BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Seildev here,

With our current hype and stimulation with endless possibilities with bitcoins ,
here is a really simple view of a 3 wave driving pattern with measurements replicated with A,B,C,D legs giving us a nice forecast bewteen 6480 ~ 6634.

Needless to say, this is what retailers would like to see and hear. However we need to take a snapshot of what happened in August 15th and 17th of a double top ,
leading to a ATH on 1st of September which we've seen a slide from almost 5000 to 3000 in a matter of 15 days.

I believe that history may repeat itself just as we saw a triple top high at 13th, 15th and 17th of October, leading to an ATH at 22nd of October. If the prices do not surpass 6200
in the next 7 days, we may see Bitcoins tumble down to major support zone at 4210 which also will trigger all the fib traders (61.8%). Some may also argue that A,B,C,D,E,F legs can form a head and shoulders pattern.
RSI Divergence is heading south if not broken. As always, no fundamental analysis has been taken into consideration.

Again, IF 6200 zone is broken then my analysis of shorting Bitcoins will become invalid. Let's always keep an open mind.

Always trade with a plan, and safe trading.

Seildev
Comment: As predicted, we had our 2 likely scenarios. Our Target 1 area has been hit. Now we can look for a short side trade finding a deeper correction to $4359.

Our profit should be:
T1 at 6333
T2 at 6099
T3 at 4359

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out