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October Bitcoin Price: Tribute to the WOLF OF POLONIEXChart is crazy and normies will be brainwashed by groupthink that this will not happen . They will say there is no way that is gonna happen no way. Mike Novogratz assured me bitcoin would never be below 5800 ever again as he birthed the "there are no more sellers" as he also told you that on the cnbc. I imagine this post will get banned as we get closer to this actually happening so I would urge you to save it and repost this chart so we can save as many normies as we can and they can buy somewhere closer to the 88 percent fib retracement which is like 3800ish. But this will not happen as I get called a wacko on meth in my tent in the woods. The ta: Basically draw the downtrend line from the past 2 bull traps( 8500 7400) and draw the bear flag on btc. Btc should be finding support on the 22 ema daily as we speak. Draw the fib lines from the low of 6150 to the top of 7400 of the previous . The top two fib lines below 7400 are like 6900 and 7100. We move from the 22 ema daily to the 6900 fib target back down to the 22 ema daily then spring up to the 7100 fib target break down to break the 22ema support forming and then down to form a lower wedge at a lower low and then pop up rekting shorts to have enough ammo for the higher high fakeout. My Trade : Long 6500ish to 6850 flip short at 6900 short to 6550 and then relong to 7k and then flip short to 6. Adjust targets accordingly. Will long 5900ish to 7.1k and then stay out of the market. Remember when Novogratz said 40k btc by next december 2018 and we topped at 20k in December 2017 so normies can fill his shorts again. Well he will once again mention something like "well I told you 40k btc by Dec 2018" is possible once we get a shocking bull run in November as the market makers pump it re refuel interest in crypto with the big money ( those truly in charge) opening up their big exchanges such as bakkt and goldman sachs who now owns poloniex. I can imagine there will be an onslaught of bullish news as novogratz always said "the herd will storm in " when regulations are passed. I also believe bittrex and poloniex and all American exchanges have already lobbied against binance and tether . Tether will prove to be legit but goldman sachs got angry and made their own stable coin( partnered with bitmain) in attempt to overtake tether's market share. That was the reason for the attack on tether which was ultimately an attack to take market share away from bitfinex. Tether proving to actually be legit and biffinexxed being a shill paid by goldmansachs/bitmain to trash tether will change the market sentiment from bear to bull very quick in a months time. There will be binance fud as they right now dont require kyc for smaller accounts and this will be a ploy in attempt for bittrex and polobiex and coinbase to gain back market share due to binances explosion in 2017 . When the little guy makes as much money as deutsche bank bank but drastically less operating costs yeah the big boys will be mad and well coordinate their counter attack. Sminem here to tell you that I hacked bogdanoffs plan and we will counter attack in November. Boganoff defeated me and in exile I have now gathered the necessary strength to counter. This post will get banned so repost and spread the message. Rekt Dude from 2018 bear market
by wolfofpoloniex2
6
GOOGL: 1300+ is comingBased on the price behavior of GOOGL since April I think we are in the final stages of a 5 wave impulsive structure to the upside. I think we are probably in a 5th wave that will send GOOGL to the 1320s and potentially even the 1350s. The former is based on the notion that wave 5 will be equal to wave 1 in magnitude; the latter on the notion that there is a 70% chance wave 5 will terminate between the 61.8% - 100% Fibonacci levels derived from the wave structure. These targets will have to be re-calibrated if the recent low of 1204 is broken which would indicate wave 4 is still in progress as of now- this is not my notion in the chart. Thanks for reading
NASDAQ:GOOGLLong
by TNasr
BTCUSD Perspective And Levels: 10K Will Be Psychological?BTCUSD update: 9771 all time high reached and then retrace. Went higher than my 9600 target by 171 points (which is small relative to BTC) and is now showing some signs of minor selling. Will this market really correct this time? Or is it going straight to 10K? If there is going to be a corrective move of more significance, the low of the just closed candle will have to be taken out which is 9231. IF that happens, the first support I will be watching is the 9040 area which is the .382 support measured from the 7870 low. If that first support is taken out, the next level is the 8450 area which is the old resistance, and now a potential support upon any retest. Also the .382 of this entire swing measured from the 5400 low is now the 8100 area. The area between these two levels is where price consolidated before making these dramatic new highs. The combination of these factors would make this area ideal for a bullish reversal and second attempt to retest the high. Keep in mind IF the 9231 low is not taken out, then this market is not correcting yet. It will likely drift higher. The 10K level will be a psychological resistance and major event for this market. So be prepared. As far as new targets go, I measured the 1.0 extension from the 5400 low, and it shows 10,687 as the result. IF the market makes it to this level without any retrace, then it will be completing a zig zag formation that has some symmetry. Without getting too complicated, IF the market rejects the level quickly, this market could be on its way to forming the head of a very large head and shoulder formation. That would be a clear sign that a major retracement is coming. At the moment, this is all just a potential scenario based on the likeness of the current structure. Just something to be cognizant of IF the market chooses this scenario. When I first started trading, I worked in an office with 300 traders. When the market got quiet around lunch time, many of them would pull out chess boards and play chess. I thought it was just to avoid trading slow markets, but there was another reason they chose chess. It helped sharpen their skills of anticipation and flexibility. The same mindset that we need to actively trade financial markets. I am not a chess player BUT it serves as a great example as far as how to structure your thought process when facing trading decisions. In chess, you are running through all the possible moves (scenarios) that your opponent can make, and you ADJUST as the game progresses and anticipate new possibilities as you receive new information (an unexpected move by your opponent). Of course in chess you are trying to outsmart your opponent, in trading there is no outsmarting, only adjusting. The market will always have the upper hand. In order to navigate financial markets consistently you must have a well defined strategy and it begins with a thought process. Start by thinking chess. In summary, there are still no signs of weakness in this market. If selling is going to happen, the first signal will be the break of large time frame lows like 9231. Otherwise, the strength must be recognized and the possibility of reaching 10k is within reason. If you can't resist getting on board, at least be prepared if the music stops sooner than expected. These are unusual and rare conditions, which are great, but do not let the market fool you into thinking it is always going to be like this. That is when it sets you up to give it all back. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
20
BTCUSD Perspective And Levels: Still In Reversal Zone.BTCUSD update: Gyration leads to all time highs once again. As this market is pushing higher, it is still within the reversal zone. The swift pullback from 8315 to 7760 in a matter of hours is a reminder of how thin the market is at these levels and how high the risk of retrace is. I will explain. Thin markets are markets that move. Thin refers to the lack of volume that often gets in the way and makes a market sluggish. Thin markets can be good when they are in your favor, but not so good when you need to get out. The 550 point gyration shows how fast things can change in this market.This type of noise can fake out many traders both long and short, that is why it is so important to have a agile mindset and be prepared for anything. Whatever the reason behind that move was, the market shrugged it off and now making new highs, but it is not out of the clear. The chances of a bearish reversal are high in this zone. Which means if you are long, take the profit while you can, and if you are looking to get short, it is in a convenient spot but the structure just isn't there yet. In my previous report I wrote about waiting for a bearish reversal structure like a double top or lower high on a larger time frame. At the moment, even though this market is on a new high, it is in the convenient position to present a reversal. The trigger is the break of the 8050 low. Why 8050? It is the low of an inside bar on this time frame. The low of the current candle (8187 once it is closed) will also serve as a short trigger. In order for these levels to be valid, price needs to decline off the current high, quickly and paint an upper wick. If none of this bearish price action that I am describing occurs, then it is NOT a short, especially if the 8500 level is taken out. What I just described is an example of what a short looks like on a day trade time frame. As you can see, this market can move hundreds of points within a couple of hours and then reverse again. That is why I strongly emphasize day trading strategies if you have the skill and plan. The most important part of this is having expectations that are in line with your strategy. If you think you are going to open a day trade short and make 1k points, your expectations are out of line and that will most likely lead to a tendency to hold when you should not be. This is why I always stress not to mix strategies, especially if you are newer. It leads to taking risks that are unjustified for the smaller time frame trades. Also during times like this, the news feeds, blogs and other outlets will be capitalizing on this event to gain attention and drive traffic to their sites. They will say all kinds of outrageous things like "10K Just Around the Corner!!!", you must not be seduced by this. Whether you follow the news or not, everything you need to know about where the market is likely to go is on your chart. It is a matter of recognizing patterns, understanding proportions and interpreting candles.You are better off consuming how to analyze, than consuming well executed marketing strategies. In summary, the basic formation of a trend is currently in place. You have a series of higher lows and and higher highs, which makes it reasonable to expect higher prices until a clear change takes place (like a reversal). In terms of proportion and structure, this market is in a position to change, or fail, but it has not shown its hand, YET. Keep in mind, a normal retrace can take this market back to the mid 7100s (.382 of current bullish structure) and as a swing trader, THAT is the level that I am most interested in buying into (if the criteria of my plan lines up there). The market is not forcing you to take risk, and you do not always have to be in a position to be in a "trade". When the risk is unattractive on both sides of the market, you can always stay out. Like they say, "Flat is a position" and I am staying flat. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
41
BTCUSD Perspective And Levels: Runaway Train?BTCUSD update: New all time highs as I write this, right into the 8250 target area. The next level to watch for is 8500 which is the top boundary of the reversal zone. Yesterday I updated my previous BTC report, pointing out that price was in the process of breaking out of the bull flag formation and on its way to 8k. This price action is very clear and very strong. If you are long from lower prices, this target area is a good place to lock in some profit. Keep in mind when I write that, I DO NOT mean sell your whole position. Taking some profit at highs is a good habit because it reduces risk and you are selling while you can, and NOT when you have to. Give some of it to the buyers while they are buying. Remember, the higher it goes, the risk of retrace increases that is why you do not want to buy highs, you want to sell them. This does NOT mean this market is a short either. After the .618 resistance area was cleared without any bearish structure in sight, I have been warning about shorts. There is no structure on the larger time frames or breaks of any minor support levels. Even though the risk of retrace is high that is not enough to justify a short. There are market conditions where the risk is unattractive for both longs and shorts and this market is in that situation now. If you want to participate in this action, the only way to keep risk within reason is to day trade. I write this over and over. The bearish structure will appear on a 15 minute chart, and a reasonable stop is 30 to 50 points on such a short time horizon. So is your profit target. If you risk 30 points and you are up 50 points in a matter of an hour, you take the profit, not try to hold it for a home run. That is why I also repeat, IF you do not have a solid day trading plan and you do not know how to define stops and targets on small time frames, then do not trade this market at all. It is too fast and requires an agile mindset. What is the reversal zone? I have been referring to this as the "fakeout zone" in previous reports. It is an extension that is measured from a range high or low. In this case, a measurement from the 5400 low puts the reversal zone boundary at 8500. On top of that, price has reached the 8250 target area which is a 1.618 extension projected from the 6300 low. Add to that, the bullish structure that has lead to this high is a clear impulse wave with 5 distinct legs. Together all this means price is in a convenient area to present a bearish reversal pattern or structure. This is why I say take profits, but do not short until the larger time frame structure is present (a double top, lower high, pin bar). Another thing to consider, shorting the high in an attempt to get in at the top is the same as buying a market when it is making new lows in an attempt to catch the bottom. It is a losing proposition because the one time that you are right does not cover the losses for the other 5 times you were wrong. If this market is going to retrace, it will begin with the initial wave, followed by the failed high or lower high. The retest and failure is the best time to short, so as long as the market keeps pushing highs, shorts should not be taken on larger time frames. In summary, this market is making all time highs which is not that surprising considering the recent bullish structure. While the world will be celebrating this event, keep in mind price is within the reversal zone (below 8500) and is a very risky buy or sell at the moment. Since I do not short these markets, my only choice is to buy, and the level I am most interested is the 7180 area (.382 of bullish structure). A bullish reversal on a smaller time frame is likely to offer attractive reward/risk for a swing trade at that level while the market likely aims to retest the high once more. Overall, do not worry about missing out on longs or shorts, the opportunities will materialize, just wait, recognize and repeat. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
82
New Yearly High?BP has broken out of a flag pattern.However, is going negative in the coppock curve. Also, the total revenue has been the same for a while now. Im going to be relying on volatility. If its short it will be only short-termly i believe and if it is Long then short-term increase followed by pull-back then increase until Q4. Also, the moving average is providing support. I put my Long on the next fibonacci level.I have put the Long and short take profit at 1% but I think the price change will be much bigger so if it is - I will extend take profit.
NYSE:BP
by BlackbearTrader
ETHUSD Perspective And Levels: New Highs And New Supports.ETHUSD Update: New highs provide for a clearer wave count, new levels to watch for and further strength but there is also an increased risk. Finally a decisive breakout to a the 368 high and almost reaching my previously written about 374 target. Higher highs obviously signal strength and that support levels are more likely to hold on any subsequent retracements, Many traders have asked me about buying back into this market at lower levels, but I could not justify the risk and I still can't. For those of you who could, nice trade so far. This breakout generates new structure to consider going forward. In terms of new support levels, 316 (.618 of current bullish move), 336 (.382 of current bullish move) and 349 (inversion) are the new levels I will be watching for a retrace to eventually when this market pulls back. The next resistance is the 374 level followed by 392. Which are structural resistances that date back to the market highs put in on 6/12 and 6/18 of this year. 392 is also worth noting because it is a 1.618 extension that is relative to Wave 1 of this current 5 wave structure that we are in. Extensions tend to be levels where waves complete. On that note, the current breakout allows for new labeling of the recent price action structure. Subdegree Wave 3 now has 5 subwaves and is nearing completion. Can it extend to reach the 392 resistance? Sure. The problem is when I see 5 wave structures, there is an increased chance for a market correction. I have been very cautious as this market was inching higher, and the higher it goes without any retracement, the more cautious and conservative I get when it comes to taking any new positions. In terms of retrace, IF the market pulls back to 350 or 336, I will consider a position depending on the price action at the time. Right now, this is generally a slow up market and there is really no sign of immediate weakness. The reason why I call this market risky is because I do not buy highs, especially after being able to count a 5 wave structure. I also won't buy at any random price just because I "feel" like is going higher. That is impulsive behavior that I rid myself of years ago. The market is a harsh teacher. In summary, the upside break out is certainly a bullish sign and implies further strength. It also generates an updated wave count and support structures that provide levels to consider in the near future. At the moment, I cannot justify the risks involved with buying at these prices and prefer to stick to my plan which is to adjust my levels to watch for and wait. If the market continues to the 374 and 392 resistance levels without me, I am fine with that. Remember it is all about the risk you are willing to take and my trading plan is structured to direct me to buy lows, not highs. You don't have to follow my plan, you need to have one of your own and I hope my analysis helps you within that context. Comments and questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
33
BTCUSD Perspective And Levels: More To This Retrace?BTCUSD Update: New all time highs, which should not be a surprise. The question is: Is the current retrace a minor one? Or does it have room to test lower supports? Elliott Wave provides some interesting perspective to help answer these questions. First I want to mention ETH for a moment. I was debating whether I should write up another ETH report, or BTC, or even ETHBTC which one trader suggested (I took a look at it). I chose BTCUSD not because it is wowing the media and the markets, but because I want to point out there is a relative strength relationship compared to ETH. If this was inverse as some suggest (investors selling BTC and buying ETH with their profits) then ETH should be testing resistance, not supports while BTC retraces. I have been writing about ETH weakness concerns while BTC has been pushing highs for days now. Let's talk about BTC which is the leader, and the base currency of this market in my opinion. 4190 is the new all time high, which I am sure is being spread everywhere by the mainstream and non main stream media like wild fire (I haven't looked at any articles yet, but I can only imagine). I'm sure they will be predicting BTC 5k is just around the corner! Please do not get sucked into this hype. Observing this market from the Elliott Wave perspective, we have been in a subdegree Wave 3 of a broader 5. Within this subdegree 3, 5 minor waves can be counted which signals completion. To add to the argument, I measured the subdegree Wave 1 to the bottom of 2 with the extension tool, (it is not on the chart for simplicity sake) and there is a 1.618 extension around the 4112 area. This is very significant because this is a common Wave 3 completion point relative to the degree being measured. According to the same measurement, the next completion point is around 5164. A push up to the high 4000s or the low 5000s would be a proportional target for a large degree Wave 5 to complete.I would not get overly excited until the next corrective wave is in place and that is what I want to highlight in this evaluation. To answer the question: Is this pullback minor? Or is there more too it. Based on the wave count, this is most likely the beginning of a Wave 4 of 5 that can retest levels as low as 3500 before going higher. To help confirm this scenario, the 3820 support (.382 of current bull swing) must be taken out followed by other bearish structure like a failed high. If 3820 is not broken, then Wave 3 of 5 is still unfolding and this market is more likely to retest the high. In summary, this market is clearly strong and has all the structure to reasonably expect higher prices. That can change quickly and there are levels in place that would signal a broader retracement is in play. I am keeping a close eye on 3820 because a break below opens the door to the possibility of retesting the 3530 support area which would be a very attractive buy price in terms of structure. And I can use this information to help time my entry into other markets like ETH. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
13
EUR/AUD LONG BIAS! OANDA:EURAUD FX_IDC:EURAUD FX:EURAUD FOREXCOM:EURAUD A lot of traders are shorting this pair because it finally made it's way to the previous downtrend line , however my opinion is that the Friday bearish candle in conjunction with the downtrend line is merely a bear trap . What we are likely to see on Monday is that the market drift slightly lower to suck in more sellers , and then push north and run all the sellers stop loss orders at 1.4970 , then proceed to make new highs. Personally I am looking for a temporary price target of 1.5000 , and then for the pair to eventually challenge 1.5200. If you're keen to check on the retail traders position on this pair , head to Oanda's website. www.oanda.com As of now 70% of retail traders are shorting this pair , and you should know by now that most retail traders are dead wrong. It might take a while for the bullishness of this pair to play out , but I am pretty sure on the long term uptrend bias. Good luck trading! Let me know if you have another idea. :)
Long
by patricklty92
ETHUSD Perspective And Levels: 241 Resistance Break, BTC Highs.ETHUSD Update: 241 resistance has been taken out as BTC breaks out to new highs on rising volume. Very bullish signs which confirm further strength in this market while previous support levels are now adjusted higher. This market has been maintaining its bullish structure all along so this higher high should not come as a surprise. As I mentioned in previous reports, the low volume was holding it back. Now that BTC has made a decisive move to new all time highs, this market is now pushing through an important resistance at 241 (.382 of recent bearish swing). What does this mean? It means price is poised to enter the 250 to 280 resistance zone and low 300s. One observation that is not consistent with the strength is the lack of momentum. With BTC pushing new all time highs, I would think this market would be pushing the 280 level at least, so there is certainly less enthusiasm. (Maybe i'ts all the supply being dumped from the ICO scams). Whatever it is, price should have a little more push under it and the push is not there. This market is still strong, push or no push, and I am still interested in buying for a swing trade. I do not buy highs so once again I am waiting for a retrace and buy setup at the adjusted support levels which are the 230 to 220 area (inverted resistance) and 218. As long as price stays above 218, this market should trend higher. A break below, and a possible retest of the 202 to 192 (.618 of recent upswing) is in order. For me to get long, I need to see a retrace back to one of these areas followed by a reversal pattern. A double bottom on a 1 hour or 30 min chart, or a hammer on a 4 hour are some examples. If the retrace never materializes, then I will simply wait for a new level to present itself. Strong markets always offer minor retracements, it is just a matter of waiting for one. If I manage to get long within the 230 to 220 area, my stop will be around 210 and my first target in the mid 260s. In summary, the push of 241 resistance signals further strength. Remember in a strong market, supports tend to hold while resistances break. Also as price pushes higher, support levels adjust upward as the new structure establishes itself. I am looking for a retracement followed by the appearance of my buy setup to get long. Keep an eye on the BTC market because that is the leader of the pack. Comments and questions welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
30