BTC - Potential Price Prediction/Education using Ichimoku = $94K
Updated
Let’s have a look at the BTC 1d chart using the Ichimoku Cloud system with the 20,60,120,30 settings.
Note that BTC is still in the Bullish Zone of the Ichimoku Cloud System.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways at the moment.
Note that the Conversion Line (Tenkan Sen) is still above the Base Line (Kijun Sen) on this 1d timeframe.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating that momentum at the moment is upwards. It’s important to note that the Lagging Span (Chikou Span) is still safely ABOVE the price from 30 Period ago.
Note that BTC is still above its Conversion Line (Tenkan Sen) on this 1d timeframe. A daily close back ABOVE this level will be crucial for continued upwards momentum.
Note that the Ichimoku Cloud Leading Span A (Senkou Span A) and Leading Span B (Senkou Span B) are both moving sideways.
Using the Ichimoku Wave Analysis we could possibly be witnessing an N WAVE (A,B,C,D) on this 1d timeframe. Using the Ichimoku Price Analysis, there are 4 calculations that can be used for POTENTIAL price targets, those are V, E, N and NT. For this chart I’m using E Calculation. If C is the bottom, we can take the pips or range from A to B, add that to B & that give us our target D, which is a price range target of around $94,000 give or take.
Note that we need a successful break ABOVE the B neckline of the E pattern! This is absolutely crucial for this E Calculation predication to become true. If BTC cannot break above the B Neckline, then this predication will turn out to be false.
This Calculation is called E because as you can see, it’s in the shape of an E ;-).
A few other notes:
At the momentum of typing this, BTC is above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
BTC is back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 9 daily candle that i have selected. A daily candle CLOSE back ABOVE this level is crucial.
Note that Volume has increased and both yesterday and today’s Volume Bars are back ABOVE its 20 Period Moving Average.
I have added a Schiff Pitchfork Pattern (1,2,3), as you can clearly see, BTC found strong support from its Schiff Pitchfork Median Line. At the moment of typing this, BTC is back above its Upper Yellow Support Line and found some resistance from its Upper Green Resistance Line.
For many of you, this will be the first time that you've seen the Ichimoku Wave and Price analysis so i hope you enjoyed it, the Ichimoku Kinko Hyo or Ichimoku Cloud is a complete trading system, it is so much more than just the Cloud Indicator, it has its own Timespan, Wave and Price Theory which i will plan to go more in-depth on in a later post if people are interested.
I decided to do something different tonight and introduce a tiny bit of Ichimoku Kinko Hyo Wave and Price Theory so I hope this quick chart is helpful with your trading and hodl-ing.
Note that BTC is still in the Bullish Zone of the Ichimoku Cloud System.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways at the moment.
Note that the Conversion Line (Tenkan Sen) is still above the Base Line (Kijun Sen) on this 1d timeframe.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating that momentum at the moment is upwards. It’s important to note that the Lagging Span (Chikou Span) is still safely ABOVE the price from 30 Period ago.
Note that BTC is still above its Conversion Line (Tenkan Sen) on this 1d timeframe. A daily close back ABOVE this level will be crucial for continued upwards momentum.
Note that the Ichimoku Cloud Leading Span A (Senkou Span A) and Leading Span B (Senkou Span B) are both moving sideways.
Using the Ichimoku Wave Analysis we could possibly be witnessing an N WAVE (A,B,C,D) on this 1d timeframe. Using the Ichimoku Price Analysis, there are 4 calculations that can be used for POTENTIAL price targets, those are V, E, N and NT. For this chart I’m using E Calculation. If C is the bottom, we can take the pips or range from A to B, add that to B & that give us our target D, which is a price range target of around $94,000 give or take.
Note that we need a successful break ABOVE the B neckline of the E pattern! This is absolutely crucial for this E Calculation predication to become true. If BTC cannot break above the B Neckline, then this predication will turn out to be false.
This Calculation is called E because as you can see, it’s in the shape of an E ;-).
A few other notes:
At the momentum of typing this, BTC is above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
BTC is back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 9 daily candle that i have selected. A daily candle CLOSE back ABOVE this level is crucial.
Note that Volume has increased and both yesterday and today’s Volume Bars are back ABOVE its 20 Period Moving Average.
I have added a Schiff Pitchfork Pattern (1,2,3), as you can clearly see, BTC found strong support from its Schiff Pitchfork Median Line. At the moment of typing this, BTC is back above its Upper Yellow Support Line and found some resistance from its Upper Green Resistance Line.
For many of you, this will be the first time that you've seen the Ichimoku Wave and Price analysis so i hope you enjoyed it, the Ichimoku Kinko Hyo or Ichimoku Cloud is a complete trading system, it is so much more than just the Cloud Indicator, it has its own Timespan, Wave and Price Theory which i will plan to go more in-depth on in a later post if people are interested.
I decided to do something different tonight and introduce a tiny bit of Ichimoku Kinko Hyo Wave and Price Theory so I hope this quick chart is helpful with your trading and hodl-ing.
Note
How to do the E Calculation B+(B-A): B = $67,000
A = $40,694
So to do the B+(B-A) equation
(B-A) = $67,000 - $40,694 = $26,306
So B+(B-A) = $67,000 + $26,306 = $93,306
Note that i've done the numbers roughly but you get the idea.
I hope this is helpful.
Note
Oops! The word 'predication' should actually be 'prediction' ;-) Damn typo! I'm not preaching anything ;-)Note
Here is a wider view of the BTC 1d chart.Note that BTC is in a massive Ascending Triangle Pattern! The Ascending Triangle top is slightly below where the B Neckline of the E pattern is! An Ascending Triangle Pattern is a potential Bullish Continuation Pattern. I guess you know what happens if we break ABOVE this crucial resistance level.
Note
So far so good heading to the potential 94k price target.
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