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ABC

BITCOIN - CURRENT SITUATIONIn the last days of trading we were able to tap into the important support at the 38.2% retracement at $ 37,482 with a precision landing. From there the market showed a solid push to the north side. The bulls now have to show whether this is enough to end the current wave (iv). Theoretically, the ideal goal of the correction was achieved and the bulls could take off now. We should definitely hold $ 35,922 on this move, otherwise the upside scenario could be invalidated. Overall, we could see prices in the $ 51,000 area if we break $ 42,300. After the B wave, I expect new lows in Bitcoin. My overall primary expectation / scenario is still intact!
BITSTAMP:BTCUSD
by TizTrader
Bitcoin's Path Ahead!As discussed on multiple occasions here on TradingView, Bitcoin is likely in an ABC correction. We called the bottom at ~$30 000, yet with the possibility of a final mini dump towards the $27 500 area. Regardless of what, Bitcoin has now initiated its B-wave. This B-wave serves one purpose and one purpose only: to trick the bulls that everything is fine from now on. One technical area of high interest is the diagonal resistance that coincides with the 0,5 fib. This is an area that I will pay extra attention to. With that said, whenever any underlying is trading within either a range, formation or consolidation, they tend to ignore regular indicator supports and resistances. Depending on how Bitcoin were to proceed from here we will assess the ~$46,500 resistance differently. As recently discusses Bitcoin is most likely developing a zig-zag ABC correction as the A-wave consisted of 5 sub-waves. This naturally concludes that the B-wave should consist of 3 sub-waves in turn. By this token, if Bitcoin were to get its B-wave of the B-wave correction at for example $42 000 then chances are dramatically increased that the $46 500 area will be the final level prior to initiating a steep C-wave to kill off any final bullish enthusiasm. If, on the other hand, Bitcoin were to go relatively straight towards this area and then get rejected, chances are that it will continue further up until it's done with the B-wave. Such case would pave the way for a flat, in which the aforementioned bottom at ~$27 500 would be the likely and absolute bottom in case of an expanded flat. Otherwise, a bottom between $30k-35k is more likely in case of a regular or running flat. Time will tell. For now it all comes down to HOW Bitcoin will move up towards the mid to late 40 000 range.
BITFINEX:BTCUSDLong
by LongLifeTrading
"ABC its easy as 1.2.3" - Gold onwardsLadies and gentlemen, Once again I wright this message after many beers, (i am currently on holiday with the family) i also found an inflatable sheep in the bathroom vendors for £5 .. yes I'm on holiday in wales. Back to the charts, as previously said i would take shorts with some correction, this is exactly what happed today, i added shorts. My risk is set above the the last highs bearing in mind the 61.8 may still be active however today the 50% on the fib still held. DXY also finished bullish on the day helping gold although we saw 11+ dollars on gold i held my nerve and shorted now were sat ok.. tomorrow should be a great day. if you want to see more give me a like, message and follow and I'm always here to talk graphs and the best pints. I watch the month week daily and place on either the 8/4/1hr charts. I am not a financial advisor or anything like that but I do take money from the market.... Firm handshakes. HAPPY TRADING. >:-)
OANDA:XAUUSDShort
by RGFX_
1
Bitcoin Reversal At $27,500For quite some time now "everyone" seems convinced of Bitcoin prices in the low to mid 20 000's. Some even anticipate lower dips than that. I certainly don't exclude that, buy given how undramatic this break below $30 000 has been thus far, there is good cause to expect a price reversal soon. Here's why. My previous theory of an ABC move is still very much in play - one in which we'd be in the midst of completing the A-wave. As Elliott waves normally tend to nicely coincide with fibonacci levels we can clearly identify that a potential A-wave bottom would align with the 618 fib on the weekly chart. What further adds to this theory is the aforementioned fact that Bitcoin behaves in a "civilized" manner under $30 000, counter to what most technicians had anticipated. Most traders predicted a free fall below $30 000 due to the utter lack of resistance between 20 000-30 000, with the vague exception of ~$24 000. If Bitcoin can remain tidy and steady below $30 000 and not panic, chances are increasingly strongly in favor of an A-wave completion at the 618 fibonacci - which would also align with the support of the descending channel. And, most importantly, when everyone expects Bitcoin to plunge, chances are it won't. THAT'S when we shall look for difficult-to-spot reversals such as this. Our previous B-wave targets here on Trading View stand at ~$46,500.
BITSTAMP:BTCUSDLong
by LongLifeTrading
"ABC its easy as 1.2.3" - GoldGood evening been pretty quite just enjoying the sun here in the U.K, absolutely dying. Strong USD last week makes me think this gold set up for a short profitable.. I did have an alarm on the 61.8 retracement level but it looks as if the 50% has held up nicely; giving us sight of an ABC pattern forming. Targets for the downside for me will be around 1660 but I'll updated through the trade. Going to be looking for shorts on this over the next coming days the creation of a lower high on a smaller time frame will give me the go ahead.. This becomes invalid if we pass the 50% level then we aim for the 61.8 and if that doesn't hold then lets all just buy gold... I watch the month week daily and place on either the 8/4/1hr charts. I am not a financial advisor or anything like that but I do take money from the market.... Firm handshakes. HAPPY TRADING. >:-)
OANDA:XAUUSDShort
by RGFX_
3
What To Expect From Bitcoin Hands down, things look bleak for Bitcoin. But regardless of what, such bleakness is likely just a short-term glitch. Any break to the downside should be bought up quickly for a rather steep V-shaped recovery. The deeper it goes (as in the closer it gets to $20 000) the faster and more aggressive that recovery should be. Based on the current technicals there are a few highly likely outcomes from here on. Some of them we've discussed earlier here on TradingView, others are new. 1) Bitcoin takes a final leg down towards the mid $27 000's for an A wave zigzag. We originally deemed this to be completed amidst the recent $28 600 plunge. Yet, Elliott might have one more minor surprise in store before initiating the B-wave. This would all make good sense for two reasons. Firstly, "everyone" expects Bitcoin to drop significantly upon potentially breaking the $30 000 level as there are no real supports to speak of until $20k. And add to that the number of times Bitcoin has already tested the $30 000 support zone and a strong move is anticipated. In this sense, the "expected thing" would be the unexpected as the market rarely does what the majority expects of it. Such final A-wave zigzag to the $27 500 area (give or take) would nicely align with the primary 0,618 fib. Upon a steep recovery from this level Bitcoin would initiate its B-wave rally, which, to many, would be a "confirmation" that Bitcoin is now ready for higher highs. That in turn would be the prime area of danger as Bitcoin could then initiate an aggressive C-wave to kill off any last hope. 2) Bitcoin initiates its B-wave already. There are three things that speak loudly in favor of this outcome. Firstly, Bitcoin is flirting with the lower bullish RSI line and would, if closing within 1% from its 39,55 value, issue a strong buy signal. These signals come with a high reliability and low risk and are famous for generating profits in the thousands of percent. As it stands, any daily closing at around $31 500 should result in a buy signal. Secondly, upon such a buy signal it would likely trigger an initially steep upwards move - one that would also break above the long-stretching RSI resistance. This resistance has eight rejections already. And the more times any resistance line is tested, the more energy it saves up to be released upon a break thereof. A lower bullish red RSI closing in combination with a diagonal RSI resistance breakout should be enough to propel the price into the mid to late $40 000's in the upcoming few weeks. And thirdly, the lower bullish red line on the weekly stands at 41,65. This number is fixed and never changes. Based on the current reading at 42,02 it does qualify for a weekly buy. Do note, however, that this needs to be the weekly RSI closing - as in +/-1% from 41,65. We always base these on the closes. But here's an additional very important clue: When a lower bullish red RSI closing comes immediately from high levels - as it does on the weekly Bitcoin chart - any buy signal typically means a relief rally rather than an actual reversal. This would confirm a B-wave move to follow in a textbook fashion. The strong, long-term buy signals are in turn given when the RSI creeps up from lower levels (generally speaking 30 or below) and then makes a clear touch from slightly above. For more these strategies you are advised to watch the RSI trilogy on our YT channel. As a short summary: I doubt that Bitcoin will plunge down low from here. A final A-wave zigzag down to the $27 500 area would make perfect sense. If not, and if we get a lower bullish red closing on the daily (and ideally on the weekly too) and a break above the diagonal RSI resistance on the daily, then a steep B-wave should be initiated.
BITFINEX:BTCUSDLong
by LongLifeTrading
4
EURUSD, Long possiblity that may last for weeks.Hello ladies and lads, there is a good opportunity in EURUSD. I have described the situation briefly in the following lines: 1- Pattern: 5 wave pattern (motive) of C of Bigger ABC. 2- Fib zone: 1st wave projection from end point of 4th: 3.00 3rd wave projection from end point of 4th: 0.382 4th wave extension: 1.272 3- Indicators: MACD : showing a Divergence that occurs mostly at the end of a motive wave. DT Oscillator: I have used 8.5.3.3. as the configuration for DT in EURUSD's chart. both Daily and Weekly charts are in oversold position and their signal line has been crossed upward. 4- Trade Trigger: 2-5 pips above 1.18842 5- Invalidation and stop loss: 2-5 pips lower than 1.18060 6- Take Profit: First tp can be 1.19753, but the potential is much more if conditions are met. I will update this part later. This is it. I would be glad if I could hear your thoughts on this. You can ask me any question you have! Thanks for your time, hasta la vista!
Long
by HunkIsHere