cryptcowboy

cryptcowboy

Bitcoin attacked the previous lows once more but found bids and jumped as i type to 7800 in what seems to be a 5 wave impulsive move on lower time frames. This could develop in several scenarios, a wave X higher then connecting another zigzag down , a wave 4 of lesser degree with a wave 5 to come that will lead to a flat, or a 1,2 1,2 scenario where the new lows...

cryptcowboy

Price stalling still around 7800 , but we need above 8000 to take pressure of continued downside in 5 waves. So far we have 3 formed from the 9100 top and if triangle count is correct we should be going up in either an x wave or the D wave. We need to get below 7500 in the option that this is still a 4th wave developing of a larger 5 wave decline. The data is...

cryptcowboy

Bitcoin is quiet around 7800 and we're still monitoring if wave C of the proposed triangle is over or not. A rise about 8000 will negate an ongoing 5 wave decline, and wave D will come into focus. There is a possibility of a wave X developing next to connect an ongoing zigzag. A drop below 7000 will bring the expanded flat into focus. The idea remains that after...

cryptcowboy

Bitcoin has recovered somewhat overnight and it's giving early signs that the C wave of the triangle might be over. If that is the case either a D wave would follow, or an x wave that continues to develop the C leg further out. A more impulsive drop below 7400 and even below 7000 would suggest the C leg of a flat is unfolding. In either case triangle or flat, the...

cryptcowboy

Bitcoin is pushing lower here into what seems to be the C wave of a ongoing corrective 4th wave triangle. That count is now at the forefront and we need to hold above 6994 on bitfinex for this to be valid, otherwise the expanded flat count has to take hold. We are now near the .618 retrace of previous B leg so if the price wants to hold here it would be ideal, but...

cryptcowboy

Bitcoin came down during the asian session and briefly broke below the 7878 level confirming my mixed feelings about the strength of the advance. We are resting now on top the secondary sloped ascending channel support and the move from the 9100 so far is in 3 waves with both impulse waves being about equal. My temptation here would be to favor the longs after a 3...

cryptcowboy

We haven't strayed far since the last update. It seems bitcoin is struggling to find direction and is still correcting the long fought battle that got it to 9100. I have mixed feelings here as I am waiting for the market to tell us if there is some juice left in this ascent or if we need to come down for another bottle of oxygen. The primary count seems to suggest...

cryptcowboy

Bitcoin has stabilized somewhat after yesterday's drop which so far seems to be in 3 waves. We are kissing the lower boundary of the upward channel and if this count is to survive selling below 7880 is not acceptable. We have no impulsive move of the lows yet so I am skeptical that it will with what looks like a 4th wave triangle developing on smaller time frames....

cryptcowboy

Bitcoin did a number on the latest breakout, drew quite a bit of attention then plunged and took the dreams of easy money with it. So are the markets, moving to keep you guessing and threatening your stops. There are several ways to count this latest run up, but now it gets a bit messy . With the drop below 8450 the next area of support comes in at 8190 zone. Here...

cryptcowboy

Bitcoin seems to be building the early stages of next rally higher with the 8450 lows as a potential completed corrective pattern. We seem to have broken thru the price channel but not in a convincing manner yet. We do have some other markets that are taking the lead so it should just be a matter of time before bitcoin joins the party. Once we pass 8920 we should...

cryptcowboy

Bitcoin had a drop overnight into 8450 and managed to hold above the 8360 support. If this will be the beginning of a new leg higher remains to be seen but the corrective nature of price since may 26th it's pretty clear. I am attempting to count this correction as a wave 2 with the time lapse on it, which means that a wave 3 ahead would have to be strong and...

cryptcowboy

After a quick visit to 8515 , price has pulled back and remains contained into a choppy, corrective type action between 8830 and 8650. There is no way to know how and when this correction will end, but we are likely to see another push higher to complete the sequence. A pullback into 8360 , even 8280 would seem normal, while a drop below 8150 would definitely have...

cryptcowboy

Bitcoin has been sideaways for the past session consolidating the gains made on the latest run up. The thrust out of the triangle was vicious but it feels like we hit a concrete wall and we're still assessing the damage. The lack of upwards continuation is somewhat concerning but there is no clear evidence that its finished so we have to wait for the market to...

cryptcowboy

Bitcoin continues to act bid just shy of 9000 with the market smelling more stops above. The weekly candle closed on a strong note, showing a rejection wick of lower prices. We are indeed at the top line of the ascending price channel and a break should accelerate the advance. I am mindful of a wave 4 possible incomplete still on an alternate count, but the nature...

cryptcowboy

Bitcoin finally broke out of the triangle we were monitoring since 05/17 update, and seems to be on its way to completing a 5th wave of the larger degree 3rd. The explosions out of triangles are usually terminal moves so I have to caution against getting extremely excited or chasing the market at these levels. My next focus is on how this move develops once we can...

cryptcowboy

Bitcoin bounced today since my last journal update, giving us a low of 7426 on bitfinex to work with. If that was the leg C of the triangle it was rather short and not reaching the ideal .618 retrace of previous B leg. We are now at the upper boundary of the triangle AB line and waiting to see what the market will do up here. I can count 5 waves of the 7426 lows...

cryptcowboy

The sideways story continues and the levels mentioned previously continue to hold. We approached the bottom line of the rising price channel overnight and bounced. If this was the C leg of the triangle remains to be seen and a drop below 7200 would look suspicious in keeping the triangle count alive. Each leg should be getting smaller within a few more days of...

cryptcowboy

Swift drop as the early asian session begins brings prices down to 7500. Right below at about 7350 we have the ascending channel base trendline along with what could be 'right look" stop for a wave C bottom of the triangle at about .618 retrace of the B leg. I will continue to favor this outcome until we dip below 7200 at which point the risk of taking the lows of...