cryptcowboy

cryptcowboy

Bitcoin has punched thru the 5690 level on bitfinex and i won't argue with it. It seems that we can start tracing a lethargic 5 wave up on smaller time frames and if it wants to correct in 3 waves so be it but i won't argue if it doesn't. The breakout level should become support and 5570 would be next line of defense. As i have mentioned in my youtube video...

cryptcowboy

Price is stalling near the highs on this chart but i have to remain on a bullish view as log as we stay within the rising price channel. Below 5360 will confirm a deeper correction possible towards 5000 levels. Above 5690 there should be plenty of air until 6000 area. Sideways price action is frustrating but market will tip its hand soon enough to clear the muddy waters.

cryptcowboy

Bitcoin bid tone continues as the new month begins and at least on bitfinex charts we are approaching the previous highs at 5690. Let's see if we get renewed buying interest now that that level is close to being attacked. The subdivisions of the move since 5060 lows can be counted in several ways so i won't attempt to do it until a clearer pattern emerges. A 3...

cryptcowboy

Small range overnight doesn't bring a whole lot of news to the picture so we need to wait for the market to show its hand. A decisive break of 5690 zone should bring fresh additional buying. I am still considerate of a larger 4th wave unfolding and suggest caution at this levels. Market has a way to get us excited , only to fall back into monotony quite often. The...

cryptcowboy

I keep a bullish view on daily chart as long as we are contained inside the upwards trending channel. Price action has been acting a little stronger and as you can notice on the close of monthly candle , the bulls have been in control so far. A break of the highs should bring fresh buyers and increased confidence. I discuss few wave 4 possibilities in my new you...

cryptcowboy

Bitcoin catching a bid in the asian session again with a jump over 5560. Next topside hurdle is 5690 highs which should trigger additional buying. 5360 on the downside now remains the trigger for weakness and a suggestion wave 4 might still be in progress. The 1,2 scenario i have outlined previously seems to make sense more now and a 3rd wave should be swift and...

cryptcowboy

Bitcoin briefly broke above 5560 and my confidence has increased somewhat towards higher levels. Next hurdle is 5690, but the market doesn't seem yet very committed to the short term breakout. Let's see what happens if we dip back below. I am running few wave 4 scenarios in the new video posted on you tube under cryptocowboy account. Let's stay nimble for now...

cryptcowboy

Small bid tone overnight but not enough to take us out of the overall sideways action. I do see a 3 wave move into 5358 but at this point i don't want to speculate just based on that. The market has to show us its commitment sooner rather then later and one indication of that is the bid tones in similar crypto markets. Above 5560 my confidence will increase , and...

cryptcowboy

Daily charts continue to look to the upside inside the price action channel. Not enough evidence to support a larger correction at hand for now, so i'll stick with the idea of a wave 4 in development. We are approaching the month end and for bulls confidence is important that we do not drop much below current levels, if any. The monthly candle looks almost full...

cryptcowboy

Bitcoin continues to march in place in a small range. What will trigger the next move, hard to tell, but at this point it seems more likely that will be lower before we had higher to complete larger patterns. Wave 4's are notorious for killing time and whipsaws, so we need to wait for price action to develop before committing. The 1,2 count while still valid is...

cryptcowboy

Price action remains sideways and the slight bullish tone we saw i the Asian session has weakened. If indeed the alternate count is a 1,2 bitcoin needs to get moving and there is no evidence of impulsive price action. The count that calls for a larger 4 blue becomes more apparent and in line with the weakness in the overall crypto. 5560 will be an upside trigger...

cryptcowboy

Quiet weekend and bitcoin trading with a bid tone in the asian session. 5560 remains a trigger for higher prices , while 5690 should open the gates towards 6000 mark. Moves are not impulsive just yet so we can still fall into a larger 4th wave consolidation, either way the lookout is for higher to complete larger bullish counts. One thing to notice is the move...

cryptcowboy Updated 

Considering for now a larger wave 3 blue done after a short 5th wave of lesser degree , we can expect a larger wave 4 blue to unfold. The size of this wave 4 will determine which degree of trend we find ourselves in and indicate clues for further advances. We are considering the possibility of a wave 2 pullback in a still unfolding 5th wave, but we need to ...

cryptcowboy

Not much changed from last update, above 5560 we will be getting indications of resume in uptrend. I explain more in the you tube video under cryptocowboy channel. Bitcoin is marching in place for now in what is either a larger wave 4 blue unfolding or the beginning of a wave 3 of original 5 red to make new highs. Price action is choppy for now and we need to wait...

cryptcowboy Updated 

Bitcoin is marching in place for now in what is either a larger wave 4 blue unfolding or the beginning of a wave 3 of original 5 red to make new highs. Price action is choppy for now and we need to wait for the market to reveal its hand before being aggressive in any way . Price still contained in a channel but a more neutral stance is warranted for now.

cryptcowboy

Strong rebound in btcusd and a zoom into 4h chart from daily shows the up close count of a completed 3 blue with 4 in progress, or the alternate 1, 2 red that calls for a wave 5 still to be completed. 4970 needs to hold for this to be valid. However on both counts we would need to resume higher, the question remains if it happens after and extended 4th wave blue...

cryptcowboy

Bitcoin had a sharp drop and that raises the possibility of a 5th wave being done earlier then anticipated. We can already be transitioning into the blue wave 4 of a larger degree, but we gotta be aware of this drop being a wave 2 of an ongoing wave 5 still. For this last theory to be valid prices have to stay above the end of triangle wave E which would be the...

cryptcowboy

Bitcoin shows signs of a bounce as 5406 level provides good support. A break of 5688 should trigger an advance towards equality of larger wave 5 with 1 at 5890 zone, but possibly higher. Prices are contained within a rising channel so we will respect that.