TroyByrne

TroyByrne Updated 

Watch closely over the next 6+hours for confirmation of yet antoher bear flag forming on the 1hr chart on BTC, if this proves to be true it will further enforce my earlier claim if BTC falling to sub 7k levels, we are currently in a pull back, which would be wave 3, still part of the C the larger time frame abc corrective wave, I suggested will complete under 7k....

TroyByrne Updated 

We have broken down out of the bear pennant and have rejected as it stands the inverted H&S, the 4 hr chart showed a nice H&S forming and looks to of followed to plan. If we follow the 2nd impulse wave on our way towards the end of the abc correction it should stop a nudge under /over 9k before a pull back and then on with the 5th wave to the 7k zone. Good luck,...

TroyByrne Updated 

I won't ever say I'm an expert in Elliot Wave but this is my take. We are still in an abc correction and the second impulse wave heading down to the completion of the abc correction wave. Which should bring us down to around 7k before it completes. Now I know plenty of experts are saying otherwise and I respect that, we all see things differently, don't trade...

TroyByrne Updated 

Well possibly anyway. Dependant on wether or not another head and shoulders is realised on the hourly chart, it is looking fairly likely but we will have to wait and see. The left shoulder is usually formed at the end of an extensive move during which volume is noticeably high. Once the high of the left shoulder is formed, there is a subsequent reaction and...

TroyByrne Updated 

We have BTC trading in a fairly defined channel currently but aslo if we look on the 1 hr chart, we can see a flag building, more importantly, it can be defined as an ascending wedge pattern, it will likely break down, towards the bottom of the channel at around 10200 - 10300 before find support there. This is the most likely scenario but its a game of...

TroyByrne Updated 

I have included most of the information in the chart this time. This is a game of probabilities, this is why we bet on common patterns and breakouts. Alt coins are more difficult as we are tied to the movements of BTC, XRP though seems to follow just as much as the rest, at the behest of many who seem to think it is or will soon be unchained from BTC, with more...

TroyByrne Updated 

I am seeing plenty of comments and ideas calling for $9500 being the bottom of this correction, which may well be true but strewth I am not even looking at pulling my shorts or placing any longs until I see some more bullish signs, MACD is dead flat, the Aaroon indicator shows the downtrend is showing no sign of decay, I like to use as one of my strategies a set...

TroyByrne

Okay Death throws may be a little dramatic, we have a large bear flag/pennant forming on the daily chart but more important is the smaller flag that is well formed on the hourly, if this breaks down it will test the major trend line support at the bottom of the channel at around $728 from there we could see the daily flag break and free fall down to around...

TroyByrne

Head and Shoulders has formed on the 1hr chart n BTCUSD Bitfinex exchange, if we measure the high of the head to the low and then place that length straight down, we will end up with a drop to around $9200. If the bulls can't sop this slide soon we may be looking at an even lower estimate by tomorrow. ( Currently 8:30p, Australian EST or UTC +10) As always...

TroyByrne

Patterns we find, do they mean anything or are we just trying to confirm our bias, this sure as hell looks like a repeating pattern, seen a few fractal charts going around twitter today and decided to take a look for myself, history repeats, or does it? Generally, if everyone sees the pattern and runs there trades and adjust to it, it becomes a self-fulfilling...

TroyByrne Updated 

We just travelled down the entire length of the previous bear flag's pole length and are now building into a bear pennant, if it breaks down we will see a further drop again to under 9k. As always watch for the confirmation of a breakout by looking for a closing candle outside the pennant and see an increase in volume, an indicator like Aaroon can help decide if...

TroyByrne Updated 

Wishful thinking? Perhaps.... Watch for confirmation of breakout, while everyone is still calling bearish, im going out on a limb.

TroyByrne

As title explains the Bear Flag is now complete, where to now remain to be seen, should see a bounce but panic has set in and it will be a wait to see, I would not be in the market much longer if one was shorting and wait for confirmation before entering a long.

TroyByrne

With a massive bull flag on the daily about to be tested or being tested while sitting at the top of the channel of a bear flag on the hourly chart, will we see another massive push to $27500 or will the bear flag break out first and see a drop to under $6000. I am more bullish and tend to believe we are more likely to see a slow steady push up. Remember this is a...

TroyByrne Updated 

Huge bear flag forming on the hourly chart, keep watch for another big drop. Remember though, they don't always continue trend.

TroyByrne

Bitcoin has broken out of the ascending Triangle on it's way to the $11000 psychological resistance, the MACD is also about to cross back over, we should see some sideways movement while we try and break through $11000, there is some really big shorts at $11000 in the order book (bitmex). I would wait for a break past this resistance before looking to buy in if...

TroyByrne

So far my predictions have been spot on, I called on the previous chart that we would push to $10200 and was nearly spot on, we are currently in a pullback before a push along the lower trendline towards the upper trendline and into the corner of the triangle. If volume is good we should break through past the upper trend line to the next fib of 0.618 at $10600....

TroyByrne Updated 

BTC BRoke out of the trend line last night, at first it looked like a failed breakout as the volume was fairly low. I went to bed to wake up this morning to see the Volume increased in a huge way and we zoomed to $9400. Taking a look at the chart now, we see the 200ma is pushing, we are above the ema in a huge way which is a bullish sign. Above the green ichimoku...