XBTEUR has a similar setup to BTCCNY, but the chart differs in how accumulation and distribution patterns formed. Right now, there's an active daily uptrend signal pointing to 1067 euros, but it's likely going to fail. The market also built a potential new uptrend mode up here, a re-accumulation level, which could trigger a rally from here, or alternatively an uptrend failure and a brief pullback to support below.
We'll need to monitor this and btccny, and check the uptrend speed lines on each, as well as the reaction to scheduled fundamental events, by March 1st, and 11th. See the chart annotations for more information.
Cheers,
Ivan Labrie.
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Acting nicely, we can hit 1039 if all shorts are squeezed, before bringing in new supply.
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I'm out of margin trades, holding spot buys (50% account worth, from avg. entry of us864)
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Inside trendlines show we broke out, but we could consolidate further due to fundamentals.
I'm holding for a few more days before hedging ahead of March events.
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I've hedged near the top.
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Since we broke above the highs, I'm out. I was waiting for a potential drop after moving higher, but we had bullish signals in all exchanges, so I think the spread will close, between the East and the West, so, China and all asian exchanges go up faster for a few days to match Western exchanges, and then we could go sideways and higher eventually. If we get a drop, it would come during March, not now. I did buy and hold a margin long in ETHBTC, a 27% position, and I'm holding that one as my only 'hedge'.
Awesome. Do you still think there is time to rally to the possible 77k USD top you stated in your long-term trend chart by September? I'm only asking because I love the hopium. It helps me hodl. :-)
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@Rivet.popper, Again I explained I never meant 77k BY september.
The target that can get hit by september is 3.3k usd at best. Going higher would be too crazy.
In the long term, without any time forecast, it can top at 77k usd and it would be a logical target to expect to get hit one day.
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@IvanLabrie, I'm curious why you say 77k is "logical target"? Is this due to fibonacci relationships or something else?
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@ryopphdi, due to the proprietary trading and forecasting methodology I use, which was created by my mentor, Tim West. You can check his charts (or mine) out here.
Plenty of examples of it.
The target is a potential top target, that if it were to get hit, it would act as a logical top until a correction takes place, and the market would be ready to trend up again.
We shouldn't aim to hit it, during the time duration of the long term advance I forecast. It could happen way later in the future, no way to now before it happens. But, it is logical, derived from information in the price chart. The 3300usd+- target I forecasted in my 2-month timeframe charts should get hit during this year give or take. In case it isn't that would signal a bearish signal, as a loss of momentum, and could predict a return to the 2-month timeframe support which is WAY lower.
So, the method lets you trade, and constantly reasess the progress of the trends, not only forecast once, but, validate our ideas constantly to let the trades run, or exit prematurely if needed...or even flip sides.
@IvanLabrie, Yep, thank you for explanation. I was looking at Tim's methodology the other day and think it is interesting. However I can't say now I have grasped it. Maybe one day in the future ;)