How is our friend Bitcoin doing?

24 Jul 2018

Today I performed TA in a bigger picture with Bitfinex daily chart. It currently touched the major resistance region. The fact that Bitcoin is getting higher highs every day, it seems like a positive signal. However, many indicators and theories (including Elliott) are implicating that correction might come soon. Moreover, the targets from the inverse head and shoulder at 5k~6k region, have been reached which means that many traders who have entered position from below with the pattern perspective, might be taking profits around these region. Therefore I still recommend conservative trading strategy. Maybe conservative traders can enter when Bitcoin breaks above yellow trendline and retests it.
More detailed explanations are in the chart above.

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24 Jul 2018

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Sorry my yellow mid-term trendline was not drawn correctly.
Here is the chart that is correctly drawn.

24 Jul 2018

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24 Jul 2018

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Here is my Elliott wave counts and my mid-term targets for Bitfinex chart.

25 Jul 2018

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Here is my short-term analysis for Bitcoin for Bitmex.

25 Jul 2018

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Here is my detailed wave count for xbtusd 3min chart.