DennisLeeBTC

DennisLeeBTC

Ask yourself honestly what emotional state you were in at each stage?

DennisLeeBTC Updated 

BTC to 11k if we can break the log downtrend line.

DennisLeeBTC Updated 

From the last idea, we did end up pivoting at 6.4k as I had thought but unfortunately we didn't have the follow through I was expecting. We are now looking at another potential leg downward. BTC seems to be building up for a breakout, but the direction is unclear. Oscillators and divergences are showing a gradual loss of momentum in the current bear trend. I...

DennisLeeBTC Updated 

Seems to be making smaller and smaller fractals of the same pattern, each one retracing to 88.6%. Seems to fit with the oscillators showing flagging strength in this bearish trend.

DennisLeeBTC Updated 

Putting it on record that I think the bear market will end April 1st, 2018 at 6.3-6.4k. Too many reasons and things line up to ignore it. I won't get into the full theory right now but I just wanted to put it out there to look back on. If I'm wrong, god help us. If I'm right, you should still do your own TA and not trade with this as advice. I will update with...

DennisLeeBTC Updated 

wedges on wedges on wedges.

DennisLeeBTC Updated 

Hey folks, we seem to be moving up in a very healthy and bullish manner. I believe we're in an expanding 1st wave diagonal. All indications are that we are in an uptrend and it is not ending anytime in the immediate term. The first test will be at 10.2k, which we will most likely be rejected from. Beware, on the retrace we may fall through support and retest or...

DennisLeeBTC

With a healthy amount of skepticism, I thought I'd plot this just for fun. Can't hurt to dream :) I find it interesting that what he describes is more or less an Elliott Wave cycle and the numbers seem to have a fairly spot on fibonacci relationship as well. "We are not quite sure as to why bitcoin loves them 'eights', but without regard to our lack...

DennisLeeBTC Updated 

Finally have an EW count that I can't find major issues with. Feedback and alternate counts are appreciated. For those less familiar with Elliott Wave, essentially a correction can be any combination of corrections connected with an "X" wave. So Bitcoin appears to be in the midst of a triple combo correction. This most recent wave from the 5900 low, could either...

DennisLeeBTC

Two potential EW paths from here. WXY complex correction is still quite possible as you can see from the previous correction on Feb 20th, this current wave if it doesn't make it past the 100% extension of the last one could be the C wave of an X. The first green box is the crossroads. Either we bounce there and complete a w2 to go into w3, or we continue downwards...

DennisLeeBTC Updated 

Here we have the situation where EW gives us headaches. Will this be a wave 1 up? or is it only part of a wave 2 before a wave 3 down? Momentum on the Awesome Oscillator indicates that we have bullish divergence on the 1 hr, and the daily AO remains bullish as well. Probability indicates that because we have made multiple tests of the trendline support at what is...

DennisLeeBTC

I've been saying for a couple weeks now that a triangle correction is likely what we're seeing here and that seems to be the case according to this count. The alternative is that D, and E are actually a very weak wave 1, but the magnitude of this correction being wave 4 of 5 of 5 seems to warrant something as large and complicated as this. Also the triangle 4...

DennisLeeBTC

Buy on breakout of the triangle, or if you're in already set stops below the bottom trendline. I thought we were in for a gigantic ABC correction to 8k, but as the correciton began to take shape it became obvious that it's a abcde triangle correction. What a relief! As you can see, we're completing a symmetrical triangle with price action bouncing nicely between...

DennisLeeBTC Updated 

Based on the fractals and comparing the first set of impulse waves on this chart (within the green circles), it's clear that powerledger bottomed on the 11th and began a new impulse wave. Currently at the beginning of wave 3, I could see this testing former highs on this next wave up to 16.8k. A large correction will immediately follow, taking us back down near...

DennisLeeBTC

Could be an ascending triangle which could break in either direction. Looking more and more likely, if this is the case then we can cruise safely on alts for the next few days

DennisLeeBTC

Double top is in, and H&S is nearing completion. Possible start of a longer term downtrend, but hopefully will end with the ABC correction and move back into the original channel. Buy signal after a double bottom or strong bounce at the end of the C leg of the correction at 12.8k. If support fails, then we could be looking at a deeper correction to the 9.6k to 10k range.

DennisLeeBTC

converging trendlines and fibs

DennisLeeBTC

This is the classic bullish dragon pattern, as you can see here the right horn is pointed at the moon and the lower jaw represents the support line. The wings are representative of how VTC is about to take flight.