Bitcoin-BitStamp - Short Term Bearish Cycle to Resume
Since my last 2 charts we have continued progressing in the bearish cycle and do not fee that we have yet reached the low. Check both of those charts linked below for larger picture.
I must admit that expected triangle which was the least bearish appear to have failed as I explained in the Youtube video ( youtube.com/watch?v=Nnpdt2YABY8 ) due to the lower support line of the which was very flat and hence not the ideal formation for triangle.
However, despite the unclear wave there are other features which I notice are very clear and could help formulate possible out come though cannot be guaranteed.
I briefly outline these regarding the price pattern or formation:
1. Price formation between vertical lines A - B (Mother) is very similar to C - D (Baby) but is 61.8% of the of the price difference of the Mother.
2. Likewise Price action between B - C id similar in formation to D - E though the size is again reducing. So to keep it in the family I am calling this another Mother and Baby which should culminate around 500 area if the measure move of the last low is 1st leg equal to 2nd leg up as shown in 15 min chart below. If so we could then be in fianl zigzag of this cycle to the downside could commence.
3. Assumption - Finally as there has been lot of very close pattern symmetry, I am assuming that we will have the last zizgzag similar in shape and if not at least in ration similarly. So Last tow zigzags to the downside referred to above in (1) was Mother & Baby hence the to th downside could be infant ie similar but smaller still. Baby travelled 61.8% of the Mother. Therefore, the infant could be 61.8% of the price range of Baby. That puts the low in the proximity of 236.
4. similarly from the Nov 2013 High you will note that we have 1st cycle down (W) show in Green line which projects from (X) Jan 2014 High and that measured move give us the target of 212.
However, if this low is achieved we should see very profitable move to the upside but would warn that it will not the the new impulsive cycle to the upside. which is shown in outline on the chart but will go into detail in future update.
Hope this helps many of you who have been asking latest update and other who have an interest in this instrument.
I must admit that expected triangle which was the least bearish appear to have failed as I explained in the Youtube video ( youtube.com/watch?v=Nnpdt2YABY8 ) due to the lower support line of the which was very flat and hence not the ideal formation for triangle.
However, despite the unclear wave there are other features which I notice are very clear and could help formulate possible out come though cannot be guaranteed.
I briefly outline these regarding the price pattern or formation:
1. Price formation between vertical lines A - B (Mother) is very similar to C - D (Baby) but is 61.8% of the of the price difference of the Mother.
2. Likewise Price action between B - C id similar in formation to D - E though the size is again reducing. So to keep it in the family I am calling this another Mother and Baby which should culminate around 500 area if the measure move of the last low is 1st leg equal to 2nd leg up as shown in 15 min chart below. If so we could then be in fianl zigzag of this cycle to the downside could commence.
3. Assumption - Finally as there has been lot of very close pattern symmetry, I am assuming that we will have the last zizgzag similar in shape and if not at least in ration similarly. So Last tow zigzags to the downside referred to above in (1) was Mother & Baby hence the to th downside could be infant ie similar but smaller still. Baby travelled 61.8% of the Mother. Therefore, the infant could be 61.8% of the price range of Baby. That puts the low in the proximity of 236.
4. similarly from the Nov 2013 High you will note that we have 1st cycle down (W) show in Green line which projects from (X) Jan 2014 High and that measured move give us the target of 212.
However, if this low is achieved we should see very profitable move to the upside but would warn that it will not the the new impulsive cycle to the upside. which is shown in outline on the chart but will go into detail in future update.
Hope this helps many of you who have been asking latest update and other who have an interest in this instrument.
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