Idea is based on a combination of Elliot Wave theory and median line analysis. Please checkout my previous idea to see my stop loss and target. Good luck
Time will tell guys, all trend lines get broken at some point. All I am doing is simply counting the waves. The rise from april looks too choppy to be an impulse wave, so I think it is a correction, however as DanV suggests in his idea, it could be that wave C still has one subdivided wave going up. But after that final upwards push price SHOULD go down. Let us wait and see. Thank you all for the interaction and good luck
MoonTrader
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People keep forgetting about that long term log trendline, which has proven to be very strong support. All TA should take that into account before establishing sentiment either bullish or bearish. As a result of being close to the trendline right now, I have a bullish bias and do not anticipate prices below that line unless I have a really good reason.
Muwa
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You also have to keep the long term in perspective. There is an important multiyear log trend line hoovering around 540. If that breaks, it will be in uncharted support territory.
NQunlocked
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Thanks Muwa, you are right about that support line, did you check if the same support exists for bitfinex? cheers Hamza
Muwa
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Bitfinex is a younger exchange, not sure if its chart history goes back as far. I would not advice doing long term charts on bitfinex, but on bitstamp instead. Bitfinex has a bunch of strange flash crashes due to low liquidity on margin calls. Bitstamp does not do margin trading, hence the cleaner chart.
alface
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No... you didn't pick the early 2013 end of the line correctly, if you'd picked the bottom of the early 2013 line, we've already broken it.
Low_Pro
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Nope. This is in a Long term bull market, not a bear market anymore. Bulls are in control long term.
NQunlocked
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That is a bold statement :). As you can see from my idea I don't share that view. A drop to 540 the 1.68 fib extension of minor wave 1 is in my opinion very realistic. Progression of price action along the way will determine if that is going to be wave 3 or 5. Wave 3 in EW is usually an extended wave (1.68), hence my idea!. Thank you for the input and good luck