cryptcowboy

cryptcowboy

Bitcoin broke below the A wave low of 9760 earlier today invalidating the triangle count. The correction continues as per my previous updates only this time it pushes us to the next available count which that of a flat correction with the latest leg taking the shape of a 5 wave move. The 9200 zone offers a cluster of fib zones that could hold for at least a...

cryptcowboy

Bitcoin has pulled back per the suggested triangle scenario into the C wave. The depth of this wave is a little larger then what we would expect for a triangle leg but it is not invalid unless we drop below the 9,700 level. If that happens, then the wxy scenario kicks in and we will have to work with that going forward. A more complex correction could then follow....

cryptcowboy

Bitcoin marches in place for now looking for direction. I am keeping the triangle count at forefront with the overlapping price action, while the wxy and the flat remain on the back burner. A wave C can bring prices down to 10,600 , but anything under that and i would start to get nervous about a bounce in wave D. 9,600 would be the flat limits and below that Y...

cryptcowboy

Prices came down today following an awaited top in wave C of X or B . The game plan moves forward with 3 proposed counts, flat ( under question since we were just shy of 90% retrace) , the triangle , or a double combo wxy , with X wave finished. This bitcoin correction will be a lot of fun to watch it develop maybe not as much to trade it , unless you employ some...

cryptcowboy

Bitcoin is tracing the suggested earlier path of higher to complete a B wave of either a triangle, a flat, or a double zigzag . The last option is becoming increasingly unlikely due to the high levels this proposed X wave reached. The B wave is very close to the required levels for a regular flat , but I won't be surprised if we go to new highs for a running or...

cryptcowboy

Bitcoin is rallying here in the Asian session and continues to search for a wave C top after the breakout of wave B triangle. Between 13,000 and 13,300 lies a zone of resistance , basically a combination of fib zones from standard flat pullbacks to fib relations within the legs, so I expect a good fight will be given there. The alternate wxy count is posted as...

cryptcowboy

Bitcoin continues the sideways correcting games for now and is searching for the definition of this possible wave 4 price action. The drop to 9700 from the highs is clearly in 3 waves and what starts with that is a triangle, a flat or a double zigzag if i remember correctly. If the triangle scenario is unfolding we have the A leg complete and we're doing the B leg...

cryptcowboy

Bitcoin prices continue to develop in a corrective manner and it should continue to do so most likely for the rest of the month. I have expanded the channel to include the swings as this can take several forms. The possibility of a double Zigzag is very much alive , along with that of a larger triangle or even a flat . My stance is neutral for now with a slight...

cryptcowboy

Price of bitcoin is bouncing in the overnight session but the overall advance is not giving me enough confidence to say we are approaching the end of the correction. I think there is still more time to kill on the clock and bitcoin will do its best to fool us repeatedly. I have adjusted the corrective channel to contain prices and will continue to remain flexible...

cryptcowboy

Bitcoin price continues to correct after the massive run that ended last week. I have placed a corrective channel for now and will monitor the development inside while watching the boundaries. If this is a wave 4 it can take several forms from triangle to flat to zig zag or double zig zag. As the price develops the correction choice will take shape and we will...

cryptcowboy

Bitcoin has been mostly sideways over the weekend and to be honest i was expecting a bit more selloff after the sharp reversal on thursday last week. If this is just a wave 2 consolidation before we resume in a 3rd wave selloff remains to be seen, but the initial signs are pointing mostly towards another sideaways correction in what might be just another wave 4....

cryptcowboy

Bitcoin finally found its top and the drop to 10,400 area its enough to convince me that a sizable correction will follow, either as a large wave 4 if the top was a 3rd wave , or as a wave 2 if the top was a wave 1. No matter what we will be looking for the price of bitcoin to retreat anywhere between 8000 to possibly even 6000 area in case of a wave 2. More...

cryptcowboy

A tumultuous day in the life of bitcoin. Highs near 14k, quick 2k selloff , strong bounce and consolidation. The questions in everyone's mind are "is the rise over for a while? are we retracing now?" . It is very possible and with the strong run we had and the fib levels reached on extensions (see previous post) , it wouldn't come as a surprise. I am not yet...

cryptcowboy

Price of bitcoin got very close to 13k overnight and as all my readers know we constantly continued to call for higher levels as per the wave principle so I will take a well deserved victory lap up here if you don't mind. I also know that when you do that the market gods will slap you around to show who's boss. I will continue to respect this trend until its over...

cryptcowboy

Bitcoin is making new highs and showing everyone that wants to see, what a healthy uptrend looks like in real time. Bitcoin bottomed in Dec 2018 and we are now 6 months later at almost 12k. Nothing goes up forever and nothing goes down forever ( unless you're Lehman Brothers, LTCM capital, Enron or others) , so at some point we will enter a correction period. When...

cryptcowboy

Bitcoin continues to consolidate and the prospects of a 4th wave triangle are becoming more clear. The resolution should be higher , but how much higher. The thrust out of triangles are usually terminal so its possible to expect a larger correction after we reach a top in the 5th wave. There are fib projections around 12k zone, so we will see if we can make it all...

cryptcowboy

Bitcoin touched 11370 over the weekend continuing to act with bullish tone even after a quite solid run so far. The pullbacks are shallow for now and if you zoom out the trend is healthy and intact. Counting the subdivisions here as they develop is a bit challenging and I need the market to prove me first that some sort of top is at hand by correcting a bit more...

cryptcowboy

Bitcoin demolished the 10k , went up thru the top line of the trending channel and seems to have enough fuel to keep going still. This is the time and type of trend where heroes will show up to score fake internet points, look for top and say "i am calling it", while the market climbs higher and laughs in their face yet again making a new "top". How do i know...