Food for thought… Bitcoin could still be in an ABCDE triangle correction.
This would leave us with a beautiful fibonacci relationship from golden pocket (c) and the .0236 on a possible forming (d).
In general, our b-wave top in july has been an 4x+ extension of its previous (a). This typically happens when forming a triangle.
Combined it‘s a bullish-bearish mixture, leading us to the next btc halving event, followed by a retracement (e).
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This would leave us with a beautiful fibonacci relationship from golden pocket (c) and the .0236 on a possible forming (d).
In general, our b-wave top in july has been an 4x+ extension of its previous (a). This typically happens when forming a triangle.
Combined it‘s a bullish-bearish mixture, leading us to the next btc halving event, followed by a retracement (e).
Share your thoughts in the comment section and follow us on twitter.
Note
Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout would mean change in trend.)Note
Bull or Bear?This is our Delphi Momentum Indicator specialized on cycle investment.
You can clearly see the shifts between bullish and bearish behavior. The rise up to ca.
14K nearly resulted in a flip to bullish momentum, but was stopped and became a bearish retest. The nature and lenght of this run-up suggests a bigger BTC correction from its previous ATH in a triangle formation.Right now, we are inching closer to a momentum shift according to Delphi, but it's a weekly chart and therefore still has a long way to go.
pbs.twimg.com/media/ENwuAwfX0AIqBeC?format=jpg&name=4096x4096
Note
Correct Link: twitter.com/LibertaliaV/status/1214896595923279872/photo/1Note
The curious case of Bitcoin's correlation with traditional markets:twitter.com/LibertaliaV/status/1218539218038902784
The white line obviously is BTC, whereas the blue line refers to the SPY ETF, designed to track S&P 500 stock market index.
If SPY is trending, so does Bitcoin and if SPY tends to correct, what does Bitcoin do? Yes, looking like a trend-follower.
SPY and BTC bear market seemingly bottomed at the very same time, followed by all time highs right around the same mark, too.
But it doesn't stop there: the bottom of 2018 occurs at a similar time followed by swing highs and corrections for both.
If SPY remains a good indicator, Bitcoin could be seeing some serious upward movement and follow SPY's path to a brand new ATH... only time will tell, but it is curious, isn't it.
Note
Continuing the trend - a follow-upBy simply using a pitchfork Bitcoin seems to be following a nice upwards trend that could be part of a corrective D wave in a triangle formation we already assumed.
Target area is a convergence of many TA factors: we'd see a 0.618 fib hit stemming from the last summers high, as well a 4.236 extension of the smaller A wave. It is also the prognosted trendline of the big forming triangle and would handily close a futures gap.
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Creating a sustainable state of financial freedom for all followers through „technical smartness“
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.