I truly hope I am dead wrong, but we might see some fireworks overnight in $BTC.
Let’s assess the hypothesis from different angles.
The monthly and weekly candles are discussed in the weekly/monthly reports. Links below.
Today one of the daily combo of indicators triggered an imminent reversal. Every time it happens I do not believe it and cannot do anything about it. It works 9 of 10 times and the reversals are almost always sizeable. Let’s see how it works on Saturday/Sunday (it has a a forward lag of 1-2 days).
While today’s candle is green and above 8 EMA and supported by some other indicators, the candlestick theory views it as a possible sign of reversal because its body is small compared to the range.
A daily closure below $48380 would signal a beginning of correction.
A daily closure above $51000 would mean that the rally continues, though I am skeptical of this as I type.
Everything between – an indecision
If you would like to continue reading about the detailed EW projections of waves and possible targets and timing, the levels for awareness and some more, please subscribe to our Premium Content.
For only $10 USD, you will also get access to the monthly and weekly analyses, long term forecasts on cryptocurrencies, precious metals, oil, major US indices, DXY and more.
There is no free trial. For $10 USD you can evaluate the service for a month and cancel it any time.
Read more of this content when you subscribe today.
Previous Monthly Analysis:
Follow the blog on Twitter @InvestingAngles or, if you want all posts in your inbox, by email.
As tweets are often buried among the other tweets on the topic and one is looking for regular updates, I recommend that you to sign to the email updates in the blog – every single post will be automatically sent to your inbox.
This is the condensed Track Record of our most recent #crypto calls:
- $BTC – March 24 – call for imminent reversal, target $29000!
This happened when $BTC was $52k and approaching the top, when the experts were calling for $100k and $150k next.
- $ETH – May 16 – call for strong decline, target $1700!
This happened at the beginning of the decline when $ETH ws $3600 and everyone was saying it was a minor blip.
- $BTC, $ETH, $ADA, $LTC – July 21 – call on Bottom
This happened on the day the cryptos formed a strong reversal combo and started rallying.
- $BTC – July 24 – call on the 10 consecutive green days
This happened on the 4th day of the rally once we recognized a special pattern.
- $BTC – Aug 18 – call on Bottom
This happened within minutes after the bottom, at 9:45 pm PST, when $BTC was $44250. It has rallied 10+% after the call.