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Nixcoin

Bitcoin (BTCUSD): Ready, Aim, FireIn the previous idea we identified a bearish chart pattern that is called Ending diagonal triangle (Elliott Wave Theory). It required a move above 8270 to be completed, and so we suggested the target of 8440 (nearest fib cluster). The price did make a new high @8354 but couldn't go higher. Currently, I suggest 8170 as an entry point to go short (conditional order). Main target is below 7500, while stops should be placed above 8440. This makes for a nice 2.4R trade.
BITSTAMP:BTCUSDShort
by Nickonomics
8
Bitcoin (BTCUSD): Crossroads TrianglePreviously, we initiated a short position @8170 based on a Ending Diagonal pattern: It may still be viable, but I ought to inform you that the overnight price action has clearly triangular nature. That means, that the break of 8300 will most likely lead to 8440 and higher prices.This would be the BULLISH TRIANGLE scenario presented on the right chart. If we do manage to break below 8160, the sell-off will finally begin. This is the BEARISH TRIANGLE scenario presented on the left chart. Personally, I don't mind taking a minor stop-loss or reversing position just above 8300. This is fine under my position-management rules.
BITSTAMP:BTCUSD
by Nickonomics
6
Bitcoin (BTCUSD) Price Trend UpdatePreviously, I called for a pullback within the rising trend with some 6%+ profit potential. The trade was a winner: The question, whether a cyclical top was formed @6180 is still on the table. To my mind, we need to see the price break beyond this minor pitchfork to confirm a larger correction is under way. That is, the break of $5420 (roughly) signals more selling towards $4960. This may be another 8% deal. There is still possibility for another all-time high under extended 3rd wave scenario.
BITSTAMP:BTCUSD
by Nickonomics
4
Bitcoin (BTCUSD): Pullback Is Under WayIn my previous idea I suggested buying BTC under simple trend following strategy. This approach proved successful: This time we are looking for a pullback, or possibly, a cyclical top. This task is very difficult taking into account the strenght of this trend and all the hype in crypto community. Still, there are 5 waves in place and the price reached the top of Andrews' pitchfork. Under these circumstances we can expect, at least, a minor pullback below $5500. All keys levels are drawn on chart.
BITSTAMP:BTCUSDShort
by Nickonomics
3
Bitcoin (BTCUSD): The Party's Not Over YetIn my previous post I expected the price to make a new all-time high soon as there was a clear 5-wave impulse developing with 4th wave being a Triangle. Unfortunately, the Triangle was never formed, but instead it transformed into a Flat correction (A-B-C) with Triangle in wave B. This formation is very similiar to the previous higher degree correction. Just look at this chart, it's almost a fractal (except for the last leg -- three waves Y vs five waves C): So, the safest wave to trade this would be to open longs on brake of this Pitchfork (currently $2720) with target above all-time highs. A brake below $2400 will negate this scenario.
BITSTAMP:BTCUSDLong
by Nickonomics
2