bluesilver3

bluesilver3 Updated 

If we have resumed our descent then we COULD be yet to complete a wave 5 of a wave 5. This would mean we have a little more room to go down and touch the support area and then head back up. The green boxes mark areas of volume which I think we may head up to test and make possible targets. Then it will be down to how we react to the 200 moving day average on the daily.

bluesilver3 Updated 

A speculative theory that after 5 impulse waves we are now on corrective wave C. If this is the case then wave C is a contracting diagonal and we have (or are just about to) complete wave 4 (terminating at 61.8% retracement ) and are about to enter the final wave of the ABC corrective. If this is correct then the final wave 5 of the contracting diagonal...

bluesilver3 Updated 

Made good profit on wave three. The support should hold and allow for a wave four within the new trend channel before an extended fifth wave (wave three was 100% of wave one so five must extend and break out of the channel). IF this is in fact ABC correction then wave four will be wave one and extend further up however with the 200 EMA on the daily below the...

bluesilver3 Updated 

Short term appears to be a contracting triangle. This would mean we are on a 4th wave or B wave correction. I think it is a B wave that will see us make one last push higher and then resume the descent down to complete wave C. Good possible scalp entry at D for a quick short and if it fails at support you have ample room for a stop loss at break even. Good...

bluesilver3

Good Risk/Reward Ratio here if the Inverse H&S plays out on the ADABTC Day Chart

bluesilver3

We could still be in this long term downtrend channel and is we are continuing to follow the previous 'crash' then we could have some time to go before finding a real bottom.

bluesilver3 Updated 

BTC didn't seem to have any trouble with the first resistance, the second put up a fight and it hasn't reached the reversal point yet. Instead I believe we are getting ready to resume our descent.

bluesilver3

An update to the head and shoulders I put out there not too long ago and a few scenarios for you to keep an eye out for: 1) We exceeded the resistance at 'REVERSAL' (possibly a number of short stop losses extending that run). The head and shoulders pattern may now complete as we descend down to the original target. 2) We find support at the neckline and head...

bluesilver3 Updated 

BTC has been in a range now for about a week which has been a great time to trade Alts as there is always a big increase in volume when this happens and you can set stop losses knowing that if your stop loss gets hit you won't fall back into a currency that is on the tumble. BTC is starting to approach the 8,300 resistance level again with strong support from...

bluesilver3 Updated 

There seems to be a repeat pattern of 2014 as a few others have identified. I just wanted to lay out some possible approximate steps if it were to follow that path for an idea of movement. The timing is not to scale. Following these moves there could be a full retrace to 3xxx

bluesilver3 Updated 

As discussed in my other chart; there are many traders that took a long position from the 7,300 price and are building up to be able to short. You can see by the lack of volume that not only are people waiting on the sides but many are holding this trade to find the ultimate point to tale profits and then use that to short. If they get the price they want to then...

bluesilver3 Updated 

So as per the last chart, BTC as bounced off the resistance and started heading back down south. However, as mentioned in the update of the las chance, the next waves are a little uncertain as I feel it really needed to get to 9,200 to hit a lot of short positions that I believe were waiting. What will BTC do next...? Well I don't have a crystal ball but I have...

bluesilver3

Approx Targets There is still a small chance we will head up to the 8,800-9,200 range as some traders hold for a better position to short from and then I THINK the steps to 6,000 are as follows: 7,500 - 7,600 7,800 - 8,000 6,500 - 6,600 7,200 - 7,300 6,000