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Btcidea

Where to from here on BTC part 3This is the third post in the series of posts where I am looking at possible direction of BTC and price targets. Links to previous posts are in description. In this post we will look at DXY and use its price action to guess where BTC is headed in future. The chart you see in the post shows a wave count based on Elliott Wave analysis. The most recent count that I am tracking and makes sense is a Zig Zag correction in DXY after it put in a massive rally to 114. The Zig Zag is a 5-3-5 sequence, downwards the most difficult part of this sequence is to identify the 3 (ABC) sequence. Right now, we have completed the first two parts of the zigzag. The first 5 waves down followed by 3 wave sequence as a Flat correction and about to begin the final 5 waves down to 94 region on Dxy as we have satisfied the minimum requirement for the 3-wave sequence completion, which the 0.5 retracement from top to bottom. We just tapped it and are rejecting from 0.5 retracement. Why does it matter for BTC price? It's because DXY is highly inversely correlated with BTC price, so if DXY is about to go down bitcoin is likely to go up. Another thing I noticed is the divergence in DXY/BTC correlation. DXY has put in an enormous 8% rally, from 13th July when it bottomed out and btc topped on the same date. But after 17th of august dump there has been a divergence, Dxy Put in an almost 5% rally and during the same time BTC put in 15% rally after hitting 25K support. This shows the increasing strength of Bitcoin overtime, possibly because of increasing adoption among institutions. I will be tying it all together in this series, in a final post which is coming soon. So please follow me for updated on this analysis and may others to come in future.
TVC:DXY
by zakoraio
Where to from here on BTCI did a series of similar posts on SPX predicting its paths, and they have played out beautifully. Let's see what BTC is up to. We must look at a lot of things when guessing the direction of any asset, like looking at DXY, yields and traditional markets, but in this post, I will ignore all that, look at BTC purely based on its market structure. On larger timeframes we have not made any progress at all in 6 to 7 months on bitty. We have just been ranging, we ranged from 25 to 31K in Range 1, then again did the same thing in Range 2 and now it seems are about to repeat that again and maybe form range 3. I want to see either Range 4 or Range 5 present themselves for any new possibilities until then well we just keep ranging. Right now, I am looking at the yellow part that played out last time when we rotated from bottom to top in Range 1. An additional thing to note is the time it took for full rotation in Range 1 was 94 days and we are on the 94th day today and in Range 2 where we are seeing comparable price action highlighted in yellow so the possibility of a full rotation back-up must not be ignored. If we do, there are two long term play that appear, we either break out of this range and form a Range 4, above, or we are in a distribution here and will create a Weekly Head and shoulder by creating a lower high this time around 29500-30500 area. Now to the question, why have we been ranging. Because of the law of supply and demand. We have massive Supply right above where we btc has been hitting its head and bounce from weekly demand. As you can see, we have almost depleted the supply, but demand is deep, and we have only scratched the surface of it. So, it's possible if we create a lower high this time around, we dig very deep into the demand which would be in confluence with the target of the Head and shoulders that will form with lower high.
BYBIT:BTCUSD.P
by zakoraio
BTCUSD 4June2023BTC medium term looks bullish. currently it could still be in the wave 2 period. although last week BTC managed to get out of the sideway area, but the range for prices to make corrections is still very wide. looking at the fibo retracement area, there is a SnD area right at the 0.236 level (the price has dropped 76% from the last bullish swing) in my opinion this area is quite dominant, although in the medium term BTC looks bullish but it is likely that wave 2 is still not complete and it could be that the price is heading towards the SnD area.
BITSTAMP:BTCUSD
by Hokusai_FX
2
#BITCOIN to $30,000 SOON!Holaa!! I am back after getting few quieres of how will BTC perform or really is it going to go to 30K again? I guess it is going to happen but is going to squeeze your patience out like a lemon haha. AS Earlier i had made the chart and i have found out the same and as i always say charts follow historic patterns. As i have tried to illustrate it here, a similar thing is happening here just to test your patience, or may be too much to liquidate your positions! As you can see, here the double tops and bottoms illustration are clear, Below where it happened is on the same SMA as it is acting now, rest cause it might test $25,500 to shoveoff some positions but might is your mind if you hold these! I would be glad if you need any charts, i would love to analyze it for you!
Long
by MastaCrypta