This is a study and exercise in Supply & Demand forces right now in the Bitcoin Market. It appears that the supply of bitcoins for sale in this range is drying up and the demand will soon push the price back up. On chain metrics of coin movements appears to support this theory of Wychoff Accumulation. Phase E represents a substantial markup in price.
Fundamentally I am very bullish on crypto assets but one has to consider the technical and momentum based nature of crypto. The average retrace of a break of a parabolic advance is 85%... if this plays out as I expect, we could see ETH around $500 by the end of the year.
Bitcoin has continued to make higher lows and higher highs suggesting that the bull market trend is still in play... After the lastest high we had a correction but it now appears that btc is completing an Inverse Head & Shoulder pattern marking the bottom and possible end to the sideways consolidation period. If we breakout above 59k again at the neckline the...
This idea is based on a fractal from the Jan/Feb consolidation phase. If the market plays out in similar fashion we should see about a 75% price appreciation by the end of March.
The ETH/BTC chart looks like it is setting up to out preform Bitcoin price action over the next few months. If the neckline of the inverse head and shoulder pattern is to hold up, it is more to outpace BTC in the short term. However it it fails to hold the neckline, we should see bitcoin show strength soon.
Bitcoin appears to have broken out of this bull flag consolidation and ready to move higher after a break, hook, and go confirmation and a hidden bullish divergence appearing on the 4hr chart.
Bitcoin appears to be in a consolidation pattern after a major test of the all time highs at is form a descending broadening wedge with a potential price target of 21200k area
BTC appears to be consolidating inside an ascending channel. Currently half way through its 60 day cycle. As long as we keep making higher lows above 8700 then we could continue up to test the highs around 13k.
With the halving quickly approaching it appears that the weekly chart is painting a slanted inverse Head & Shoulder bottom pattern that could bring us decisively out of this mid term correction in crypto markets. The next few weeks will be very telling as to the overall direction of Bitcoin for the rest of the year.
It appears that we have put in our first right translated cycle top which signals a reverse in trend. We have broken out of the downtrend channel and looks like we will grind lower testing the upper boundary of the channel to confirm support before putting in the next cycle bottom in mid Feb 2020... With the halving quickly approaching I am expecting the market to...
Taking a step back from the market on to the weekly time frame will help put things into perspective. Bitcoin is building support on the 100 Weekly moving average. The last time we bounced from the 200 Weekly moving average and then came to create support on the 100... we ended up making new highs within a year.
BTC is primed and ready for some big moves going into Q4 2019... If Bitcoin were to complete this Fractal pattern, than 7500 should act as a substantial support zone. Only 222 days left to the next reward halving event. Time will tell how this milestone along with other fundamental upgrades combined with global macro events will effect Bitcoins fate.
Many chartist have speculated on the Adam & Eve bottom pattern... right now the market appears to be back testing the breakout levels of the pattern... IF it holds here above 10600 then the pattern should follow through and give us the juice to bounce out of the descending channel... HOWEVER we risk a much deeper pull back if the pattern fails and a decline to...
2019 has been a wild ride coming off the lows for the year and moving closer to the 2020 BTC halving moment. How will the market react to the supply shock? Some of this anticipation is likely already built into the current price... likely a little bit overly priced in in the short term... hence BTC is due for a correction out of this parabolic phase. However I...
Current market looking very similar to the previous consolidation zone before a big move higher out of the parallel channel. Targets are 10000, 11300, 13500
