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LTCCNY 4H Count (cont. update)As prices have achieved new highs we have the grounds to declare a possible intermediate top. Divergences continue on RSI and EWO - note the clear divs between 3 of (3) and 5 of (3), and again between (3) of 3 circle and (5) of 3 circle. Change in direction of volume adds evidence to intermediate top as we see volume increase through (3) and steadily decline as price made new highs during (5). Price action has been quite volatile lately; it is still possible prices continue sticky up to push higher in which case this count would need to be re-evaluated. For now, we continue to watch for price breakdown for a intermediate correction.
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by Aerot
LTCCNY 4H CountBased on the size and strength of recent price movement it seems that we have completed a wave three of some degree. Additionally, a bear divergence has formed on the RSI signaling the end of a move; the width of the EWO tells us it was most likely a three. Here it has been labeled using (3). Price requirements for (4) have been met, but there is a good chance to revisit that area once more before continuing upward to complete (5). Invalidation at price territory of (1), ~35.75CNY. A break and close above ~55.47CNY puts price past one of the final major horizontal resistances before ATH.
LLong
by Aerot
BTC WEEKLY CHART: "The Panic Zone" All that glitters is not goldNew all time highs and gold parity. I want to give my hottie a new BTC chain necklace so I went to the local artisan. They said wat? The best that I could do was pay for a new gold chain in BTC. So is BTC as good as gold? I wanted to get this latest version of the weekly chart out on display to make some comments. There is no evidence to suggest this rally, now 7 weeks old, will last. There is no volume. The angle is too vertical. It could be the result of panic in EU land. I pointed out some reasons in previous comments. It doesn't appear to be solidly China related. I invite comment. There are actually 3 rallies going on simultaneously. I have marked each. The fundamental over 2 year rally marked with the solid red trend line. The 20 week rally marked with a dotted red trend line and the current 7 week rally marked with a dotted red trend line. None are showing a break in the trend. A break in the 7 week trend will be a dramatic event. Price could pull back 25% to the 20 week trend line. When? Soon, maybe. Be cautious. Take down some profit for a rainy day and enjoy the ride.
BITFINEX:BTCUSD
by investigator
7
A proper handle is needed to unleash the Green DragonContinuing with the downwards trend after the PBoC market intervention on the Chinese exchanges at the beginning of the month and followed by the elimination of the no-fee policy by the three major exchanges in China, I think bitcoin will continue to go down to around 4750 CNY considering it's bullish tendency is at pause. Bears are in control again but not for long. We need to create a proper handle for the massive cup we had for 3 years, 1 month and 18 days. A proper handle won't be ready within one month. I expect Bitcoin to complete it's first H&S (red) towards the end of January and then dump even more, which would create the second H&S (green) to bring bulls back in control and resume the uptrend. I expect this new uptrend to take us back to January's ATH around the middle of march (see chart) and then in the day of the spring equinox, the green dragon will be unleashed to take us to a new ATH, this time, around 13000 CNY or about 2000 USD at the time considering Trump's coming USD devaluation and China's continuing CNY devaluation in US-China's upcoming declared trade war. In conclusion, I remain long term bullish, short term bearish until reaching 4750 CNY (750 USD) and expecting a major uptrend around the spring equinox driven by news. Very likely the proper regulation by the PBoC will be the expected Green Dragon trigger. Of course, time will tell if this would work out this way or not, but have in mind that the handle will be much more consolidated and the uptrend much stronger if we touch the bottom a second time and make the handle three months long instead of just one. More info about spring equinox in Chinese culture: earthsky.org
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by CoinMajesty