johnrfraser

johnrfraser

Notes on the chart. Another failure at Line 1 has slowed progress into an upward breakout...but it will give way eventually...will be interesting to see how the horizontal lines (dark and light blue, 37 & 32) offer support as we reach them...

johnrfraser

As per my notes, I'm experimenting with a Gann and secondary pivot approach to indicator analysis and making some observations. Let me know what you think. Cheers, John

johnrfraser

The book I'm reading says, 'the market will teach you if you let it'. So I am experimenting with finding secondary pivots for angular analysis and seeing where it takes me and what I can learn. The chart shows my observations and ideas thus far. As I write Bitstamp is 630.9 and Finex 628.8 so I'm confident of a breakout to the upside of this pennant...and the MFi...

johnrfraser

If we hit the 660-665 level in the next few days this should trip the PSAR into the start of a new up-cycle, potentially lasting some weeks. I'm not a big 'Bubble' fanatic, but this would by chance coincide with what some predict as a new bubble cycle. next week will mark the 3rd week since crossing the holy long term support...an incoming uptrend can surely only...

johnrfraser

MFI is ready for a bounce off of apparent support. This looks good as it corresponds to a higher price level than the previous bounce off of this ~21 MFI region...which I gather carries bullish indications. What's more, this would be the highest price level ever held by that level of MFI. I know the corresponding RSI figure looks far less bearish so lots more room...

johnrfraser

There's none coming in at this level...so where does it come in?

johnrfraser

Yet another failure on this overhead line. Another uncertain 24hrs (or indeed, just a dip below 610) and the PSAR flips, kicking off a downtrend. MFI nosediving(and RSI...4xForecaster asking me what I'm using has made me question myself so I'm looking at RSI too). 1000s of BTC worth of people NOT trading...where are they going to buy in? I definitely don't fancy...

johnrfraser

Constance Brown talks about these all the time in her books...I don't see them very often in Bitcoin (I gather they are more common in indices and bonds) so when I see a 'Gap' in the Bitcoin chart and especially, at such a critical point for Bitcoin, I think it must be significant as they apparently signify a strong market sentiment. It carries with it failures...

johnrfraser

Tiny volumes tell me everyone is standing by the sidelines waiting to see what's going to happen. Sort of like a mass of snow clinging to a giant mountain...waiting to find out if the layer beneath is sound or if its going give way.

johnrfraser

If this is the case, do we still trust the strength of the long term support line? Would we not come off a double top with some momentum? If we bounce off the line and back up, we then face another bounce off of 660...Triple Top :-/

johnrfraser

CRI and MFI turning up off of some respected lines. STC turning in albeit at a curious 'mid' level 638 tested, retested and tested some more...maybe it holds long enough for another up cycle?

johnrfraser

Any thoughts anyone? Has someone stirred it up? Action incoming?

johnrfraser

touch of long term support following an initial bull rally, then a run of small green bars...preceeding a crazy bubble

johnrfraser

I'm probably tempting fate but I'm going to take a stance and from the possibilities I've been watching for, I'm going to choose Pennant. MFI potentially turning up off of the November rebound level. Price has been steadily rising over the last few days...higher lows but on the margin, slightly higher highs, with a trial breakout this morning...hinting a bias to...

johnrfraser

The weekend has shown some positive gesturing away from the 640s and towards the 660s. The weekend is always a conundrum I find. Significant things happen but under this deceptive low volume. So are we trying to break up away from the potential downward motion or is this over optimistic bots at work? Your thoughts please :-) Thanks a lot

johnrfraser

If so, is this not a potential trend continuation? We find out later today. Tonight UK tome and this afternoon in the US. I'm hoping for another afternoon pump as per yesterday, to break out upwards.

johnrfraser

This would be the first time I've seen one of these in action...is it an evening star?

johnrfraser

Do we start the day at the bottom and have a clear run overhead to gather enthusiasm and break 600? Or do we breach the channel and bail??