last posts on Bitcoin: https://bartscharts.com/2021/04/18/bitcoin-update-island-reversal/
today’s “Musk Induced” Sell off certainly smells like a C wave … that supports a zig-zag correction and it certainly smells like we are in a 4th wave correction … targets of low 40’s and, depending on thrust into this level forewarns of a move below into the low 30’s … we’ll just trust the patterns and the count.
but, for now, the lower targets are opening up nicely …
while we came close to our upper targets, we never actually hit them but based on this price action I’m going to assume that we have a near term top in place for a much needed correction to relieve the steam.
this is very preliminary but I’m using the past to project into the future .. using the past “percentage” and “price” corrections (dashed red and orange arrows respectively) I’m projection DOWN into logical support areas simply because that is what worked last time …
additionally, I put a “basic” retracement grid from the ATL to the ATH. some nice synergies appearing.
once all that was done I drew some “basic” trend channels (light blue and red lines) and those can always act as support based on polarity …
plus a couple “two tree” (slang from the Navy) gaps were left on the way up so they will also act as support.
now?
we wait … wait for the form, balance and proportion to signify that this correction is complete. the last one was almost 9 months long.
I’ll be monitoring, closely.
SHEESH …. all I can say.
and, objectively, STRICLY LOOKING AT THE CHARTS, this sure looks/smells like 3rd of a 3rd action so I’m updating my count.
it BLEW THRU the first two targets at 23K and 34K and now I’m eyeing 43-45L and 51K
does this mean the run in bitcoin is over – I DO NOT think so.
as you can see, I believe we have higher to go, much higher.
coming up w/ targets allows one to manage risk and, potentially, pyramid for doubling or tripling of prices in the future.
what should we expect – VERY violent and liquidating corrective moves (operative saying – corrective) to give one an opportunity to ADD their to ones position.
for those w/ an equity only account here’s GBTC the Bitcoin Investment Trust. nice target hit (a 1.27 extension and 3.142 projection) w/ a pullback occurring – BUT look at the size of the candle and the appropriate volume. glad SOMETHING respected a level (LOL) but don’t think it’s the end of this wave – yet.
bitcoin … who’d a thunk it.
good weekend to all of you – Bart
09/16/2017 – note the 55% correction and the AB-CD pattern which caused the move up late last week. the 680 level is the KEY level to watch for resistance moving forward. more updates to follow … amazing, even in the midst of this chaos of a bubble, the ‘log’ percentage retracements and the AB-CD worked (perfectly) all based on PATTERNS.
if you don’t this is a crazy bubble then check out this graph … a friend forwarded from the Elliot Wave Theory (www.ElliottWave.com ) … this is an AMAZING chart. I’m not making the case of the utility of bitcoin. No, I’m just showing the PRICE of BITCOIN is of epic bubble proportions. CAVEAT EMPTOR.
Not sure how long this will explode higher BUT when it REALLY falls (is this the start?) it’s going to come down – hard.
Good weekend to you.
Bart
09/03/2017 – Update as of Sunday 09/03/2017. Folks, sometimes the PATTERNS/numbers work and sometimes they don’t. This time, appears the numbers we respected and we had a very large sell-off in $GBTC. Stay defensive for now .. a move into the high 400’s isn’t out of the question after such a parabolic run.
Good weekend to all … B
______________________________________________________________________________________________
08/31/2017 – well Barron’s nailed the high in the US Dollar Index declaring the “Mighty Dollar” but this one hasn’t been as reliable as the ‘top or bottom’ caller when something makes the front page.
so, below you’ll see an updated Bitcoin Investment Trust update … sure looks like it’s hitting some strong resistance. Still believe this is an accident waiting to happen …
____________________________________________________________________
07/02/2017 – Barron’s .. the ultimate contrarian indicator. 🙂 For the time being, at least, we still have the upper target out there and, additionally, the corrective sequence sure looks like it wants another move down. CAVEAT EMPTOR
Bart
——————————————————————————————————————————————————————-
05/25/2017 – I hate to do the ‘could have and would have and should have’ when using charts. Those of you who have been following me know that. I wanted to get to this chart before the open to just give it a shot … was on travel and in the airport yesterday and I kept seeing the PARABOLIC ROCKET SHIP of BITCOIN …couldn’t wait to throw some geometry on the chart.
When we see parabolic moves – THINK LOGS. It’s why the darn things were created in the first place.
As you can see below .. we are stretched and could go higher but today it ran smack into a LOG AB=CD and a key LOG trend line .. resistance was to be expected. You can also see – and why not – that there is another set of targets higher. I’ve also included the NYSE Bitcoin index … it’s data isn’t updated yet but you can see that it also ran smack into the GRAVITY CENTER. (I used the technique taught to us in elementary school on how to make a circle using three points. (dead serious). Again, for you my loyal readers, I didn’t know if it would work. You get to the point where you can ‘see it’ …
For now … man, it’s great to get on the rocket ship and ride it but there was always a REASON we landed w/ 2000 lbs of gas. Always .. because if you ran out of gas, your screwed. When parabolic blast off end they don’t end w/ a whimper .. .they THUMP hard.
Caveat Emptor for the Bitcoin craze ….
Bart
09/03/2017 – Update as of Sunday 09/03/2017. Folks, sometimes the PATTERNS/numbers work and sometimes they don’t. This time, appears the numbers we respected and we had a very large sell-off in $GBTC. Stay defensive for now .. a move into the high 400’s isn’t out of the question after such a parabolic run.
Good weekend to all … B
______________________________________________________________________________________________
08/31/2017 – well Barron’s nailed the high in the US Dollar Index declaring the “Mighty Dollar” but this one hasn’t been as reliable as the ‘top or bottom’ caller when something makes the front page.
so, below you’ll see an updated Bitcoin Investment Trust update … sure looks like it’s hitting some strong resistance. Still believe this is an accident waiting to happen …
____________________________________________________________________
07/02/2017 – Barron’s .. the ultimate contrarian indicator. 🙂 For the time being, at least, we still have the upper target out there and, additionally, the corrective sequence sure looks like it wants another move down. CAVEAT EMPTOR
Bart
——————————————————————————————————————————————————————-
05/25/2017 – I hate to do the ‘could have and would have and should have’ when using charts. Those of you who have been following me know that. I wanted to get to this chart before the open to just give it a shot … was on travel and in the airport yesterday and I kept seeing the PARABOLIC ROCKET SHIP of BITCOIN …couldn’t wait to throw some geometry on the chart.
When we see parabolic moves – THINK LOGS. It’s why the darn things were created in the first place.
As you can see below .. we are stretched and could go higher but today it ran smack into a LOG AB=CD and a key LOG trend line .. resistance was to be expected. You can also see – and why not – that there is another set of targets higher. I’ve also included the NYSE Bitcoin index … it’s data isn’t updated yet but you can see that it also ran smack into the GRAVITY CENTER. (I used the technique taught to us in elementary school on how to make a circle using three points. (dead serious). Again, for you my loyal readers, I didn’t know if it would work. You get to the point where you can ‘see it’ …
For now … man, it’s great to get on the rocket ship and ride it but there was always a REASON we landed w/ 2000 lbs of gas. Always .. because if you ran out of gas, your screwed. When parabolic blast off end they don’t end w/ a whimper .. .they THUMP hard.
Caveat Emptor for the Bitcoin craze ….
Bart
08/31/2017 – well Barron’s nailed the high in the US Dollar Index declaring the “Mighty Dollar” but this one hasn’t been as reliable as the ‘top or bottom’ caller when something makes the front page.
so, below you’ll see an updated Bitcoin Investment Trust update … sure looks like it’s hitting some strong resistance. Still believe this is an accident waiting to happen …
____________________________________________________________________
07/02/2017 – Barron’s .. the ultimate contrarian indicator. 🙂 For the time being, at least, we still have the upper target out there and, additionally, the corrective sequence sure looks like it wants another move down. CAVEAT EMPTOR
Bart
——————————————————————————————————————————————————————-
05/25/2017 – I hate to do the ‘could have and would have and should have’ when using charts. Those of you who have been following me know that. I wanted to get to this chart before the open to just give it a shot … was on travel and in the airport yesterday and I kept seeing the PARABOLIC ROCKET SHIP of BITCOIN …couldn’t wait to throw some geometry on the chart.
When we see parabolic moves – THINK LOGS. It’s why the darn things were created in the first place.
As you can see below .. we are stretched and could go higher but today it ran smack into a LOG AB=CD and a key LOG trend line .. resistance was to be expected. You can also see – and why not – that there is another set of targets higher. I’ve also included the NYSE Bitcoin index … it’s data isn’t updated yet but you can see that it also ran smack into the GRAVITY CENTER. (I used the technique taught to us in elementary school on how to make a circle using three points. (dead serious). Again, for you my loyal readers, I didn’t know if it would work. You get to the point where you can ‘see it’ …
For now … man, it’s great to get on the rocket ship and ride it but there was always a REASON we landed w/ 2000 lbs of gas. Always .. because if you ran out of gas, your screwed. When parabolic blast off end they don’t end w/ a whimper .. .they THUMP hard.
Caveat Emptor for the Bitcoin craze ….
Bart
