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 ;-)
Komen
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Slowly getting the feeling BTC won't make more corretion right now and goes straight to 6k...... Just a feeling... Be carefull wiht buying alts right now!
Komen
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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
Please post more of these analysis, it is one of the best I have seen in tradingview and I follow it everyday. Sending love from UK!
Aroname
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Lol. Analytics doesn't work now. If you want to be safe (without nervs) buy btc and wait till fork. They want to take from simple people as many dollars as they can.
Crypto_Ed
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@Aroname, thats why this set up is more based on "logical feeling" then die hard TA
Aroname
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@Crypto_Ed, The best logic is to think like whales. They need only your money...
Crypto_Ed
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@Aroname, you clearly dindn't look at my profile picture ;-)
Aroname
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@Crypto_Ed, Haha, nice pic) Now I understand the meaning
sean9
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It's the cycles, cycles, cycles,...
Yea at the moment I also think there's no correction short term.
At least it doesn't look like it, although I would like to have one so I can get more coins.
Thanks for your view man, really interesting approach!