fueledbynicotine

fueledbynicotine

BTC looks like it's losing steam with bearish divergences on RSI, MACD and histrogram ticks. Additionally (not shown), RSI is peaking at 65 on a 3 day chart which is the upper margin of a bearish trending market based on Constance Brown's RSI rule as well as a nasty hidden bearish divergence on the same time frame. Coupled with the rising wedge on an uptrend, my...

fueledbynicotine

I think Link might have another leg up, particularly subway 5 of 5 to complete an impulse move up. As for how far it might reach, I think the $2.90-$2.95 range seems possible. If I'm wrong, then my Elliot count definitely needs revision. I'm curious to see how this plays out.

fueledbynicotine Updated 

Wave encountered a key support/resistance line and looks like it'll be rejected. In addition to this, we have bearish divergence on both the MACD and RSI. Given the corrective nature of the wave, I still doubt it's the start of the bull market. Tread carefully. As usual, I have no idea what I'm doing and still learning.

fueledbynicotine

Without a doubt, we're heading down. The question is how far down? I've taken the liberty of identifying divergences that indicated (and will indicate) a change in trend using RSI and Composite Index. My best bet is that it's going down to $7500 since this has been an excellent support/resistance level before. I've also highlighted Fibonacci retracement levels...

fueledbynicotine Updated 

Are we ending in a zigzag? I think we might be finishing the B wave with a double flat and then an impulse wave down to $6,100 which is 0.618 of wave W of X. $6,100 seems like an area of incredible support.

fueledbynicotine Updated 

I'm not quite sure about where the market is going next. I'm more or less trying to sum up my impression of the possible route for BTC so far. I tried an alternate Elliott count (consisting of a Double Three in the W wave, Expanded Flat in the X wave and a tentative Y wave) compared to the Triple Three I used before. I've also identified potential fractals which...

fueledbynicotine Updated 

Are we in the B wave of the Triple Three correction?

fueledbynicotine

Bullish divergence on RSI

fueledbynicotine Updated 

I've started reading Constance Brown's book on TA and I'm finishing up the first chapter in his book. Taking into account his RSI rule, we've successfully found support at the lower range of the bullish zone. Bear market rule - RSI will oscillate within a support range of 20-30 and a resistance range of 55-65 Bull market ruel - RSI will oscillate within a...

fueledbynicotine

Prior analysis showed a fractal with a surge from the lower end of the channel to the top. Is $8500 the next stop?

fueledbynicotine

What I believe to be a contracting triangle finishing up b wave of Elliott count. 100% of a wave roughly corresponds to 0.618 level.

fueledbynicotine Updated 

As usual, I have no idea what I'm doing and still learning the mechanics. So I've just learnt about Elliott Triple Combo waves which has renewed my long term bearish tendencies. I strongly believe that we still have to finish waves X and Z for the correction to be completed. (BTC loves complex corrections from what I've seen retrospectively). To support this,...

fueledbynicotine

Bearish divergence with bearish MACD cross. Targeting 0.618 Fibonacci level of previous bullish impulse.

fueledbynicotine

Target is 0.618 Fib level as it shows excellent prior support and is approximately 100% of wave a.

fueledbynicotine Updated 

I think we might be entering a critical time frame which spells the end for the bear market. Only the next few weeks will tell,

fueledbynicotine Updated 

On a log scale, we're still in a downward channel as shown on the Schiff pitchwork. Using Elliott wave analysis, a descending triangle (b wave) is forming thus indicating that there might be another impulse wave down. A previous strong support line forms the upper boundary and the 0.786 forming the lower boundary highlights the target zone. I guestimate that this...

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Impulse waves almost always correct in wave 4 territory. If you look closely at the chart, you can see wave 5 was definitely an extended wave. This means wave 4 was very low relative to the impulse move. Looking back, it should not have come as this much of a shock had I known about Elliott waves. Fibonacci retracement indicated a higher correction but Elliott...

fueledbynicotine Updated 

On this chart, there was confluence with the wave 4 territory and the 0.5-0.618 levels making it a juicy target area for a completed correction. Looking at the corrective wave pattern, wave b was a converging triangle which is a continuation pattern.