Critical Levels - EW analysis

[Miz4r]

Short term view was completely wrong.

Can't be right all the time. Nobody can.

[chessnut]

it's why I dont like posting the short term charts.


We have been denied of a clear valid abc reaction. Its a mess. considering the longer term view that we are heading towards lower 100s, we are at risk that we continue down from this point, although further sideways and highs to around 1550 are still fair game considering the reaction is not technically complete. A break through 1400 is obviously very bearish.

[tabnloz]

If I could photoshop the head of a bear on here..

[LFC_Bitcoin]

Don't think I've ever seen this thread correctly predict price movements regularly.
Drawing lines on graphs & guessing.

DERP.

[razorramon]

Don't think I've ever seen this thread correctly predict price movements regularly.
Drawing lines on graphs & guessing.

DERP.

still better than "BUY, MOON, MAKE ME RICH, I LOST MONEY AND NEED YOU TO GET EVEN AGAIN"

[madmat]

I think Chessnut may have been right. We're heading towards 1550.

Nope. He predicted a pump and we had a dump. Even if we have a pump now, that is not what he predicted.

[dannyspk]

I think Chessnut may have been right. We're heading towards 1550.

Nope. He predicted a pump and we had a dump. Even if we have a pump now, that is not what he predicted.

The date for 50k Bitcoin auction came yesterday so maybe that had to do with the dump. If we reach his target, it means he was right about his count.

[Morecoin Freeman]

A dump happened? Are you guys even serious?!

I remember back in Nov-Dec 2013 the price fluctuated more than $60 dollars from day to day. It never went straight up. I even have my trade history to prove my point. Five dollar movements are not considered dumps lol.

To me it is clear we are going way up from here. I see similarities with previous points in bitcoins history. And no I'm not going to provide charts. I'm not an artist.

[dannyspk]

A dump happened? Are you guys even serious?!

I remember back in November and December 2013 the price fluctuated more than $60 dollars from day to day. It never went straight up. I even have my trade history to prove my point.

To me it is clear we are going way up from here. I see similarities with previous points in bitcoins history. And no I'm not going to provide charts. I'm not an artist.

At $1000, 5% means $50 swings and at $200 levels, 5% is $12-15.. Price fell from $244 to $231 yesterday in a 'day'.. So, technically yes it can be called a dump. Also, if you can't prove we are going up then no one will be taking you seriously.

[chessnut]

We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.

[karol]

Hi could you post any chart? I cant see any triangle at 1530.

[Afrikoin]

Don't think I've ever seen this thread correctly predict price movements regularly.
Drawing lines on graphs & guessing.

DERP.

Its a good thread.

Keep it going Chessnut, glad to see it is backup

[Afrikoin]

We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.

Could you elaborate on this?

A reversal from what? a side trend?

[billyjoeallen]

We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.

Could you elaborate on this?

A reversal from what? a side trend?

It's a reversal from sideways to sideways the other way. We're going back in time 

[Bobsurplus]

We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.

Could you elaborate on this?

A reversal from what? a side trend?

It's a reversal from sideways to sideways the other way. We're going back in time 

BOOM! I'm going back to 2009, wanna come?

No but for real.. A chart to see this triangle TA would be nice.

[Afrikoin]

We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.

Could you elaborate on this?

A reversal from what? a side trend?

It's a reversal from sideways to sideways the other way. We're going back in time 

If by that you mean

"Looks like the bulls are prepping for an assault on the $245 wall" then i see it now.

Otherwise, 

[chessnut]

We have just terminated a bulish triangle at 1530 at okcoin settlement time accross exchanges. This has marked the beginning of large moves in the past. Triangle are terminal moves, they occur at position wave B or IV. whichever kind of triangle this is, it has occurred within a wave C or double zigzag of a reaction. This could easily mark a significant reversal before further downside towards finding a multi year bottom.

Could you elaborate on this?

A reversal from what? a side trend?

As I have illustrated before, I believe we need one more retest of lows before we enter the next bubble. When I say reversal I mean a breakdown from this extended bullish correction we have had for days, and when I say significant, I mean lucrative, because there is a chance we could fall to retest lows from this point one way or another.

[sidhujag]

A great trader will have an edge of about 5% so if you follow willy nilly you wont make money. Most ppl dont know how to trade and jump over ppl for getting it wrong a few times.. 5% is a great edge... Most ppl never make it..

It takes 10000 hrs to come to these realizations either way

[chessnut]

At the moment we are consolidating sideways in what seems to be a larger triangle within wave C. triangles are terminal moves, they occur in wave iv or b position. The last triangle I thought would be the ultimate but it seems to be (iv) of iii within C and this one wave iv. The wave form is not very clear, furthermore reason to believe that this non impulsive behaviour cannot not take us far to the upside.

I mean this to be a warning to shorts rather than a forecast. further highs from this point do not affect the larger count under 1580 or so.

chart updated

[chessnut]

same story. good looking form to me. probably dont have 8hours though...

https://www.tradingview.com/v/1JvVfPQc/

EDIT. the target seems to be around 1600 now that the triangle has further developed. good form.