance expected at $9k-$10k

The downward sloping yellow resistance long term trend line will prove a tough barrier on this impulse, either a powerful (green) 3rd wave or an even more powerful 5th wave could break the trend.

MonkeyMagic MonkeyMagic BTCUSD, 1D, Long ,
BTCUSD: Bitcoin
691 5 4
BTCUSD, 1D Long
Bitcoin

Looking at the yellow converging trend lines, we might be reaching a crunch point soon. Bitcoin looks set to have another go at breaking the declining trend line before long, but even if it breaks upwards there can still be the possibility of a deeper decline as marked by the red ABC. Trading volume is still strong, and if we see a spike as strong as we did at ...

MonkeyMagic MonkeyMagic BTCUSD, 60,
BTCUSD: BTCUSD - was it a truncated 5th? Target has not changed
57 0 0
BTCUSD, 60
BTCUSD - was it a truncated 5th? Target has not changed

A different count if we consider the 5th impulse wave to be truncated. The zigzag correction looks a little more classic in this scenario. My projected target remains the same, a 0.786 retracement to $7,200 or so. I believe BTCUSD will bounce of this level in the short term, but there are larger possible patterns in play here so I will be considering the medium ...

MonkeyMagic MonkeyMagic BTCUSD, 60, Short ,
BTCUSD: BTCUSD deeper correction bear flag
454 3 2
BTCUSD, 60 Short
BTCUSD deeper correction bear flag

I have adjusted my view and believe the wave 2 correction is still in progress. Multiple patterns are all indicating a 0.786 retracement is likely. We have the double top, the bear flag that has formed (blue lines), and the elliot wave count all telling us that the target low is likely to be around $7,200

MonkeyMagic MonkeyMagic BTCUSD, 1D,
BTCUSD: BTCUSD mirror updated
53 0 0
BTCUSD, 1D
BTCUSD mirror updated

Just for fun, lets see how close the price follows this path

MonkeyMagic MonkeyMagic BTCUSD, 180, Long ,
BTCUSD: BTCUSD flat correction
453 2 6
BTCUSD, 180 Long
BTCUSD flat correction

I feel obliged to try to explain the recent sudden downwards move that I admit caught me off guard when I was expecting a smaller correction from what appeared to be wave 1 of 3. I was unable to decide previously if the most recent impulse was a truncated wave 5 of the larger green wave 1, or if it was wave 1 of the larger green wave 3. If it was wave 1 of green ...

MonkeyMagic MonkeyMagic BTCUSD, 240, Long ,
BTCUSD: BTCUSD is like looking in the mirror
302 0 3
BTCUSD, 240 Long
BTCUSD is like looking in the mirror

As I projected my recent Elliot waves I was struck by how similar the next ascent will be to the descent from the all time high. BTCUSD will be forming a mirror image of the all time high correction if my waves prove accurate. This should not necessarily be surprising as the all time high correction established various levels of strong support and resistance that ...

MonkeyMagic MonkeyMagic BTCUSD, 120,
BTCUSD: BTCUSD correction in progress - deja vu?
60 0 0
BTCUSD, 120
BTCUSD correction in progress - deja vu?

BTCUSD is showing signs of repeating itself with an ABCDE triangle correction. This correction, if it follows that path, would coincide perfectly with a bounce off the long term resistance (and now support) blue line. Like before, I think this ABCDE will not make it to E, but will bounce so sharply off the trend line that it will only have completed ABCD which ...

MonkeyMagic MonkeyMagic XVGBTC, 180, Long ,
XVGBTC: Verge on the Verge?
114 0 2
XVGBTC, 180 Long
Verge on the Verge?

XVGBTC has now retraced nearly to 0.786 fib line, following an ABCDE style triangle correction. As the apex of the triangle gets closer, the chances of a break increases. A break is by no means certain, be aware that the lack of any real volume could see XVGBTC trickle past the apex and carry on going sideways for an unknown time before the impulse begins.

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