BITCOIN – Short-Term Update, Bias, & Key Statement for 3-22-2018
…Key Statement:
The move up off the recent March 18 low of 7325.37 low is stalling considerably at the noted 9090.80 resistance level. In order for the most optimistic/bullish outcome to prevail, BTC must stay within the general uptrend channel defined, and continue advancing impulsively albeit at a slower pace.
| Short-Term | Bias | Target | Sup-1 | Sup-2 | Res-1 | Res-2 |
|---|---|---|---|---|---|---|
| Hourly Chart | Bullish | 10,450 | 8,366 | 8,088 | 9,090 | 9,188 |
| Medium-Term | Bias | Sup-1 | Sup-2 | Res-1 | Res-2 |
|---|---|---|---|---|---|
| Daily Chart | Bearish | 7325.37 | 5920.72 | 9,188.10 | 11,688 |
| Long-Term | Position Bias | Date | Price |
|---|---|---|---|
| Weekly Chart | Short | 3-12-2018 | 9535.04 |
| SECULAR | Bias | Low 2018 | Target 2018 |
|---|---|---|---|
| Monthly Chart | Bullish | 5,920 | 12,235 min / 37,419 max |
…You Can’t Miss with Swiss-Chris!
Otherwise known as @famunger, Chris puts together a daily recap of all the top technical analysts across STEEMIT, and beyond. He does so in order to provide the community at large with the best possible forecasting guidance relative to the price of BITCOIN, and by default, the balance of the crypto-world at large.
In checking out @famunger’s daily recap, you simply can’t miss! His collective assessments of all the select analysts are akin to getting the very best snapshot of what the near and long-term future is likely to hold for those with a vested interest in BITCOIN and the multitude of coins, tokens, and alternative currencies that BITCOIN clearly paves the way for.
…BTC Update
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…Video Update
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I trust that the preceding analysis was generally objective, explicitly actionable and informative, and of relative and meaningful value for all those who perceive such analysis as a backstop to their individual ends.
Until next time,
Peace, Love, and Justice for All
In closing, I’d like to impart the following shout-outs to all of my fellow analysts here on the STEEMIT platform and beyond:
They are in no particular order:
To Tone Vays for his incredible energy in producing a wide variety of valuable content along with his proprietary version of Tom DeMark’s sequential indicator.
To @ew-and-patterns for inspiring me to get back into TA, and for his level of professionalism and balance in sharing his views with the community.
To @lordoftruth for his always awesome graphics and his undeniable commitment to report on his latest sentiments with regard to the price of BTC.
To @philakonesteemit for his honesty and in-depth look at market structure via order-books, short-term trading dynamics, EWT, and the like.
To @haejin, despite the seemingly never-ending flag-wars associated with his account, he nonetheless imparts a measured assessment of BTC market dynamics relative to EWT theory that is worthy of consideration – in spite of anything else that might be going on with regard to the ongoing controversy surrounding “reward pool” dynamics.
DISCLAIMER: This post and all of the analysis contained herein serves general information purposes only. I am not a registered financial adviser. The material in this post does not constitute any trading or investment advice whatsoever. The trend-following strategies explained herein are for example only, and should not be construed as trading or investment advice in any way. The same thing goes for anyone subscribing to the Long-Term Trend Monitor. The subscription simply shares with subscribers what several automated trend-following systems are doing, and that’s all. The bullish and bearish alerts provided therein are for information purposes only, and they are not to be construed as advice to buy or sell. At the time of this writing, the author does not hold any positions in BITCOIN or any other crypto-currency. Please conduct your own due diligence, and seek counsel from an accredited financial advisor before making any trading or investment decisions. Should you decide to mirror or copy any investment or trading examples from this or any other related source, the decision to do so is entirely your own - as are the inherent risks involved in doing so. I am not responsible for any of your losses. By reading this post, you acknowledge and accept to never hold me accountable for any financial losses. Thank you.
Interesting to read your view. Lets see if the channel holds.
I second your shoutout - that highlights the efforts of those individuals very well.
Fingers crossed... :-) Thanks, Chris!
Feedback on this?
In my opinion the count is incorrect as wave A and D overlap, which is against the Elliott waves rules. But maybe it is better to hear the opinion of someone with much more experience than me in this. Cheers!
The lettered "corrective" waves may indeed "overlap," in fact, that is the very attribute that makes them corrective. It is only the numbered "impulsive" waves that have strict rules with regard to overlap.
Well, obviously I still have a lot to learn about Elliott Waves. Thank you for correcting me.
We learn something new every day - that why they call us "humble students!" You are quite welcome my friend, thank you!
My daily chart has a very similar count showing the possibility that five corrective waves down at minor degree may have already completed in marking the larger intermediate wave (4) down. In your assessment here, @leventuzun, I'd be inclined to move your (D) wave to the right by one pivot high fostering three corrective waves up to (D), and then as the rest of your analysis alludes, three waves down to (E). The question then lends itself; to what larger terminal is your (E) wave inferring? Hope that helps...
Thank you very much for the corrective information
Thank you again for the honest, unbiased and professionally made analysis, @passion-ground!
A few traders mentioned they saw a death cross and believe bitcoin will plunge further before the end of March. Have you noticed it as well, and if so, do you think that the death cross would be applicable to bitcoin as it behaves in a very different way compared to stocks, for example? It will be great if you have some time to share your opinion on this matter! Cheers!
@famunger asked the same question a couple of days ago. I answered as follows: Yes, the "death-cross" means something only because so many people pay attention to it, however, given that very fact, such widely broadcast "crosses" can often be head-fakes for the masses who follow them. That's how I've found such well-advertised signals to react in the legacy markets, however, it may be different with BTC... We'll just have to wait and see...
I've always preferred coming up with my own custom "cross-pairs" kind of like I did with my long-term weekly chart for BTC. After endless tinkering with various settings, I look back at the entire data series to see how my "custom cross pair" held up throughout various market cycles. If it shows at least a 60% win rate with greater than a 2:1 or 3:1 win/loss ratio, I know I'm onto something.
Tweaking the crosses in this fashion is a lot more work, and putting in the time to do so typically far outperforms the conventional crosses when comparing efficacies. Hope that helped some... Thanks again for the comment and question.
Thank you for your reply and elaborating more on your opinion about the death cross- it helps a lot!
It might sound like a blasphemy, but sometimes I wonder whether the same thing does not apply to TA in general - does it work mainly because there are enough people who believe the price will follow some direction? Kind of a ''self-fulfilling prophecy''..Right, or not, I do think TA helps when trying to predict the price. Thanks again!
To a much smaller extent, yes - I suppose, however, how many people are aware "Elliott Wave" or Tom DeMarks sequential indicator? Not many I suspect. Therefore, unless it's something widely publicized by the mainstream - all the nuances of various TA practices stand on their own merit and capability of those who can properly read the said tea leaves and adjust accordingly.