Critical Levels - EW analysis

[Natalia_AnatolioPAMM]

Thanks for the charts above. Really useful.

[SebastianJu]

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.

[notme]

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.

[SebastianJu]

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. 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/

[slap]

Looking forward to an update! I really enjoy reading your view.
Thanks btw.

[Luthier]

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!

[Afrikoin]

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

Looks like you are on to something.

[coinableS]

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.

[chessnut]

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

[Morecoin Freeman]

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

Looks like you are on to something.

+1 I like your chart too.

[Afrikoin]

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

[LFC_Bitcoin]

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.

[Gyrsur]

we need some more buy volume to go through again.

[Afrikoin]

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.

[Afrikoin]

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.

[Phillis]

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

Edit: Wave 4, not 5, my mistake

[RyNinDaCleM]

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

ftfy

[chessnut]

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.

[Fakhoury]

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.

[coinableS]

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?