As I posted previously, I bailed on my Cryptos 2 days ago. They were: BTCUSD @ 8300: still here. Watching but it wants 10k. ETHUSD TypeII 88.6@380: now +80 Higher = The Education (look for reentry via ETCUSD?) LTCUSD = Sell @ 72 now 4 points higher ...The Lesson: Learn from ETHUSD
One thing about harmonic patterns - it doesn't take too many examples to see where the structural measures are completing when similar markets exhibit clear completion zones. It was a long Thanksgiving as I watched ETHUSD breakout + left me in the dust - now headed straight to the weekly target at 545. Other Altcoins are ready to follow. LTCUSD : The Potential Reversal Zone for the Bearish Gartley at the 88.6% retracement at 88 in LTCUSD has been triggered. I'm looking to the Bpt level @ 72 for a reentry to catch a minimum move to 90. However, ETHUSD + BCHUSD are two markets that show us the frenzied speculative potential unfolding. Therefore, this Gartley could be annihilated on a breakout, triggering a move to 133 as the failed pattern "morphs" into a Crab. I am looking to REENTER 100% either way in the next 48hrs.
Crypto Notes: Quite simply, I UNDERESTIMATED THE POWER OF ETHUSD but I will shift back to LONG ACCUMULATION of these AND other AltCoins NOW! I have been aware of Bitcoin since inception but have only studied the different blockchain types in the past 12 months. Admittedly late to this party, I am focused on the definable movements especially in daily + 4hr patterns. There will be corrections as the capitalization fluctuates over the long-term but these markets are in a frenzied state NOW hat has little to get in the way of the trend. ETHUSD was a $80 per coin education. However, LTCUSD and the likes of ETHUSD, SANUSD , ZECUSD , IOTUSD , XRTUSD , BCHUSD (others? ...please comment your favorite below!) I will follow up with more but look for ACCELERATED BREAKOUTS for the next two weeks. The CME Futures in BTCUSD will be a defining event for all cryptos but change the potential for EXCESSIVE SPECULATION! For this reason, these markets will run now and complete these targets sooner than later.
Final Note: The USDollar is rolling over, getting weaker by the day and could add fuel to the CryptoUSD pairs. My long-term DXY and major USD pairs show a continued weakness for the greenback. Last week triggered violations across the board with few bullish possibilities in sight.
I will follow up with some AltCoin Harmonics in my next post.
I've read your books but never really employed this methodology.
How do you find its accuracy on cryptocurrencies? I'm pretty sure it will become less effective as more and more people monitor and trade this market though. -Like EW or other mainstream methods-
Cool to see more people using this site, it's a great resource.
Cheers.
ScottCarney
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@IvanLabrie, As far as statistics with harmonic patterns in CryptoFX, I would review my posts over the past 5 months as empirical evidence of HARMONICS in total force and their ability to define the price action in these markets.
IvanLabrie
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@ScottCarney, thanks for the reply. Looks good overall, like I said, I noticed that technical methods seem to work great in 'new' markets like this. Do you think the introduction of CME futures, and increasing popularity will affect the price action and results from trading with your -or my- strategy? I think it probably will become a bit more like 'normal' markets. Best of luck, keep up the great work.
alejandroscotti
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IOTA apparently could be a very valuable technology. The theory goes that quantum computing can hack blockchains and IOTA uses entanglement which can not be hacked with future quantum computing. Is it an accurate statement? I don't know and I don't care, I'm already up 100% on IOTA.
TintAdvice
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Ltc broke 50 sma... why would you get out?
patelcrypto
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Thanks for your valuable analysis !
alejandroscotti
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Madness!!! I’m setting up mining warehouses in Florida if anyone is interested. 2018 and on can be total madness for sure. Knocking down skepticals on a weekly basis :-)
I stuffed my Ledger Nano with all the top coins, not even trading anymore :-)
ScottCarney
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@scottialex, I AGREE - Just accumulate! I've reenterred!
alejandroscotti
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@ScottCarney, I reentered BTCUSD 3 times in 5 days hehehe many false corrections at $8300 but the rocket ship is still going now
Trader6127
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Scott, OmiseGO looks interesting. Its not clear if the crypto market will pay much attention to the CME futures. If it does I'm willing to embrace the contrarian sentiment that it could push valuations even higher. Cheers!
I've read your books but never really employed this methodology.
How do you find its accuracy on cryptocurrencies? I'm pretty sure it will become less effective as more and more people monitor and trade this market though. -Like EW or other mainstream methods-
Cool to see more people using this site, it's a great resource.
Cheers.