meamyean

meamyean

In an earlier post I shared the EW count for Bitcoin and foresaw the top on 5 May (my estimation was the 6th of May). After the expected local top, the market went down to the bottom of the range and it seems we are experiencing a pullback. Today's bar shows a higher high and higher low, yet the decline in volume confirms that this is a pullback and the downward...

meamyean Updated 

Shorts on fire with an old top as target.

meamyean

The local top is expected to occur on May 6th.

meamyean

I would never short BTC just because it'll go down till $2k. BTC going down to $2k is just the good news the long-term investor would want to hear.

meamyean

This is the new outlook. Watchout the actions at the edges.

meamyean

Well, yeah, Bitcoin or crypto in general will arguably be the best performing assets in your portfolio if you compare your capital as of today with your capital as of 4 years from now. This is so regardless of wheter Bitcoin will replace gold or it is a Ponzi scam. Yet even the most faithful believers should keep in mind that there still is a possibility of...

meamyean

Just as we see a buy in Fiber (check the linked idea), we see a sell in this one. So these two positions should be treated as one, and be given half-priority, i.e., if your standard risk is 2.5% per trade, the two positions should each be of 1.25%.

meamyean

Already seeking an entry point, this seems to be the perfect time. BUY! See the linked idea for the analysis in daily.

meamyean

The last bearish leg consists of an uninterrupted thrust, and although the market is headed to hit the next support at around 108, short positions are to be taken after a correction drives the prices up to the previous support and prospective resistance. Since I don't take positions against the weekly trend, I'll wait until the bullish action ends.

meamyean

The blue area has been the most significant axis of power in weekly, and now it seems the price has been pushed down by it, which indicates further selling. It would be reasonable to seek bearish opportunities in lower time frames until the next support is hit, shown in the chart.

meamyean

The "significant support" I mentioned in the analysis of the weekly chart shows itself here not as a line but as a zone. There have been several spikes through it. The first one was on October 1st, which reversed back to the highs of the range. The second one was on December 8th, and the bullish reaction was only able to carry the price up to the middle of the...

meamyean

The larger bullish trend is still in force. Although we have a double top candidate, the price settled down within a range, going sideways since roughly 6 months ago. Now, we are near the lower boundary of the range, the fact that the underlying trend is bullish does in no way indicate that a breakout to the down side will not occur. On the other hand, it is...

meamyean

The market has set a new low within the current trend by breaking the consolidation area to the downside on March 23rd. More selling is expected, so a sell signal is to be actively sought in the decision time frame.

meamyean

A wide reversal formation occured throughout 2015, and drove the price back to the support level around 100. The price action beginning from 2017 indicates the decidedness of the market to test the 100 support again, so the bottom of the range is targeted. Thus, selling opportunities are to be sought in lower time frames.

meamyean

Higher highs and higher lows in place. The bar on March 1st was a great buy signal but it's a thing of the past now. Keeping in mind that the potential reversal zone (blue area) is close, we'll look at buying opportunities in our decision time frame, which is 4h.

meamyean

The price action which broke the 2015-7 range has settled an uptrend, so we'll look at buying opportunities in lower time frames. However, a resistance is expected within the blue area. Thus, the singals in that area should be treated with caution.