BTC - End of correction?
Triangle formation around a 5 wave corrective pattern, potential for rapid growth on breakout that could bring McAfee's $15000 by July prediction to fruition - IF triangle support holds.
Fibonacci time zone with 0 on peak and 1 on (C) results in a prediction of (iii), the current time zone indicates potential location of (v), suggesting
that this is the bottom and the end of the correction.
A breakout from this triangle would be very bullish, but may only indicate a B wave to the 0.618 or 0.786 fib levels, rather than the start of another 5 wave set.
Fibonacci time zone with 0 on peak and 1 on (C) results in a prediction of (iii), the current time zone indicates potential location of (v), suggesting
that this is the bottom and the end of the correction.
A breakout from this triangle would be very bullish, but may only indicate a B wave to the 0.618 or 0.786 fib levels, rather than the start of another 5 wave set.
Note
RSI support on the daily:Note
(very) short term head and shoulders?Note
Potential impulse wave set formation:1-2: Resistance under top of wedge
3-4: Resistance around $12,000 under 0.382 fib
5: Peak at Gann intersection and 0.786 fib resistance at around $16,000
Note
VERY Bullish set up on the 21 minute chart:Note
Here is a 4 screen comparison of some "market indicator" alts. I have highlighted some common points between them that indicate to me that BTC is about to breakout and go bananas.(A) indicates a potential turn around for BCH and XRP, where 7 SMA could find resistance under the 235 SMA, which is a very bearish sign. We have 5 hours before this is confirmed or denied.
(B) indicates an overbought RSI on BCH and XRP, suggesting that price should pullback.
(C) is showing RSI resistance under 70 for ETH and OMG. Another bearish sign.
To me this suggests that the recent alt run has been a "relief" bounce, where the downward pressure is released and the price could rebound towards equilibrium.
However, I think that there is about to be a month of massive moves in crypto. New money coming in and strong bull runs. When this happens, the funds are usually directed to BTC first, then distributed to the alts.
For this reason I am expecting a big wave in BTC, which will pull the tide in for the rest of the market. alts shouldn't lose much against USD in this growth, but they may not do well against BTC. For this reason, the biggest bang for your buck is likely to be in BTCUSD.
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