PatekCharts1

PatekCharts1

This is the Elliott Wave count that I'm trading on Bitcoin. After successfully trading the 5 waves up, Bitcoin saw its correction down to the bullish support of the 0.328, which from a smaller time frame for me was the Y wave coming down after seeing a flat ABC, followed by the X failed impulse. This Y corrective wave hit the 0.382 Fibonacci retracement to the...

04:51

PatekCharts1

I have opened a long position on the horizontal support that Bitcoin is holding at $6577, which coincided very nicely with the top of Wave 1. Elliott Wave - Wave 4 cannot move into Wave one's region, so it was a very nice risk to reward ratio long for me with stops just below Wave one's top. I will be holding this long(keeping a close eye on it of course) up to a...

PatekCharts1

Bitcoin has had its first healthy move up in a very long time. As you can see in our other previous rallies of 2018, each rally has had several $1000 daily candles. Now we see a slow and steady climb up which more sustainable, continuously making higher lows and with each dip getting bought up quickly. The bulls are now approaching massive resistance, which I will...

PatekCharts1

Looks like a BTC bear flag to me. In addition bitcoin retraced 0.382 of 5 waves down, did an ABC and looks like we might do another 5 waves down, if anyone follows Elliott Waves + Fibonacci like I do, I do not see anything bullish yet for bitcoin. There is the possibility of making one more leg up, which if it did i can see 7.4max, but it's unlikely. Risk to...

PatekCharts1

This pattern shows up very nicely on the 4 hour chart, and can also be seen on the daily. So far the pattern has been forming over 52 days. If we take our neckline from $6109 we have a target of $3700, or if taken from $5867 target of $3483(which is also a horizontal support). We get this target from taking the price range from neckline to top of the head. A...

PatekCharts1

From using Fibonacci retracement, Extension and Elliott Waves, this is how I see Bitcoin playing out over the next week. Perfect setup for squeezing the absurd amount of bottom shorters(who opens a short on a support level?!). My targets also coincide with horizontal supports and resistances. As wave 2 has retracted little, (though there is the possibility it...

PatekCharts1

Off the back of the ETF decision delay, and $6800 breaking down sentiment have been ultra bearish, and alts have literally been capitulating. $5800 is such an important support level for Bitcoin. While this support holds we have a very nice bottom area for Bitcoin, and bulls do still have hope, albeit little. While Bitcoin continues to make lower highs it's hard...

PatekCharts1

How i see this weekly close playing out. Hopeful team bull can pull off this inverse head and shoulders pattern(again), and also break out of this week long downwards chanel. Would target Bitcoin at $6850 if pattern plays out as there is heavy resistance there. Alternatively we breakdown from this chanel's top and head back down towards $5800 support.

PatekCharts1

Longer outlook opinion. With little hopium left, i honestly see a 5k test coming within a month, with us hovering around that range untill the 30th Sep ETF decision. If denied(which i believe it will be), 3k BTC support to be tested. I will be sure to play some bounces on the way down though. Both of these bitcoin horizontal supports also line up with nice...

PatekCharts1

After this weeks pump to the $7600 region i do expect us to make a pull back now, or after reaching $8200 max. After this pump i do see low $5000's incoming as a correction, as $5700 BTC support is already beaten up and cannot see it holding again for long. This idea in my opinion will be invalidated if a positive ETF approval for Bitcoin is made. I foresee...

PatekCharts1

Bitcoin has a possible inverse head and shoulder pattern forming. The left shoulder and head are already formed, just needs the right shoulder to reach the neckline and then a hopeful breakout with volume. The biggest problem i foresee for the bulls are the 55EMA and horizontal resistance. Currently the 1D 55EMA is sitting right on the resistance of $6870, this...

PatekCharts1

Looking from an elliot wave standpoint, we can see Bitcoin has finished its 5th wave up, and is now due a retracement. BTCUSD is currently hovering around the BIG resistance level of 6700/6800 and i cannot see us breaking this signifying the finish of the 5th wave. Now a healthy retracement would be to $6300, losing this support and i foresee a retest of $5700,...

PatekCharts1

Here we are looking at the weekly BTC chart, goes without saying currently in a bear market. Weekly VRSI is just insanely low. Monthly still isn't into oversold. I said before that maybe we need to go into the oversold on the monthly before we turn around this bear market. Getting the VRSI lower than this on the weekly is harder and harder, and seems to be...

PatekCharts1

It seems pretty clear that the multi-month pennant has broken to the downside. It's difficult to interpret this as anything but a sell signal. I added to my short when the line broke and will hold this position. In the very immediate term we may see a bounce or bear flag retrace half of this drop and put us around $6850, but I don't expect buyers to push this much...

PatekCharts1

So Bitcoin has been having bart candle after bart candle lately (Pump and dump). I find it better to zoom out so you miss all of that noise and look on the daily. If daytrading though, which i have been doing, long support, short resistance, rinse and repeat for some good profits. I forsee us bouncing around the $7800-7300 region for the next week to reach the...

PatekCharts1

BTC has been in an ascending channel now for nearly 1 week. Support and resistance trendlines are currently holding well. For a price breakout target it should be the height of the channel, so $8200 for a bull breakout $7200 for the bear. MACD has had a bearish cross on the 15 to 4hour timeframes, so looking more like a breakdown at the moment, but if going long...

PatekCharts1

Bitcoin is in a little descending channel here on the 30mins. Still in the bigger acending channel though from the end of May. Expecting a drop here to around $7460, before upwards movement for the bulls. if $7440 breaks the bears have gained control. A big catalyst for the movment of BTC will be th 6th of June, as so many people are waiting for a drive upwards...

PatekCharts1

I believe we are going to breakdown from the long trend support line, reaching back from November. beforehand we might even get a bull trap going first by breaking through the roof of the triangle. overall I reckon we're going sub $6k. IMO we need to cull the moon shills, unsustainable projects and people waiting to drop bags off before a proper move up is...