BITCOIN - WHAT ARE ITS PROSPECTS FOR 2016 - 17?
In our broader look at Bitcoin's prospects for the remaining 2016 and into 2017 we can conclude that from the previously 4 possible developments the bearish outcome is more likely from here (please see earlier charts linked below).
Whether we have a bullish triangle in the making or larger zigzag to the upside with new high in the area of 700 zone before completing the upside retracement in both cases it needs to hold at 280 - 300 zone. Failure here would confirm that Nov 2015 was in fact the significant high and that we are now in new bearish cycle that could last another year or more.
Please see the video:
Link - danv-charting.com/OTG-bitcoin-ian4vg3qjswefd3LL5jcqi.html
Here are the summary of technicals:
1. Made a spike high in Nov 2015 making it 3rd anniversary of the highs in Bitcoin starting from Nov 2013 high.
2. We remain below Opening high of Jan 2016 that could become yearly high.
3. We have failed to break above upper parallel of the bearish Schiff pitchfork and could now fall back in the range.
4. Both RSI and the MACD appear to look bearish which would be confirm upon MACD falling below the zero line on this daily chart
5. Initial targets 390, 360 and 300.
6. Nov 2013 high might actually be the 5 wave cycle completion that took over 4 year suggesting that we are in larger correction.
7. LTC/BTC correlation chart suggest bearish divergence developing.
8. BTC & SP500 Correlation suggest that they both move up and down to their own respective amplitude. With SP500 potentially having topped in Mid 2015 it could be now in early stage of bearish development and BTC could continue to decline along with it (be it at difference rates corresponding to their own rhythm).
For Items 6 - 8 please see secondary charts below (See chart below).
Action:
a) Need to monitor the price at 280 -300 zone to see if it will hold and review accordingly.
b) Till then unless we have breach above 450 area bearish stance is prudent.
Warning: This is my interpretation of price action using TA approach that I consider helps me the most but could be completely wrong. Therefore as always, please do your own analysis for your trade and risk management. You should follow this on Paper Trading Account till you feel confident to apply the skill to a live account.
DanV
danv-charting.com
Whether we have a bullish triangle in the making or larger zigzag to the upside with new high in the area of 700 zone before completing the upside retracement in both cases it needs to hold at 280 - 300 zone. Failure here would confirm that Nov 2015 was in fact the significant high and that we are now in new bearish cycle that could last another year or more.
Please see the video:
Link - danv-charting.com/OTG-bitcoin-ian4vg3qjswefd3LL5jcqi.html
Here are the summary of technicals:
1. Made a spike high in Nov 2015 making it 3rd anniversary of the highs in Bitcoin starting from Nov 2013 high.
2. We remain below Opening high of Jan 2016 that could become yearly high.
3. We have failed to break above upper parallel of the bearish Schiff pitchfork and could now fall back in the range.
4. Both RSI and the MACD appear to look bearish which would be confirm upon MACD falling below the zero line on this daily chart
5. Initial targets 390, 360 and 300.
6. Nov 2013 high might actually be the 5 wave cycle completion that took over 4 year suggesting that we are in larger correction.
7. LTC/BTC correlation chart suggest bearish divergence developing.
8. BTC & SP500 Correlation suggest that they both move up and down to their own respective amplitude. With SP500 potentially having topped in Mid 2015 it could be now in early stage of bearish development and BTC could continue to decline along with it (be it at difference rates corresponding to their own rhythm).
For Items 6 - 8 please see secondary charts below (See chart below).
Action:
a) Need to monitor the price at 280 -300 zone to see if it will hold and review accordingly.
b) Till then unless we have breach above 450 area bearish stance is prudent.
Warning: This is my interpretation of price action using TA approach that I consider helps me the most but could be completely wrong. Therefore as always, please do your own analysis for your trade and risk management. You should follow this on Paper Trading Account till you feel confident to apply the skill to a live account.
DanV
danv-charting.com
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