Bears Bring Beef Jerky In Caves For Winter | $BTC #bitcoin $USD
Friends,
Predictive/Forecasting model remains bearish. Market for Bitcoin/Bitfinex has been weighed down, although some might perceive this as being a mere correction, bound into a sideways pattern - While this remains true as a matter of observation, intrinsic directional biases have favored bears for the time being - In fact, it has pushed price towards a "Worst Case Scenario" posted a few weeks back - Link: tradingview.com/v/3n6A1q33/.
Drawn in the charts are entrenchments in bears and bulls, namely:
1 - UPPER BULLISH ENTRENCHMENT waiting above the 639.80 mark
and
2 - LOWER BEARISH ENTRENCHMENT waiting below the 429.02 mark.
These are NOT targets. They represent likely levels of directional commitment, whereby a BACA would likely commit price in a ipsi-directional move.
Now, returning to that "might be a mere oscillation of price within a sideways move", one has to consider that more rope has been pulled in favor of bears over bulls. Hence, the probability of win here would belong to bears.
In addition, the Predictive/Forecasting Model has confirmed a bearish market reversal signal, and defined the following bearish targets:
QUANT-TARGETS:
1 - TG-1 = 416.27 - 17 SEP 2014
and
2 - TG-2 = 399.16 - 17 SEP 2014
QUAL-TARGET:
- TG-Lo = 276.87 - 17 SEP 2014
As you may recall, Quant-Targets are numerical targets defining FUTURE R/S levels, as price is expected to stop/go and post minor Fibonacci retracement levels (in the order of 0.114, 0.214, 0.382, and 0.618 ... Rarely up to 0.618 - where the first TWO values are complementary values to 0.886 and 0.786).
In contrast, Qualt-Targets are descriptive (i.e.: "Hi" or "Lo") targets, that have a LOW probability of getting hit, but IF and once reached, will carry a HIGH probability of defining a reversal (not just retracement) in price action, thus sending price likely above the mere 0.618, and instead to 1.131 and above relative to the preceding price swing which carved its extreme value.
OVERALL:
Market is under bear's butt. Bulls are being dragged for winter supply into the ursine cave, and only a significant event other than the predictive/forecast aforementioned could save their soul. Question here is: Who'd be buying.
Well played, institutional traders, for shaking the weak hands out of this market. But then again, if you recall my earliest charts in BTCUSD/MtGox, we talked extensively about Momental Lines, and the possibility of revising the lower levels BEFORE a significant push back to the upside - Here is a link to an such an older chart - See Link to BTC/BTCe - Weekly: tradingview.com/v/Z95pqkHo/ .
Somehow, I have lost the MtGox charts, but regardless of the exchange's fate, it appears that it did provide a reasonable floor from which one would be able to assess the current situation ... Had it not tanked.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
------------
Twitter: 4xForecaster
-----------
PS: Thank you for your kind support, friendly referrals, warm "thumb-ups" and humbling re-post in other website. I very much appreciate the recognition. I hope it is returned to you in profits, be it in self-edification, and perhaps a bit of coins too - David
Predictive/Forecasting model remains bearish. Market for Bitcoin/Bitfinex has been weighed down, although some might perceive this as being a mere correction, bound into a sideways pattern - While this remains true as a matter of observation, intrinsic directional biases have favored bears for the time being - In fact, it has pushed price towards a "Worst Case Scenario" posted a few weeks back - Link: tradingview.com/v/3n6A1q33/.
Drawn in the charts are entrenchments in bears and bulls, namely:
1 - UPPER BULLISH ENTRENCHMENT waiting above the 639.80 mark
and
2 - LOWER BEARISH ENTRENCHMENT waiting below the 429.02 mark.
These are NOT targets. They represent likely levels of directional commitment, whereby a BACA would likely commit price in a ipsi-directional move.
Now, returning to that "might be a mere oscillation of price within a sideways move", one has to consider that more rope has been pulled in favor of bears over bulls. Hence, the probability of win here would belong to bears.
In addition, the Predictive/Forecasting Model has confirmed a bearish market reversal signal, and defined the following bearish targets:
QUANT-TARGETS:
1 - TG-1 = 416.27 - 17 SEP 2014
and
2 - TG-2 = 399.16 - 17 SEP 2014
QUAL-TARGET:
- TG-Lo = 276.87 - 17 SEP 2014
As you may recall, Quant-Targets are numerical targets defining FUTURE R/S levels, as price is expected to stop/go and post minor Fibonacci retracement levels (in the order of 0.114, 0.214, 0.382, and 0.618 ... Rarely up to 0.618 - where the first TWO values are complementary values to 0.886 and 0.786).
In contrast, Qualt-Targets are descriptive (i.e.: "Hi" or "Lo") targets, that have a LOW probability of getting hit, but IF and once reached, will carry a HIGH probability of defining a reversal (not just retracement) in price action, thus sending price likely above the mere 0.618, and instead to 1.131 and above relative to the preceding price swing which carved its extreme value.
OVERALL:
Market is under bear's butt. Bulls are being dragged for winter supply into the ursine cave, and only a significant event other than the predictive/forecast aforementioned could save their soul. Question here is: Who'd be buying.
Well played, institutional traders, for shaking the weak hands out of this market. But then again, if you recall my earliest charts in BTCUSD/MtGox, we talked extensively about Momental Lines, and the possibility of revising the lower levels BEFORE a significant push back to the upside - Here is a link to an such an older chart - See Link to BTC/BTCe - Weekly: tradingview.com/v/Z95pqkHo/ .
Somehow, I have lost the MtGox charts, but regardless of the exchange's fate, it appears that it did provide a reasonable floor from which one would be able to assess the current situation ... Had it not tanked.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
------------
Twitter: 4xForecaster
-----------
PS: Thank you for your kind support, friendly referrals, warm "thumb-ups" and humbling re-post in other website. I very much appreciate the recognition. I hope it is returned to you in profits, be it in self-edification, and perhaps a bit of coins too - David
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