This is from yesterday’s analysis for the members: ” Today’s candle is a Spinning Top. Together with the Friday’s candle they form a rather strong topping combo. Most likely there will be another high and possibly a large green candle tomorrow, followed by a red candle on Monday.”
Today we had a large green candle that closed just a little above BB. So far, everything as planned. Let’s discuss the candles and Elliott Waves.
As expected yesterday, BTC formed a strong green candle. It was so strong that it went over the BB and put 1/2/4hr frames into the overbought condition. While the lower frames overbought, the daily indicators continued to diverge with the new high BTC made. This does not look healthy. I think we should know the direction in a matter of days.
It looks like BTC started a pullback as I type, but its depth remains to be seen. It could be shallow or could change the trend.
The possible candles and closures are discussed in the forecast section below.
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Previous Monthly and Weekly Analyses:
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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.