This post is an update from my earlier set up, about a month ago where I called (again) BTC to $6.000,- Link to that set up is below.
Past days, we have seen a mind blowing bull run for BTC. Since the first set up, it rose $2.100,- in a month with some spectacular movements up this week.
In my opinion its very tricky to chart BTC in such days. When its on a roll, it just keeps going but I think I've found a scenario what seems logical to me. Lets give it a try:
This new set up is just a follow up from previous, nothing major changed. I'm still looking to the same targetted area which starts at $6.200,= This targetted area ends a 5 legs cycle, as shown on the Daily chart left. What happens around that area is for later concern, lets look at lower timeframes.
On the chart on the right side, I've also drawn a 5 legs up. It seems to me that we might see some correction which makes leg 4. Leg 5 would end also in the blue box. I'm not sure about leg , if it will go that low (which isn't really low).
But TA whise it would be logical that we see some sort of correction. Indicators like MACD and RSI show that we might get some correction.
Once again: when BTC is on a roll, it just keeps going.
Target areas on both chart correspond to each other, coincedence? Targets are calculated with a mixture of Fibonacci Retracements and Extensions. Most of my TA can't be found in studybooks, a lot is my feeling, experience and I pick what seems most logical to me. Die hard Elliott Wave believers criticized my methods and were announcing BTC collapsing since $ 3.300,- but I'm still here ;-)
Past days, we have seen a mind blowing bull run for BTC. Since the first set up, it rose $2.100,- in a month with some spectacular movements up this week.
In my opinion its very tricky to chart BTC in such days. When its on a roll, it just keeps going but I think I've found a scenario what seems logical to me. Lets give it a try:
This new set up is just a follow up from previous, nothing major changed. I'm still looking to the same targetted area which starts at $6.200,= This targetted area ends a 5 legs cycle, as shown on the Daily chart left. What happens around that area is for later concern, lets look at lower timeframes.
On the chart on the right side, I've also drawn a 5 legs up. It seems to me that we might see some correction which makes leg 4. Leg 5 would end also in the blue box. I'm not sure about leg , if it will go that low (which isn't really low).
But TA whise it would be logical that we see some sort of correction. Indicators like MACD and RSI show that we might get some correction.
Once again: when BTC is on a roll, it just keeps going.
Target areas on both chart correspond to each other, coincedence? Targets are calculated with a mixture of Fibonacci Retracements and Extensions. Most of my TA can't be found in studybooks, a lot is my feeling, experience and I pick what seems most logical to me. Die hard Elliott Wave believers criticized my methods and were announcing BTC collapsing since $ 3.300,- but I'm still here ;-)
Komen:
this might be today's play in BTC. We're in a flat correction which could lead to a push up. Right now we're forming a bullish flag which might bounce in the blue box for a move towards top of the flat pattern
Just a feeling... Be carefull wiht buying alts right now!