Tag: btc #f

Bitcoin – November 25, 2024

Bitcoin and MSTR have hit major resistance. Not a sure bet higher for now …

Last post on Bitcoin: https://bartscharts.com/2024/10/29/bitcoin-october-29-2024/

The chart above was from about a month ago as it was pretty evident that Bitcoin was about to take off … and, boy did it!

It blew thru the ‘first test’ which was the ABCD and then it slammed into the first ‘potential target’ around 98-100.

What’s interesting – and not that we can make it a 1:1 correlation is MSTR. Microstrategy …

Slammed right into a ‘perfect’ 1.618 extension along w/ near perfect percentage measured moves. I totally blew it doing the measured moves and did NOT do the percentage measured moves and, that brought us to a target of around 420. If I used the percentage measured move – near perfect slamming into a 1.618 extension.

Folks, IF my count is right AND MSTR is down 25% in a few days then, perhaps we have hit some strong resistance for the Coin.

BITCOIN and MSTR – Sept 4, 2024

BITCOIN Futures and Microstrategy showing VERY important support levels for the continued BULLISH advance.

Bitcoin and MSTR (Microstrategy) shake and jive well together.

If we look at the MSTR chart we have a couple things going on:

  • Square Out – WD Gann said you could square out a high, a low or a range. In this case, we took the range of the move from the high to low and converted that to calendar days. That gives us a DATE of 9/30/2024. The ‘perfect’ scenario would be for PRICE to be at the BUY PATTERN level shown on 9/30. We shall see …
  • Take a look at the RED MEASURED MOVE – it lands right on top of the projection and a .618 retracement. We like that ..
  • The second chart is some more work looking for the key levels – shown in Green for MSTR.
  • Last, took LOG SCALE measured moves and, in doing that, shows a nice target appearing higher on MSTR.

  • Certainly looks like a ‘valid’ 5 wave count so I do feel confident in saying – be cautious – as this 5th wave could have ended but certainly looks like it wants to make another run higher …
  • IF this PATTERN fails on MSTR then would expect the support to give away on Bitcoin futures. If it holds, then we “should” be off to new highs into the target areas shown for Bitcoin.

Bitcoin Update – Island Reversal

last post on the Coin: https://bartscharts.com/2021/04/13/bitcoin-update/

our last post on Bitcoin ID’d multiple patterns … multiple AB=CD, a 3 drives and a butterfly sell all in the 65-68 area. in my original post I just took a look at the chart “real time” and said 66-67 but did some work on the intraday charts and 65-68 is the zone. honestly, I wasn’t worried about being too precise because I’m generally looking for this wave to end and 4th wave correction to occur so i can BUY again. right now, I’m going to say that based on the gap down today, that we have a Wave 3 complete and are correcting in Wave 4. again, there are targets a little higher but I’m not going to worry about that now as it appears that this gap down has things going in the 4th wave correction direction.

also, note on the 60 minute chart, that we can certainly label this an island reversal and – if that is the case – then we can expect lower over the coming days and weeks.

now, am I screaming the top is in w/ the Coin? absolutely not … I’m looking to BUY again but found that the risk of continuing w/ my position outweighed the downside. now the hardest part – trying to get in a moving market. that part, for now, is TBD.

target zone has been hit w/ a reactionary sell off – calling 3 complete for now

note the gap down tonight validates a “bearish Island Reversal” which forecasts coming lower prices for the Coin.