Corrupt_Economy

Corrupt_Economy Updated 

Ok, as per my last analysis I have revisited the shakeout scenario and made some amendments based on looking back at a previous fractal from April. I now think we could actually go to around 6885 first, which would take us above the long term downtrend and give an extremely bullish outlook. From here longs would skyrocket so a sudden move down to 6300 would...

Corrupt_Economy Updated 

I think we still have one last shakeout and breakdown through the pink ascending channel down to somewhere in the light blue box. This is a target of 6130-6230 before we fire our rocket and see one huge ass green candle. All this is set to unfold in the next 6 hours as Bitmex Futures expire at 12pm UTC and CME Futures at 3PM UTC.

Corrupt_Economy Updated 

So it looks now like we might have already had our final shakeout which was the drop from 6700-6350. With volatility so low a big move is coming very soon, and I don't think it will be down. Looking at volatility and given futures are about to expire in a matter of hours, we could see a giant green dildo incoming very soon that will take us to a target of 10K. I...

Corrupt_Economy

We are looking very similar to the scenario that played out at the end of the last quarter where Bitcoin dumped hard during the last couple days before bouncing back strongly and just as quickly. Now, I am not saying this scenario will 100% play out or anything; however I am being very mindful of a possible dump occurring within the next 48 hours. This dump could...

Corrupt_Economy Updated 

Repetitive pattern alert.. The recent move mirrors almost identically the fall that occurred on 17th of December. It will be interesting to see if we follow a similar pattern. If we do, then this puts us within a second larger symmetrical triangle. What is even more interesting is that if this scenario plays out then it puts us within yet another even larger...

Corrupt_Economy Updated 

As per my previous analysis' the target of 7150 for the symmetrical triangle still stands at this point. Bull flag forming on declining volume. Expect to see a bounce off of the grey channel support. It is possible we might wick down to the 50 MA or even 100 MA for some stop hunting, so please be mindful of this. If the grey channel holds, then this is likely the...

Corrupt_Economy Updated 

Ok, I will try and make this as least confusing as I can so you can try and make sense of all of the lines on my chart! It all makes sense in my head, so I just hope I can explain what I am looking for right now in the charts. Back on 20th of September we broke out of our symmetrical triangle (shown by the pinky purpley colour). The height of this pattern gives...

Corrupt_Economy Updated 

Ok as per my last analysis, we have had our break to the upside of the symmetrical triangle. Mid term our overall target for the long term descending narrowing wedge (shown by the purple lines) is $11.6K before a decent retrace occurs. Right now though let’s worry about the short term target of $7K. A look at the charts shows us we have the yellow resistance...

Corrupt_Economy Updated 

Ok, so we are now forming a potential symmetrical triangle. Based on the height of the pattern, we could expect a breakout to take us to 7K and just above the long term downtrend resistance line shown in purple. A break to the downside would take us to 5.6K which is where we find support as indicated by the grey line formed by connecting the lows of 06/02 and...

Corrupt_Economy Updated 

So we have ourselves either a bullish ascending triangle with a target of close to 7K, or a symmetrical triangle which can take us to 71XX on a break to the upside; or somewhere between 5700-5880 on a break to the downside. Regardless of which one plays out, I think it is likely we touch the bottom support line at around 6285-6310ish before a decision on direction...

Corrupt_Economy Updated 

I hope you have been following my analysis since August 29th and made some decent money shorting bitcoin. For reference find it here: I thought I might do a shorter term update. Anyway, all is still going as planned. We appear to be forming a descending broadening wedge that will take us down to our target of 6K. From here we should bounce out of the wedge to...

Corrupt_Economy Updated 

As per the short term pink descending broadening wedge; we have a current target of around 7550-7600 where we then meet the resistance line of the longer term descending wedge (shown in purple). I expect us to then retrace from this resistance all the way back down to 5980. From here we will then bounce and break through the purple long term wedge before a...

Corrupt_Economy Updated 

Ok, so here is what I think might play out. The bullish descending broadening wedge in PINK shows us that we should expect a target of around 7550-7600. This also happens to nicely coincide with the long term PURPLE resistance down trend line. Since the initial breakout of the bullish descending broadening wedge we have been trading within the GREEN uptrend...

Corrupt_Economy Updated 

Bullish Falling Wedge. We currently have the heavy resistance of the EMA 50, MA50, EMA100, MA100 directly above. Looking for a double bottom to form in the next 3 weeks. Once we hit our double bottom we should break out of the wedge with a take profit target at the 38.2 Fib (23.36).

Corrupt_Economy Updated 

Descending broadening wedge - Target 7150-7200

Corrupt_Economy

AUD vs USD entering Demand Zone.

Corrupt_Economy

Looking at the four hour chart here and Bitcoin is forming a nice cup and handle pattern. We have hit support within the handle so provided we don't fall further, this looks like it has a chance of playing out. Supporting this view is Stoch RSI and RSI have plenty of room for expansion; with Stoch RSI being oversold and RSI almost oversold. Shorts are in a great...

Corrupt_Economy

So the moves lately (light blue numbers) have been similar to the yellow numbered pattern that occurred recently on a much smaller scale. I will be looking closely to see if we form an inverse head and shoulders on the four hour/hourly chart or if we shoot up to 8600ish without forming a right hand shoulder. If so then a lot of people will be going long hoping...