steve.elliott

steve.elliott

OK, so extending upon my previous MACD post (see related idea below regarding how MACD is oscillating to a state of calm to define the bottom), it looks like the next touch point should be 6K, where we are likely to get a small bounce up. Whilst that could be the bottom, I actually think it may come down further than this after a short reprise before reaching our...

steve.elliott

Everything is a wave. Look how the oscillations fade on the MACD bringing karma back to level. Look how the oscillation faded on Nasdaq during the bubble. Is there an indication there as to the right point to buy? I'll let you be the judge of that ;) Good luck people. The time is getting near.

steve.elliott Updated 

Why it may get a lot worse. So, let’s start by saying that I am open minded. I look at scenarios to check feasibility and try and determine how likely a situation is. Whilst I am writing this, I am purely sharing one of those ideas that interested me, and I am not recommending to anyone that they trade based on this information alone. I have an equal number of...

steve.elliott Updated 

You never know....

steve.elliott Updated 

Perhaps time for a little trip south....

steve.elliott

1 hour MACD and RSI divergence. This doesn't look bullish to me. I think she will drop before she goes up. For clarity, I am long on bitcoin, but I think that this is setting up for a new drop down. News can change it but that's what it looks like to me based on the chart.

steve.elliott Updated 

I'm seeing lots of comments on a double bottom and that we are about to embark on a massive bull run. Think you guys need to zoom out a little. We created a double top on 5th March which kicked us south. We are rejecting off the Ichi and off the down sloping trend line (yes I know mines in a different place to some other peoples - yet it seem to be consistently...

steve.elliott

Here's my thinking. caught the bounces so far on the leg down. Next bump around 7995. If it breaks that, I think we are going to hit that red box around 6700. This is the dream bull set-up. If it fails, then its down to bottom and most likely through. My money currently on a turn at 6700. Good luck.

steve.elliott

OK, so this is just an idea i'm toying with and I don't absolutely believe it myself just yet. I'm putting it out there for feedback and comments. So, in my previous post I suggested that todays correction was wave 4 of a 5 wave Elliott move. You can read my thoughts on that here: However, something about the wave structure doesn't look right to me. At first I...

steve.elliott Updated 

So we popped out of the ascending wedge and have made what looks to be a corrective ABC as part of Wave 4 of this up move. Wave 3 was split in to 3 sub waves (i, ii, iii), and iii was pretty unconvincing as it goes due to the squeeze at the top with the wedge and neckline. I'm expecting a retrace back on Wave 5 (from here or maybe a little lower) to have another...

steve.elliott Updated 

Still stuck in a wedge with lots of key points at play. Above us, we've the Head and Shoulders neckline, which dependent on where you draw the line, has already been tested and rejected, though somewhat unconvincing from both the bull and bear camps in terms of volume. This suggests indecision and that the masses are waiting to see which way the wind will blow....

steve.elliott Updated 

SO it looks like we are being crunched inside a wedge with lots of key points at play. Above is the inverse H&S neckline, which by my chart, rejected last night, and we also saw some strange indecision before we broke south with some pumpy dumpy action in the one minute chart. Looking at our pitchfork, we are trading on the bottom line and at risk of falling...

steve.elliott

Bulls! Ruuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuun!

steve.elliott

So the H&S is still in play, but then so is the corrective C wave. The corrective C wave would likely be invalidated over 11k, so its dicing with death, but still valid as it stands. Volume is p!ss poor considering a major trend break which makes me think the game aint over yet. On the flip side, the H&S does look nice for bulls if we fully form, which then...

steve.elliott Updated 

Drag the chart right if its not showing correctly! OK, so I know you are fed up with people drawing random lines, H&S and wave counts. It's difficult to see the wood from the trees with all these chartists right? I'm a believer that you shouldn't just follow what other people say, but rather should do your own analysis. Sure, other peoples analysis helps you form...

steve.elliott

Bitcoin doesn't look as though it has the clout on this trip to break the downward trend channel. Whilst it looked for a while like it was breaking out, volume pushed it back in check showing signs of bull weakness on a clear bull set-up. My view is that we will revisit the dotted upward sloping trend of this break up (around 9750) to retest. A convincing retest...

steve.elliott Updated 

Looks like it tried and failed to breach the H&S neckline. Could we be heading for target at 8600?

steve.elliott

I'm still seeing a correlation with DOTCOM that may suggest a further downward journey to carve out a trough (ending end of March) If you are interested in reading my analysis on the DOT COM correlation, you can have a look here: cryptopimps.cryptopimps.co.uk Remember, these are just insights and ideas and I am not saying they will happen, although certainly it...