Ascending triangle? hmm...

Updated

BTC finding support on the 2 day 200 EMA? Let's see

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I would have thought a bounce by now but the selling continues.
I changed my line to move across support instead of the beginning of the rise...my mistake but the idea remains.

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Here is my short term prediction on the 2hr

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Another decision point for BTC ...more down or finally up?
Based on the daily chart, BTC looks primed for a rally (soon) that may sustain. I had thought maybe BTC would rally and then drop slowly until the end of the month and it may, but its quite possible it takes off from here IMO. My analysis shows around the 16th a decision will be made with this regard but predicting BTC timing is virtually impossible so we wait for confirmation.

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Looks like a run up to me. BTC why are you in a hurry? It may take up to market close to find out what BTC is up to or it may happen in a couple of hours. If I were to guess I would say its going to make its way up to the 45-46k area by tonight and sit there overnight making us wonder what it will do. I am undecided as it could go either way. I do think a decision will become clear tomorrow. Good luck to you all.

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BTC needs another 3 days to decide IMO...let's see

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When BTC dropped it added a couple more days so I think in about 4-5 days we will know which direction BTC will head. I'm guessing down eventually as I had originally thought. I also think the low could be eye opening but its all part of the plan for smart money to get the best buy. I think the price will lift back up a get back on track to fit in the ascending triangle structure. That's how it usually works right? Not much has changed. Let's see

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Those that called the cup and handle were spot on it seems. I have a new path shown with the target IF BTC can break out of the cup and handle but it could always fail...let's see

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updated analysis...

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Looks like the descent continues...let's see

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another possibility IMO

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Looks like an inverted cup and handle to me...should start dropping hard around 40.7k. Let's see

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Is tomorrow the big and final drop before a slow recovery (probably 2-3 weeks) before BTC makes its way back to the 65k area? Only time will tell but its fascinating to watch IMO

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I just keep moving my lines...the drop is timed IMO so it will happen when the powers that be decide to drop it.

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The DOW is likely going to drop another 2% within the next few days IMO..maybe sooner than later. BTC and US markets have been correlated recently as some have pointed out. What does that mean? IMO a big drop by BTC as I show, followed by a rally soon after unless more down? We shall see

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Pattern look familiar? I think so. More patience

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If I were smart money this is when I would drop it. It would create panic selling and great bargains. BTC has been slow about its business though...probably more down until the end of the month

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That move by BTC confirmed to me an even lower target...36.7k area now. I'll give it 5 days or so to get there based on the past trend. The DOW will go down more today or tomorrow as well IMO. Next week we will likely see some up. Let's see

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another idea ...ascending head and shoulders. I never trust BTC in a head and shoulders pattern which is why I am showing a possible bounce up.

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That was the right shoulder IMO...

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And another idea where Jan 28th is the low...let's see

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Things change quickly..DOW dropped like I thought and down goes BTC..how hard and far down will it go down? Let's see

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My thoughts at the current moment

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Still glass half empty outlook until something positive changes...

Trade closed manually

Sorry for delay...been unable to update. BTC is now in a consolidation pattern IMO.
I have an idea on this that I closed already. Perhaps I'll reopen another. Good luck

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What does this mean...I already predicted a top of 100k given the measured target from the consolidation pattern, however there is always the blow off top scenario where BTC keeps running up for a time after it reaches the target

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Lastly if I haven't made this clear from my notes, there is a direct correlation between US/World markets and BTC. I am giving more weight to this in my analysis as time goes on. BTC does not behave as it used to so we must adapt.

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Here is a link to my previous chart I alluded to above ...

elliott77

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