Forecast is bearing fruit at all levels, as we are finally arriving at the pan-ultimate resistance level. 630-78 was the lowest value of a significant overhead resistance defined a month ago (see: "Houston, Do You Copy? - tradingview.com/v/2z40pI45/).
At this point, I would expect a significant consolidation interim, although looking back at the recent blazing trail, price has stampeded its way up this hill without much respite, when we called for some shallow retracement. But the bulls grunted and grumbled their way up these greener pastures without looking back at incredulous bears it gored on the way.
I would have to reassess the entire picture and churn through a few data to refine any new forecast. I thank you for your kind referral and friendly, supportive comments from the way up to down, and then up to here.
Note that the arrows are left to suggest a probable price action pathway. This is not a predictive result, but a suggestion that retesting of a then-resistance-now-support level is probable before a continued rally to higher levels. The real obstacle is defined by both 630.78/667.80 range. Any price action above this will warrant new analysis.
Cheers,
David Alcindor Predictive Analysis & Forecasting TradingView Moderator
These geo-lines are worth heeding as we move ahead.
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31 MAY 2014 - TECH-NOTE:
This is the momental channel which price will have to overcome as it continues to rise. The lines suggest that the longer it takes for price to move up, the greater the resistance, which is represented by the top-most dashed line. A significant resistance line in the past will act as significant support ahead of price action - nothing too different from the standard trendline, except that these lines have a geometric origin, affecting price throughout the entire life of its chart, regardless of the timeframe - David Alcindor
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David Alcindor
devlspawn
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I can't believe it topped dead center in the middle of your price range, you are like a prophet. I am having a little difficulty determining the likely direction when looking at your charts. Is the blue line the more likely scenario and the grey the less likely?
Please keep up sharing your knowledge, you are the only one I've seen who has targets that are almost always accurate.
4xForecaster
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Thank you @devlspawn - The target for this aggressive move might fall slightly above the range, something in the order of 676.67 - I will post a new chart next. Thank you for your kind comments - David.
LastBattle
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epic dump happening now... lmao, luckily I had 8k LTC manipulating both sell and buy wall.
Gained 5% on LTC instead, along with the cumulative gain on BTC
4xForecaster
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01 JUN 2014 - Chart/Target Update:
First, happy June!
Second, from Twitter:
"BTCUSD update: Watch for significant reversal potential @ 676.67 - via @TradingView | BTCUSD #bitcoin #litecoin"
At this upcoming level, I expect a significant Fib-paced reversal, still using the prior resistance levels as expected supports. I'm on the road right now, so the analysis will be limited, but I thought this significant overhead resistance had to be posted pronto.
Have a great Sunday.
Cheers,
David Alcindor
LastBattle
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I'm curious.. Given your knowledge, why don't you trade Bitcoin?
A bull market like this is pretty irresistible
4xForecaster
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@LastBattle - Thank you, LastBattle. I use it in Forex, and some in indices and options - David
flibbr
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Keep pushing those targets higher David.
4xForecaster
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LOL. Yes, with your help it might get higher. Alas, I have no bitcoin account. Just ideas - David
4xForecaster
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31 MAY 2014 - Update ... Potential Decline with Probable Targets:
From Twitter:
"BTCUSD Finer granular analysis sees potential #elliottwave truncation of Wave-5, spelling decline - @TradingView "
Essentially, not being a buff in EW analysis, I would only venture to say that the culmination in Wave-3 has resulted in a lack of higher attainment, which was expected from Wave-5, thus defining Wave-5's truncation.
If this is the case, then I would expect a decline in the crypto to levels defined as:
1 - TG-1 =599.68 -31 MAY 14
and
2 - TG-2 = 588.32 - 31 MAY 14
These targets are worth laying over original chart, although in the original 4-hour chart, the support is seen at a probable 541.00 value, a much deeper plateau than what is just defined here.
These geo-lines are worth heeding as we move ahead.
* insert *
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31 MAY 2014 - TECH-NOTE:
This is the momental channel which price will have to overcome as it continues to rise. The lines suggest that the longer it takes for price to move up, the greater the resistance, which is represented by the top-most dashed line. A significant resistance line in the past will act as significant support ahead of price action - nothing too different from the standard trendline, except that these lines have a geometric origin, affecting price throughout the entire life of its chart, regardless of the timeframe - David Alcindor
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David Alcindor