How is our friend Bitcoin doing?

24 thg 7, 2018

Today I performed TA in a bigger picture with Bitfinex daily chart. It currently touched the major resistance region. The fact that Bitcoin is getting higher highs every day, it seems like a positive signal. However, many indicators and theories (including Elliott) are implicating that correction might come soon. Moreover, the targets from the inverse head and shoulder at 5k~6k region, have been reached which means that many traders who have entered position from below with the pattern perspective, might be taking profits around these region. Therefore I still recommend conservative trading strategy. Maybe conservative traders can enter when Bitcoin breaks above yellow trendline and retests it.
More detailed explanations are in the chart above.

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24 thg 7, 2018

Ghi chú

Sorry my yellow mid-term trendline was not drawn correctly.
Here is the chart that is correctly drawn.

24 thg 7, 2018

Ghi chú

24 thg 7, 2018

Ghi chú

Here is my Elliott wave counts and my mid-term targets for Bitfinex chart.

25 thg 7, 2018

Ghi chú

Here is my short-term analysis for Bitcoin for Bitmex.

25 thg 7, 2018

Ghi chú

Here is my detailed wave count for xbtusd 3min chart.