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Author Topic: Critical Levels - EW analysis  (Read 354089 times)
Natalia_AnatolioPAMM
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July 31, 2015, 08:26:59 AM
 #1821

Thanks for the charts above. Really useful.
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July 31, 2015, 08:29:19 AM
 #1822

What do you think of the current upwards trend? I bought when it went over $295 since it broke the level of 15-17th. But it went down now and i wonder if it will turn into a small crash. Though on the month chart it seems its still good in an uptrend. So am i right that the price might go down to 283$ and then goes up again? I think there is a strong resistance line at that price.

Any thoughts?

What is your evidence for support at 283?  Sure, on a micro scale it seems to have bounced for now, but I don't see it in the longer term charts.

See http://bitcoincharts.com/charts/bitfinexUSD#rg30zigHourlyztgSzm1g10zm2g25zv

I learned that resistance and support are found when you check the last trading. A restistance and support is the same, it only depends on where the current price is how it is named then. And these lines are recognized by the price having to push with might through it. Going up and down through it with large candles. Of course the price drops back on these lines too.

So when i look at the chart i see around 283 USD that on 10th, 16th and 24th the line was broken. And it happened with huge force, big candles. On top the line leat to bouncing of the price. That happened on 13th, 18th and a slightly on 21th.

Im not a pro trader but thats how i would read it. Please correct me when im wrong.

Normally i learned resistance lines are in fact more of a resistance area. But this area is pretty thin so that one might speak of a line too.

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July 31, 2015, 08:35:10 AM
 #1823

What do you think of the current upwards trend? I bought when it went over $295 since it broke the level of 15-17th. But it went down now and i wonder if it will turn into a small crash. Though on the month chart it seems its still good in an uptrend. So am i right that the price might go down to 283$ and then goes up again? I think there is a strong resistance line at that price.

Any thoughts?

What is your evidence for support at 283?  Sure, on a micro scale it seems to have bounced for now, but I don't see it in the longer term charts.

See http://bitcoincharts.com/charts/bitfinexUSD#rg30zigHourlyztgSzm1g10zm2g25zv

I learned that resistance and support are found when you check the last trading. A restistance and support is the same, it only depends on where the current price is how it is named then. And these lines are recognized by the price having to push with might through it. Going up and down through it with large candles. Of course the price drops back on these lines too.

So when i look at the chart i see around 283 USD that on 10th, 16th and 24th the line was broken. And it happened with huge force, big candles. On top the line leat to bouncing of the price. That happened on 13th, 18th and a slightly on 21th.

Im not a pro trader but thats how i would read it. Please correct me when im wrong.

Normally i learned resistance lines are in fact more of a resistance area. But this area is pretty thin so that one might speak of a line too.

I guess that's fair.  We'll see what happens.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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July 31, 2015, 09:49:55 AM
 #1824

What do you think of the current upwards trend? I bought when it went over $295 since it broke the level of 15-17th. But it went down now and i wonder if it will turn into a small crash. Though on the month chart it seems its still good in an uptrend. So am i right that the price might go down to 283$ and then goes up again? I think there is a strong resistance line at that price.

Any thoughts?

What is your evidence for support at 283?  Sure, on a micro scale it seems to have bounced for now, but I don't see it in the longer term charts.

See http://bitcoincharts.com/charts/bitfinexUSD#rg30zigHourlyztgSzm1g10zm2g25zv

I learned that resistance and support are found when you check the last trading. A restistance and support is the same, it only depends on where the current price is how it is named then. And these lines are recognized by the price having to push with might through it. Going up and down through it with large candles. Of course the price drops back on these lines too.

So when i look at the chart i see around 283 USD that on 10th, 16th and 24th the line was broken. And it happened with huge force, big candles. On top the line leat to bouncing of the price. That happened on 13th, 18th and a slightly on 21th.

Im not a pro trader but thats how i would read it. Please correct me when im wrong.

Normally i learned resistance lines are in fact more of a resistance area. But this area is pretty thin so that one might speak of a line too.

I guess that's fair.  We'll see what happens.

I hope im right. At the end a resistance can be broken with enough force, so a bit candle. I wonder what will happen. I mean if i would have a couple thousand btc i might try to short them and break through the resistance by force. Then sell my shorts, that have a high leverage of course. Im not sure if that works since i never had the chance to test it. Tongue Though it might be that someone other does these things.

By the way... what do you guys think about the WhaleClub. They have a blog here but mostly they speak about teamspeak i think.

https://www.whaleclub.co/

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August 01, 2015, 05:29:03 PM
 #1825

Looking forward to an update! I really enjoy reading your view.
Thanks btw.
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August 02, 2015, 12:11:29 AM
 #1826

Great charts chessnut.  Does this look like a reasonable count for a triangle correction?  Also, is there any way the 315 peak could be counted as a i?  Thanks!



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August 02, 2015, 06:22:18 PM
 #1827

Great charts chessnut.  Does this look like a reasonable count for a triangle correction?  Also, is there any way the 315 peak could be counted as a i?  Thanks!

[img]http://i.imgur.com/kItniiv.png[img]



Looks like you are on to something.



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August 02, 2015, 07:07:24 PM
 #1828

Great charts chessnut.  Does this look like a reasonable count for a triangle correction?  Also, is there any way the 315 peak could be counted as a i?  Thanks!





That seems like a very strong support line on the bottom. It's difficult for the bears to push it down past the mid-low 270's. Maybe some bouncing around but overall we are still moving up.

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August 03, 2015, 07:55:58 AM
 #1829

Yeah, I am tracking the potential of a triangle. Too early to say with conviction although you guys seem to be onto it  Wink

Morecoin Freeman
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August 03, 2015, 08:39:19 AM
 #1830

Great charts chessnut.  Does this look like a reasonable count for a triangle correction?  Also, is there any way the 315 peak could be counted as a i?  Thanks!

[img]http://i.imgur.com/kItniiv.png[img]



Looks like you are on to something.

+1 I like your chart too.

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August 03, 2015, 12:09:46 PM
 #1831

i've been watching this since the huge red candle. Bitcoin has an extraordinary number of triangle formations.




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August 03, 2015, 01:10:38 PM
 #1832

I will be interested to see your next solid prediction chessnut, if it's anything like Afrikoin's in tge post directly above mine then I'll be a very happy man indeed.

Anxious to see something from yourself soon though chessnut, I've really begun to trust your word over the last 6 months or so due to your results.

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August 03, 2015, 05:08:02 PM
 #1833

we need some more buy volume to go through again.

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August 03, 2015, 07:35:07 PM
 #1834

we need some more buy volume to go through again.

[IMG height=500]http://i59.tinypic.com/1267hno.png[img]

if this is indeed a wave 4, then volume will resume after market hits a suitable target. Volume naturally falls with price in correction mode.

My bearish case is I'm also looking out for a failed week 5th wave, maybe - wave 3 went up fast.



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Afrikoin
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August 05, 2015, 06:38:16 PM
 #1835

Long term trend line since inception of bitcoin. Interesting acting as upper resistance, especially with where we're at now (in price terms).



Then this.






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Phillis
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August 07, 2015, 10:12:48 AM
 #1836

we hit that 61.8 fib, so hopefully this triangle plays out as Wave 4.

Edit: Wave 4, not 5, my mistake Smiley
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August 07, 2015, 12:53:17 PM
 #1837

we hit that 61.8 fib, so hopefully this triangle plays out as Wave 5 4.

ftfy

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August 08, 2015, 12:09:07 AM
 #1838

Kind of disappointing how BFX and stamp munted the triangle form bottoming under wave c but with good form in china there is no reason why wave iv cant bottom here in the west with the existing form. Call it a double combo but it doesnt really matter.


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August 08, 2015, 12:26:03 AM
 #1839

Kind of disappointing how BFX and stamp munted the triangle form bottoming under wave c but with good form in china there is no reason why wave iv cant bottom here in the west with the existing form. Call it a double combo but it doesnt really matter.



Thanks for the update chessnut.

If we passed the $300 ceiling, what are the chances that we will say to the $200's level bye bye ?

Thank you.

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August 08, 2015, 12:58:13 AM
 #1840

Kind of disappointing how BFX and stamp munted the triangle form bottoming under wave c but with good form in china there is no reason why wave iv cant bottom here in the west with the existing form. Call it a double combo but it doesnt really matter.



Nice, looking good there as always chessnut!  It's been refreshing to see your bullish charts lately!

And like Fakhoury said above, if we break $300 do you think we'll stay out of the $200's for the long term?

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