PIVX/BTC: New 300k Bull Run Support 7/77/343
Overview:
Using the setup and analysis (detailed below) we are projecting a continued bullrun with support towards 300k sats, with a new trading channel between 130k sats and 170k sats (the .618 and .382 Fib). The 7hr average is currently on an explosive upwards trend as it has punched past the downwards (orange line) BTC compression and the 77/343 averages, with increased trading volumes assiting the rise.
CURRENT SETUP & EXPLINATION OF SIMPLIFIED CHART
I use a 7/77/343 hour of trends (7-white, 77- purple, 343 - white cloud).
Snapshots for Setup:
1) 7/77/343 Intersections
First intersection: 4/22/2017 172k sats -0.25%
Second intersection: 7/28/2017 75k sats -0.25%
Third intersection: 10/8/2017 75k sats -0.25%
2) Line Setups
- Upwards Trends (green lines): Using the intersections from above, plotting the first upwards trendline (from 1st intersection to the peak ATH), duplicating these lines through the other two intersections
- Downwards BTC compression (Orange line). From the top of the ATH down through last crossing of 7/343/7.
3) FIB setup and support
- From first junction to ATH, we see that PIVX rose to around 170ks (1), then corrected to .786, before fnally settling into a trading channel between .618 and .382 (green lines). Support for this period was consistent at the .236 (blue bottom line). We drew a blue dotted horizontal line to demark the prior ATH, and a red dotted line at the top (1.618) line. This is (interestingly) come into play in a few more snapshots :)
4) Intersection Trendlines (Purple)
- Using the prior ATH and tracing a downwards line from this peak through the next intesection of 7/77/343 (Purple line, and then duplicating this line placing the same slope through the NEXT 7/77/343 intersection, we can (interestingly) see this intersects...almost exactly at the 1.618 fib line from above and the upwards green trend line from the nexus seperation. Highlighted with circle. Also notice the second upwards green line intersects this upwards purple line and prior ATH. This indicates a potential level of resistance, but if passed, will indicate a level of future support.
5) New ATH and trading channel
- Fib from current position to the top (prior 1.618 line), we see a new ATH around 275-300k sats, with a new .618 line close to the prior ATH of 170k sats, a new trading channel between the .618 and .382 at 170k sats and 130k sats, and a new baseline .236 support around 90k-100k sats
Using the setup and analysis (detailed below) we are projecting a continued bullrun with support towards 300k sats, with a new trading channel between 130k sats and 170k sats (the .618 and .382 Fib). The 7hr average is currently on an explosive upwards trend as it has punched past the downwards (orange line) BTC compression and the 77/343 averages, with increased trading volumes assiting the rise.
CURRENT SETUP & EXPLINATION OF SIMPLIFIED CHART
I use a 7/77/343 hour of trends (7-white, 77- purple, 343 - white cloud).
Snapshots for Setup:
1) 7/77/343 Intersections
First intersection: 4/22/2017 172k sats -0.25%
Second intersection: 7/28/2017 75k sats -0.25%
Third intersection: 10/8/2017 75k sats -0.25%
2) Line Setups
- Upwards Trends (green lines): Using the intersections from above, plotting the first upwards trendline (from 1st intersection to the peak ATH), duplicating these lines through the other two intersections
- Downwards BTC compression (Orange line). From the top of the ATH down through last crossing of 7/343/7.
3) FIB setup and support
- From first junction to ATH, we see that PIVX rose to around 170ks (1), then corrected to .786, before fnally settling into a trading channel between .618 and .382 (green lines). Support for this period was consistent at the .236 (blue bottom line). We drew a blue dotted horizontal line to demark the prior ATH, and a red dotted line at the top (1.618) line. This is (interestingly) come into play in a few more snapshots :)
4) Intersection Trendlines (Purple)
- Using the prior ATH and tracing a downwards line from this peak through the next intesection of 7/77/343 (Purple line, and then duplicating this line placing the same slope through the NEXT 7/77/343 intersection, we can (interestingly) see this intersects...almost exactly at the 1.618 fib line from above and the upwards green trend line from the nexus seperation. Highlighted with circle. Also notice the second upwards green line intersects this upwards purple line and prior ATH. This indicates a potential level of resistance, but if passed, will indicate a level of future support.
5) New ATH and trading channel
- Fib from current position to the top (prior 1.618 line), we see a new ATH around 275-300k sats, with a new .618 line close to the prior ATH of 170k sats, a new trading channel between the .618 and .382 at 170k sats and 130k sats, and a new baseline .236 support around 90k-100k sats
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