Prior to this idea we looked at the potential for a trend reversal above 5700 in 2018. I drew an 8 month accumulation zone starting at the important 5700 support (point just before parabolic 2017 bull run). 8 months was drawn for accumulation because this was the length of accumulation during the trend reversal of 2015.
This idea was invalid as soon as 5700 broke, and I've been short on the macro since then. But now we are looking at the potential for ~3200 being a bottom. So for fun, I am drawing another 8 month accumulation (vertical green lines) with important historic price lines indicated.
If 3200 is broken, I am still looking at 3000 as a potential new bottom. But If 3000 phsychological is broken, My target is 2800 for trend reversal. If 2800 does not hold, 1800 is the next target for trend reversal.
This idea was invalid as soon as 5700 broke, and I've been short on the macro since then. But now we are looking at the potential for ~3200 being a bottom. So for fun, I am drawing another 8 month accumulation (vertical green lines) with important historic price lines indicated.
If 3200 is broken, I am still looking at 3000 as a potential new bottom. But If 3000 phsychological is broken, My target is 2800 for trend reversal. If 2800 does not hold, 1800 is the next target for trend reversal.
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So far it is following the green trend line. I wont be short until the support below the trend line is broken.
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It rode along the resistance at 3650 for a little while, but failed to break it which cause a bit of a dump. I have some shorts in, but now we need to see if it breaks below the trend line I've drawn, which would make a test of the 3020 support probable.
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By the way, if we see a bounce off 3400, this would indicate that the trend line might be holding, in which case i will take a small high risk long.
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We did see a bounce off the 3400, but it feels catty so I'm staying out of any long positions for now.
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Sorry for any confusion. The above updates were using coinbase chart, as i use that instead of bitfinex to look at fibs /\
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We have broken through important resistance and are testing a very important level at about 6300, if we go above 6500 it is very bullish in my opinion.
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Playing BCH and ETH longs as we go parabolic. This wave is looking hyper
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We called this bottom perfectly folks and have been in nothing but green seas. Enjoy the ride but watch for a pullback, potentiall before 10k. If we don't pullback before 10k, Im expecting a break of all time highs before 2020, maybe even during the summer.
