BTCUSDT, BNBUSDT | We're back on the Lime Mountain trail!

roti (27)in #crypto • 6 years ago

Good morning everyone, here's a fresh update for you on BTCUSDT and BNBUSDT. To start off, here's a link to the previous forecast:

https://steemit.com/cryptocurrency/@roti/bnb-usdt-roadmap-update-or-sure-is-quiet-out-there

And here is the link to Tradingview where you can see the original publication of this current update:

https://www.tradingview.com/chart/BTCUSDT/8eyeT1Yy-BTCUSDT-BNBUSDT-We-re-back-on-the-Lime-Mountain-trail/

So let's dive in...

BTC-USDT As you can see above, we definitely broke down from the bottom of the support areas and fell pretty fast. My stops would have ben hit and I'd be in cash, looking for a bottom-fishing play of an oversold bounce.

To the same effect, you can see that BNB-USDT followed suit, we're not in the 11s range, looking for a place to take an oversold bounce position but only bottom-fishing with a tight stop below the nearest fractal/inside bar (They often go together).

It looks like my timing was a little off, but we are back on Lime Mountain. Or at least, we're forming the valley I mentioned before. I do not believe it's certain that these levels marked in red will be hit, this is only the bottom of my forecast, and the base of a strong support level holding up the change of trend on larger time frames. We've set a higher low on the daily and 4h timeframe, that's a good sign. I do think the market sentiment is changing and almost all of the weak hands are out of the market.

You can see below that searches for "cryptocurrency" is nearly back to where it was before the enormous run-up last year. It's the same for multiple related keywords like "blockchain", "bitcoin", "Ethereum", and "crypto" (searches for "Binance" and "Tron" are breaking out, by the way). There's loads of news out there that companies accepting Bitcoin and etc. are seeing declining numbers of payments in those assets (though you are invited to challenge that statistic).

I'm possibly going to make a video to explain what's going on in this photo (below), but essentially this may be an Elliott Wave pattern preparing for the ABC correction phase. A measure of the Fibbonacci retracement of these parabolic moves show us we can expect the current price to retrace possibly to below the 23.6% zone, with an extension potentially to the 4 count of the impulse wave. That zone is just above 9.4674 and is confluent with the 61.8% retracement zone. I've made a dotted blue line to show that we're forming a complete neckline of a head and shoulders pattern that would support a move to at least the tip of the extension of the C count of the current correctional wave. I drew a Fibonacci retracement from the head of the pattern and found a lot of confluence levels with the shoulders' retracement zones, and interestingly the tail end of the extension I just mentioned touches the 23.6% zone. That's where the price has snapped back for the shoulders, so it may be where we're headed for the breakdown of the whole pattern before going higher. This is a lot of forecasting, each hour gives us more information! I'll keep you updated.