DrJLT

DrJLT

Yesterday, I mentioned that another attempt at breaking the $340-$345 resistance zone was underway. That wave of push was rejected. Today, a third attempt was again rejected. Each time, the highs are lower but the lows are somewhat higher. This forms the rising wedge pattern we identified yesterday. Usually, if a resistance is not broken after three attempts,...

DrJLT

Yesterday, I published an idea that perhaps BTCUSD would be heading for a deeper correction. Today, the market resoundingly rejected that hypothesis. If we have a look at the history of BTCUSD, on this weekly chart on the logarithmic scale, we can identify two distinct cycles. It appears that looking at BTCUSD on the linear scale is where we misunderstand it. In...

DrJLT

As indicated on the chart, ETHUSD broke a critical mid-term resistance a couple of days ago decisively. However, the sudden rise of BTCUSD took steam out of ETHUSD. There seems to be currently another attempt at breaking the previous high. The situation is very fluid. If ETHUSD finally breaks the resistance zone, it could test $380-$400 levels. On the other hand,...

DrJLT

BTCUSD has been exceptionally bullish. The corrective periods for each wave have become shorter and shorter, while its rising waves have become almost vertical. By my count, it could first fall to around $5200, then bounce back to $6400, before the final correction to $2400 or so. But of course, it may be presumptuous to speak that far for such an unpredictable...

DrJLT Updated 

Since the double bottom reversal from $10, ETCUSD has risen & fallen. If it could break the downward resistance (orange line), it could potentially finish a bullish cycle. Otherwise, it will continue its decline.

DrJLT

If BCHUSD stays above $1000, it has a good chance to continue the bullish trend. Of course, the abnormal, speculative jump & the subsequent crash due to fear should be ignored. Following its recent update, BCH has everything bitcoin has going for it + one important thing: BCH is much less expensive than BTC, and for this reason alone it has more headroom for...

DrJLT

Just trying out the charting tools here. For ETHUSD all indicators suggest a slightly bullish trend. A breakout above the $340-$350 zone would mean that my wave count is incorrect. A fall from the current position below $300 would validate it through a double top reversal pattern. As ETH price increases, I'm personally less confident in my analysis.