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Bitcoin´s Christmas rallyWe are about to hit the next two Fibonacci time extensions (extended between previous ultimate lows, after close). Starting at 0 price makes a high at 0.618 Fib time extension (with pullback at 0.38 Fib time, Elliott wave 3, it also pulls back at 50 time extension as it did on 29.11, but I removed 50 not so important Fib time level) then retraces (Elliott zigzag or triangle corrective wave) to 1 (2,3,4), so called 68 Fib retracement from where it starts a new impulsive 1-5 cycle. We are hitting Fib time 3 in a few days, where a new impulsive cycle will start. We are also approaching the next Fibonacci arc from where price usually starts a rally ( Elliott wave 1-5 cycle). I had to remove the arcs as they move while scaling. We had a very fine Morning Star on daily (Hotforex weekdays chart, no those small weekend candles there) identified by Nison Candle Highlighter (NCH software). Morning Star usually occurs at the start of Elliott wave cycles (rallies) and is one of the most reliable bullish reversal candlestick patterns (among top 10, bullish reversal 78 percent of time once its seen). We approached 1 year Gann cycle. Last year, rally started November 12 and ended December 17 at noon. Add one year to November 12 2017, we are there in 6 days... Use Fibonacci extensions for targets. I draw them after daily close (as we already had a higher high).
BITFINEX:BTCUSDLong
by ICFX