Bitcorn
BTC CONSOLIDATING AGAIN , POSSIBLE BULLISH DIVERGENCEBULLISH DIVERGENCE IS INDEED DEVELOPING , SHALL WAIT AND SEE :) . As seen on the chart we are in a downwards channel. (POSSIBLE OPPORTUNITY TO SHORT HERE ?) There is a lot of uncertainty and I prefer to not have any positions ATM. If it is indeed a bullish divergence , prices should bounce back up after reaching the blue box region. IF YOU THINK IT MIGHT GO FURTHER DOWN PLEASE COMMENT :D If prices reach the blue zone I will not buy immediately. I would rather wait for signals using the ichimoku indicator.
Is Bitcoin Ready for One More Up Swing?To some the pullback from $315 to $270 (or ~15%) might seem excessive but in the volatile world of bitcoin the pullback came up short of expectation. Those that follow my work at BraveNewCoin or Twitter @Tone_LLT would have noticed double parallel up arrows placed on the chart two days ago. The optimal situation would have been for the price to fall a little further to the $260-265 zone and bounce off lower green trend line & 50-day SMA support. Nothing in TA is of course perfect and today's big price move certainly changes things and it looks like we are ready for a bounce to at least test $300 once again and perhaps meet/beat the $315 high.
Not everything is rosy however. The MACD has not yet crossed back up and in general remains a bit high. The RSI is in a similar boat having only pulled back to 50. Some might see it as support, but i for one like to see it fall closer to 30 after 4 consecutive hits above 70.
I don't always publish here and only mention the technical but the reason for the current bounce definitely has fundamental factors built in. More light is shed in the following article published last night:
bravenewcoin.com
But the real story is in the Newsletter from two days earlier:
bravenewcoin.com
The Newsletter is free for a limited time so please take advantage for the next few weeks to a month.
Good luck traders, i will try and publish here some more but now that we will be getting subscribers my calls may remain a bit more proprietary.
Tone Vays (@Tone_LLT)
BraveNewCoin / LibertyLifeTrail
I KNOW THIS IS FAR FETCHED, BUT IS IT LIKELY? BITCOIN TO 60KWell, Elliot wave theory on monthly chart with log chart says bitcoin is going into 5th wave of Elliott.
We all know(maybe not all) that Elliott 5th wave is the highest.
The 5th Elliott wave on bitcoin can go between 10k and 10M, so who knows?
Due to scarcity, economic collapse probability, uncertainty and manipulation in current economic system, there's a small chance that this could be possible.
Bitcoin over 10k can happen this year, maybe next year, or, maybe, in the next 10 years.
There could be another crypto created or something else based on blockchain technology that can be very valuable in the future.
Could be dash, who knows?
But for economic transparency, I'd rather trust something that can't be tampered with by central banks, private banks and the likes with fiat currency. We live in fiat world for now, but how long is it going to last?
The wealth transfer going on with fiat currencies and the grid of control built on it puts in question if current system has the best interests for us.
The future of society must be based on transparency and trust and at the moment, bitcoin is the best current solution.
Edit:
0ABCDE wave is symbolic, just to be different from I II III IV V Elliott Bearish wave.
Is a Symmetric Triangle forming for BitcoinIt's not a perfect shape in the making but definitely something to keep in mind. Symmetric Triangles can break one way or another and picking a direction is a dangerous assumption that could cause tunnel vision on expectations, but here is the rational for the forecast.
The Symmetric Triangle is forming after a significant down move from the $300+ area. The trick to picking a directions on this pattern is that you want to go with the momentum. We have had a long term down move (16 months), Intermediate term up move (5 months, since the January lows) and a short term down move (2 months since the March highs). So would you say this triangle is happening on the downswing or the upswing? For me 2 out of 3 are down so it's on the down swing and hence statistically, it is more likely to break to the downside for a target that should match the January lows.
Yes, like everyone else i would like to see the price of Bitcoin finally reverse, but we might just have to eliminate all the week hands and proclaim Bitcoin DEAD with everyone short before we can get another exponential wave higher.
Good luck traders. See the latest short articles at BraveNewCoin:
bravenewcoin.com
Tone Vays
LibertyLifeTrail.com
Presenting the Long and short of it... right now.. 4 hourly BTCfollow me on twitter @flibbr
Improved design / readability on my previous chart
