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Author Topic: TA for 06Sep2019 on BTC/USD  (Read 76 times)

BlockSociety_COO

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TA for 06Sep2019 on BTC/USD
« on: September 06, 2019, 08:35:11 pm »
starting with the 4hr time scale, you can see the triangle unfolding. In all triangles, each leg is 3 waves. The current rally that brought us up to 10,900 was only one wave within the three wave correction. this drastic drop we're having right now is likely the b wave within that rally. Further, triangles typically have their legs related to eachother by the 61.8% retracement, so this line of thinking still tracks.

if you look at the 1hr time scale, youu can see that we had a clear 5 wave impulse from the bottom at 9400 or so. wave 4 of that impulse was also a small time frame triangle. EW theory tells us that the thrust after a triangle is a terminal move which typical results in a swift correction. and the measure of the thrust should be equal to the opening of the triangle, if not related by fibonacci ratio (usually a 1.382 in the case of a triangular extension). if you use a drawing tool, you'll see that the wave 5 thrust was exactly the same length as the opening of the triangle and it was immediately followed by a swift correction.

We should now be looking for a 3 wave decline which ultimately should end around the 10k mark (61.8% retracement) prior to moving higher toward $11,300.

Regardless of what happens here, do you have a plan?

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CH-Admin

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Re: TA for 06Sep2019 on BTC/USD
« Reply #1 on: September 06, 2019, 08:53:04 pm »
starting with the 4hr time scale, you can see the triangle unfolding. In all triangles, each leg is 3 waves. The current rally that brought us up to 10,900 was only one wave within the three wave correction. this drastic drop we're having right now is likely the b wave within that rally. Further, triangles typically have their legs related to eachother by the 61.8% retracement, so this line of thinking still tracks.

if you look at the 1hr time scale, youu can see that we had a clear 5 wave impulse from the bottom at 9400 or so. wave 4 of that impulse was also a small time frame triangle. EW theory tells us that the thrust after a triangle is a terminal move which typical results in a swift correction. and the measure of the thrust should be equal to the opening of the triangle, if not related by fibonacci ratio (usually a 1.382 in the case of a triangular extension). if you use a drawing tool, you'll see that the wave 5 thrust was exactly the same length as the opening of the triangle and it was immediately followed by a swift correction.

We should now be looking for a 3 wave decline which ultimately should end around the 10k mark (61.8% retracement) prior to moving higher toward $11,300.

Regardless of what happens here, do you have a plan?

Very interesting BTC MA / TA👌 thanks for the awesome insights and adding value with your thorough analysis. Keep up a job greatly done!

Cheers
Admin
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VErbadoo

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Re: TA for 06Sep2019 on BTC/USD
« Reply #2 on: September 11, 2019, 04:44:55 am »
initially, roughly this movement was what was within my expectations, but we hadn't made that leg up yet reaching for 11k so I don't think we are going to be reaching there at all anymore until we starting touching the lower supports on btc
https://www.tradingview.com/x/fMDjOaX0/
I'm seeing price action leave the loxp on the 1hr which means really bad things usually.

Price action has been unable to breach through the 233 ma on the 15min, and really I should have suspected things to go ary was when we starting moving underneath the 1hr 233ma.
https://www.tradingview.com/x/8YURabpt/

The 1day looks horrible too, cci primed for a move downward.
https://www.tradingview.com/x/fV0aZGL2/
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CH-Admin

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Re: TA for 06Sep2019 on BTC/USD
« Reply #3 on: September 11, 2019, 11:01:07 am »
Love what you did with your signature  ;)
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