My last few charts failed to pinpoint the exact Bitcoin top. Their were several potential tops at $680, $715, $750-760 to consider from. In the end Bitcoin formed the exact ascending triangle(s) we had seen in the $465 - $360 range. This pattern is not new for Bitcoin, as a matter of fact, the same ascending triangle pattern formed prior to the Megabull of 2012 after reaching a top at $14 as seen in this chart:
Back to the current setup if you choose to take it: Bitcoin hit $750 roughly on November 2nd on all exchanges forming another ascending triangle, and it started consolidating for 36 days in a wide range of $765 - $650.
The expected break out date and start of the Megabull rally is: December 7-8 2016
From there we will be able to continue our journey way higher as we head to the "moon". If we manage to hit $1100 Bitcoin could get higher due to increased media coverage and more interest / hype that will bring new money in to the market.
Conservative targets are: $1,150, $2,800 Medium targets: $4,200, $8,800 per Bitcoin Extremely high volatile targets: $10,000 - 15,000
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Bitcoin update:
Still in a long boring 36 days consolidation in $760 - 660 range till breakout on December 8 roughly. However, the range can be tighter during this accumulation phase as the volatility is low. Hence no daily/weekly updates are needed until we are on the verge of a breakout.
Reminder: Any break below $600 nullifies this setup as bearish repercussions will be expected instead.
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It has been a while since I updated. It now worth to give an update as less than few days are left before we break out and start the megabull based on the previous fractals!
If you checked earlier my twitter, you would have seen my tweet on the 1D BB band squeezing tight currently which means the market is ready to make the bigmegabull move. All higher timeframes as well have signaled by squeezing tight in the past few weeks (6H 12H) as well.
Time at Node on the 1D timeframe signals the start of a new 21 day cycle which should be a bullish (megabull) cycle as long as we remain above the 1D mid band bollinger band at 5250cny or 443$. Any weakness below this level means that will see more consolidation instead of a bull cycle so please be careful and ALWAYS set alarms especially with leveraged long positions!
Updated chart below as you see, we have one more day at the low levels of 5250cny or $543 before we start mooning :)
Will issue an update once we break out. Happy trading!
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The Megabull has officially started! It is safe to add more to your Bitcoin stash and take a small leverage long with target the moon and stop loss under 5250cny.
The fractal is spot on this last part (see chart below). We have less than 24hours on the next 1D candle to start mooning.
We spent extra time at 5250cny but it was needed consolidation. 12H BB are ready and squeezing the big leg to $830 and to an ATH is imminent at this point! 1D 1W 1M Timeframes are all bullish.
New chart will be published tonight - be on the look out! If you like my work and benefiting you big time, think about donating to show your support when you can even if it is $1 :)
Price predictions sounds too good to be true....and then it usually is :(
Young_Satoshi
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Let's wait and see? :-)
rhb_3000
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timeframes getting close to a breakout soon
BitcoinGuru
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@rhb_3000, Hi correct! and were emulating the last part of the old fractal see the update in my comment section up there 2 days left before it starts hopefully!
rhb_3000
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@BuyBitcoin.WS, it dropped some just now which was needed to moon right?
BitcoinGuru
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@rhb_3000, yes very normal, see the chart i posted this drop was expected been a while in my books to retest the Midband of the 1D Bollinger Bands at 5250cny or 543$.
This is a good and last area to open a leverage long before we moon of course with a tight stop