Bitcoin - the evidence still favors the bulls

8 thg 7, 2016

The pattern has progressed and the market has provided us with more information, so it's time to update expectations. And, although the timeline has shifted, my expectation is still -up- from here.

Note: there's also a case to be made for a bearish count that ultimately points to support at 560 - 550, and we have to continually ask whether or not it looks like we need a deeper green wave 4....I'll talk about this in a separate update if it becomes more of a potential.

11 thg 7, 2016

Ghi chú

Quick update: we're still on track, favoring the bullish case, as first noted here: tradingview.com/chat/m/bd01f5abd4714022879356cbda6dbbdc/ - we're still tracking the blue dotted line so far.

I have also presented an alternate triangle count, which is also valid...and is also bullish, here: tradingview.com/chat/m/0d5a15397ac0458eb71645e2630120b2/

The bearish count that I'm tracking separately is still lower probability, so I continue to look -up-

12 thg 7, 2016

Ghi chú

We've gotten our triangle breakout, and are following the blue line projection quite well. The underlying technicals/internals also are quite bullish. Looking good, right on track for pattern confirmation:

The market will tell us quite a bit about its future intentions when we see where the current red wave 3 (see image linked above) stops, and how deep the pullback from there is. Nothing strongly suggestive of a runaway train yet, but it would not surprise me with the current setup.