Bitcoin - the evidence still favors the bulls

8 de jul. de 2016

The pattern has progressed and the market has provided us with more information, so it's time to update expectations. And, although the timeline has shifted, my expectation is still -up- from here.

Note: there's also a case to be made for a bearish count that ultimately points to support at 560 - 550, and we have to continually ask whether or not it looks like we need a deeper green wave 4....I'll talk about this in a separate update if it becomes more of a potential.

11 de jul. de 2016

Nota

Quick update: we're still on track, favoring the bullish case, as first noted here: tradingview.com/chat/m/bd01f5abd4714022879356cbda6dbbdc/ - we're still tracking the blue dotted line so far.

I have also presented an alternate triangle count, which is also valid...and is also bullish, here: tradingview.com/chat/m/0d5a15397ac0458eb71645e2630120b2/

The bearish count that I'm tracking separately is still lower probability, so I continue to look -up-

12 de jul. de 2016

Nota

We've gotten our triangle breakout, and are following the blue line projection quite well. The underlying technicals/internals also are quite bullish. Looking good, right on track for pattern confirmation:

The market will tell us quite a bit about its future intentions when we see where the current red wave 3 (see image linked above) stops, and how deep the pullback from there is. Nothing strongly suggestive of a runaway train yet, but it would not surprise me with the current setup.