Bitcoin rallied to the time@mode targets based on the methodology I have presented here at TradingView. You can do the analysis yourself by following the guidelines.
The analysis on the left hand side of the chart is untouched from the last chart I published (see link below for original chart).
The current rally completed an 11-day rally out of the 11-day mode that was created at the 243 level. The range around the mode was 258 to 234, which when you add the 24 point range to the 243 level provided an upside target of 267 which the market reached in 4 days. The action since then is also bullish and the mode is rising and there are many bullish signs within the price action that are long term bullish. The buyers are aggressive and they are clearing out the sellers.
I look forward to pointing out the next trade as it sets up.
tim do u think that the mode (244-250) area will be revisited as part of a retracement to reset the indicators before the bull market continues? or their is no way of predicting this for our next move.
currently this period qualifies as consolidation at 270 area, do we count 7 days or so before next move or it can take as many days as it needs? Thanks
timwest
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Hello EliX, There are a few possibilities from here.
1. 244-252 gets retested (that purple breakout, range expansion bar that kicked off the 11-day rally.
2. That this is a giant 1-2, 1-2 running a-b-c correction, going into 3 of 3, but it has to take off to the upside today since after today this wave 2 would be longer in time that the last, larger degree wave 2 labeled . Sorry to use EW analysis, but figured you might know about it. Wave 2 of smaller degree CAN'T be larger in time and price than wave 2 of larger degree. This could mean a rally of 36-38 from 264 or a move to 300 in VERY SHORT ORDER. You could see that if today's range expands to the upside. Just add yesterday's range to the close and if it crosses that level, jump on board with a 1 range stop.
3. The market could build a mode here for the next 6-9 days to set up the next rally so that the mode > 11 days up here.
IvanLabrie
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Very interesting move, seems like you were spot on again Tim. (Scenario #2)
timwest
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Thanks Ivan. You nailed this thing from the start.
BitcoinGuru
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thanks Tim for your help. My chart from the beginning accounted for most of the scenarios.
timwest
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If you watched this closely, the range expansion happened right after this post (same day) and the market jumped immediately up over 300.
BitcoinGuru
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indeed and we had just discussed the different possible scenarios! will see what happens now at 305. Feels we that put a triple top at 305-314 range but not decisive. I am expecting a retrace soon and consolidation then a decision time for BTC!
timwest
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I added a little bit more info on this chart. The "Single day support" and a "2-4 trendline"
currently this period qualifies as consolidation at 270 area, do we count 7 days or so before next move or it can take as many days as it needs? Thanks