BITCOIN –Short-Term Update, Bias, & Key Statement for 5-28-2018
Where is the bottom to this short-term down trend?
…Key Statement:
At present, BTC can’t get out of its own way. So, where is the bottom? I provide such a target in today’s short-term update.
| Short-Term | Bias | Target | Sup-1 | Sup-2 | Res-1 | Res-2 |
|---|---|---|---|---|---|---|
| 4-Hour Chart | Bearish | 6,830 | 7,000 | 6,611 | 7,380 | 7,567 |
| Medium-Term | Bias | Sup-1 | Sup-2 | Res-1 | Res-2 |
|---|---|---|---|---|---|
| Daily Chart | Bearish | 6,427 | 5,920 | 8,120 | 9,173 |
| Long-Term | Position Bias | Date | Price |
|---|---|---|---|
| Weekly Chart | Bearish | 5-14-2018 | 8696.54 |
| SECULAR | Bias | Low 2018 | Target 2018 |
|---|---|---|---|
| Monthly Chart | Bearish | 5,920? | 12,235 min / 37,419 max |
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…BTC Update
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…Video Update
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I trust that the preceding analysis and proof of work herein are 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 holds a small position in BITCOIN and several other crypto-currencies. 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.
Hello, many thanks for the analysis !
I keep trying to invalidate a bearish view that i am seeing on btc on a higher degree of trend, but for me it looks very good from an Elliot waves point of view
Do you think this triangle has higher probability to be bullish or bearish ?
Many thanks!
Thanks for the comment!
The count you present is plausible, however, your E of (B) wave has yet to establish itself - so in that sense - though still plausible, it may be just a tad ahead of itself. Also, your larger degree (B) wave is rather shallow for a retracement relative to that of your initial (A) wave decline.
How the triangle resolves is ultimately contingent upon how the larger degree terminals end up manifesting.
For instance, if your "D" wave turns out to mark a (4) wave base at intermediate degree, then that would elicit a rather bullish resolution. That in fact, is my most bullish prospect at the moment. I am following several bearish alternates as well.
The only and final arbiter of which count or any derivative of such that will end up being correct is the future course of price action as it unfolds. That's why it pays to follow at least 3 most plausible long-term counts, and then monitor the shorter term movements to see they are are all reconciling.
I hope that helps. Nice chart, by the way, @dragosmihai!
yes, i can see better now :)), thanks !
Hey passion-ground. We do a Daily BTC TA Analysts Summary on Steemit that you might find interesting. It gives a good overview of other TA's in minutes. Go check it out.
Thanks for the link... I'll check it out!