Although wave 1 wasn't impulsive, we have had an 85.4% retracement which makes for a good RR ratio.
Break of the March low will invalidate.
The weekly MACD has crossed above the signal line for the first time since June 2018.
The 161.8% Fib lines up quite nicely with the upper boundary of the inside pitchfork, as well as the low of the June...
ZIL has now corrected 76.4% of a possible wave 2.
To be seen if we can correct to 85.4% which lines up perfectly with the Aug 14th low.
Break of Novembers low would invalidate.
An 85.4% correction of wave 2 would put the 161.8% wave 3 impulse right up to the June capitulation low for a 132% gain.
Hard to find a better set up than this. See how it plays out.
To understand where we are at in the BTC market cycle, we need to consider the BTC economics.
Just like when traditional markets react positively to a central bank lowering interest rates due to increased spending, the BTC market reacts the same way to the block size halving due to decreased selling by the miners.
Traditional markets are much more speculative in...
Maybe I've just wasted my time and there was an easier way to do this besides having to write down and plot each percentage move, but if not.
Blue line - Actual price
Red line - Top of the last trend over layed onto the top of the current trend of equal percentage moves.
There are 4 long term indicators lining up around Feb 17th 2019 indicating that we could be seeing the end of the bear trend around $3000
1.(RED INDICATOR - Schiff pitchfork ) Long term pitchfork starting the trend from back in 2011
2. (GREEN INDICATOR - 1600 day moving average) which acted as support twice and was the bottom of the previous bear trend whether...
An indication that we could have hit bottom in December is that the 55 MA acted as support twice in the previous bear market and we only missed testing it by 12% in December.
We also have the warning line the Schiff pitchfork starting back to 2011 crossing the 55 MA this month, so if it holds we wont be able to test the MA in February.
$100,000 BTC seems...
