Corn_Reaper

Corn_Reaper Updated 

Well that was fun while it lasted. While many expect this to be wave 4 before a final push to $16k, I suspect we have already completed our 5 wave impulse from the $3.1k lows and we have entered the corrective phase having just completed B wave of a simple ABC zig zag after retracing between 50-62% of wave A. After a rise like that I won't be looking for wave...

Corn_Reaper Updated 

Well it seems that I was wrong about the direction of the break from that fib time zone and my stops were hit at $7440 en-route to our current schiff pitchfork resistance. Some elliot wave analysts called it so the pace of this recovery was unexpected to me but obviously not to a others. If you press play on my previous chart, you can see that we reached the...

Corn_Reaper Updated 

Good day Traders Using the $8500 July 2018 highs as a starting point (the peak before we broke market structure), you get interesting results if you use a schiff pitchfork to then connect the December 2018 lows to the recent $5975 peak for 2019. Using the same starting point, add Fib Time Zones connecting the December 18 lows, and we find anticpated areas of...

Corn_Reaper Updated 

This is probably not popular opinion but not long now before bitcoin’s descent back to $4.2k before final capitulation. This is evident using a fib circle connecting the swing low for 2015 to the 2017 ATH and a Schiff Pitchfork connecting the 2013 swing high to the 2015 swing low up to the 2017 ATH, to give us the bigger picture. Then for a comparative view of the...

Corn_Reaper

Good day Traders Bitcoin price action has been showing exhaustion for the past few days now so not too surprised that we finally corrected. Perfect timing for the tether FUD to act as a catalyst again, although this time things are a bit different it seems. If you recall in October 2018, when Bitfinex lost yet another banking relationship, everyone piled...

Corn_Reaper Updated 

Good day Traders Bitcoin had the retracement we were looking for although it did arrive with a rock hard landing, finding support at our daily SMA100, and it seems we're now in a corrective phase after reaching $4200 for a double top, and what looks like resistance for a large ascending triangle, which has become apparent now that this move has played out....

Corn_Reaper Updated 

Just an idea, but if you use the long form Fibonacci sequence of numbers as extensions of bitcoin's very first bull run in 2011, you get some interesting results. This provides key levels of support and resistance, which were projected way back in 2011. It almost seems as if we are climbing the long form sequence, with important targets having been reached at...

Corn_Reaper Updated 

The bearish scenario and bearish similarities: Most are long and expecting a move to $5k so it's always a good idea to cover the contrarian view and see if we can pick holes in either argument. We retraced to around $3900 (not too far from the $3930 retracement target in my previous post) but it looks like we'll be retesting this uptrend support soon. Looking...

Corn_Reaper Updated 

Good day Traders Bitcoin has found support at our daily SMA100, with SMA50 sitting just below at around $3630, and our weekly SMA200 not too far below that, around $3360, although ideally that uptrend support holds, which is currently sitting around $3435. For the short term, we could start retracing back up from here, although I suspect we'll have a pullback...

Corn_Reaper Updated 

Good day Traders As I'm sure everyone and their pet poodle knows, bitcoin had a triangle breakout a few days ago with all the volume we were looking for. If you see my previous post, I thought we would first drop to just under $3k for a dead cat bounce to $5200, however, we've averted the weekly EMA15 and EMA200 bearish cross for now. The market was impatient and...

Corn_Reaper Updated 

Good day Traders Bitcoin is retracing after a few days of battling that DMA50, whilst watching a new episode of paint drying, and no volume follow-through. We're now on the verge of a temporary bearish crossover between EMA15 and EMA200. See the 2 screenshots below of the S&P and DJI which shows the last time we had a downward cross of EMA15 and EMA200 in those...

Corn_Reaper Updated 

Good day Traders Bitcoin has been battling with our DMA50 resistance, is now printing hidden bearish divergence on the daily, and we have potential for bearish DI cross looming. The recent short squeeze managed a 38.2 fib retracement after our drop from our 24 December swing high, so I have a 168.1 fib extension target of $2780 if we fail to get above DMA50....

Corn_Reaper

Good day Traders Bitcoin had a strong short squeeze and break out from that falling wedge, albeit earlier than I expected. On reflection, this current consolidation range ($3200 - $4200), seems to be playing out in a similar pattern to the $6000 - $7400 consolidation range, which we had right before our main drop from our $6k support. The short squeeze we had...

Corn_Reaper

Good day Traders As much as everyone is hoping for a prompt breakout from this bullish wedge, I don't think this will be happening just yet. Not long to go but we'll most probably be retesting our December lows first before we have a strong break to the upside. ADX & DI shows us that the momentum of this downtrend hasn't slowed down just yet. Looking at Bitstamp...

Corn_Reaper

Good day Traders As mentioned before, no one truly knows where we will end up bottoming but 99% of traders will probably get rekt trying to find that bottom because it usually doesn't pan out according to market expectations, so better to be open-minded without being too fixated on a set bottom target because maybe that bottom is already in. We have quite a few...

Corn_Reaper Updated 

Good day Traders On the lower time frames we seem to be printing another bear flag and potentially a continuation head and shoulders (not as common as the reversal pattern but still happens). This is playing out within a larger falling wedge which is bullish, however, we have 2 bearish scenarios depending on which target we reach when the 2 bearish patterns play...

Corn_Reaper Updated 

Good day traders As I'm sure a lot of you are aware, technically, there are many similarities between the 2014/2015 bear market and the current 2018/2019 bear market cycles but there is plenty of debate going on as to where we will actually end up bottoming. Many analysts are calling for a bottom close to $2500 as this fits the 2014/2015 bottoming criteria on...

Corn_Reaper Updated 

Good day Traders, Bitcoin has a number of bullish signals for the short term, however, we are probably still printing a large bear flag, consolidating before 1 last bounce and then we resume the downtrend. Within the flag, we have a diamond bottom pattern playing out, with added resistance coming from our daily SMA50, and added support coming from the weekly...