Analysis:
My target has been met and exceeded, but not by much before the expected pullback. The long-term chart still remains bullish and short term signals as you can see from the chart above has also pulled back substantially. I would look for the signal to cross up in the Stochastics or move above the 50 into bullish range before going long again. As expected the $306 USD level would be met with resistance. Hopefully this pattern is unfinished, because in Elliott Wave Theory this pattern so far that has developed from the mid-July lows looks corrective, and if that is the case then lower lows ahead and that could spell trouble for the Crypto-Currency space. anyone investing would be most at risk if you are purchasing at market price, but the miners on the other hand have a fair bit of cushion if price drops.
Previous Posted Charts:
Foot Note:
When analyzing this chart, you will notice the Slow Stochastics indicator. I find this indicator to be the complete indicator compared to the vast majority out there. Lets explore the terms I will be using. Also use the indicator based on its respective time-frame:
Time-Frame:
1 hour - Lasts 1 hour - Few days
Daily - Last Days - Week(s)
Weekly - Last Week(s) to Month(s)
Term used:
OB - OverBought (above 80)
OS - OverSold (Below 20)
Bullish - Above 50
Bearish - Below 50
Trend - Cross up in both channel line or Cross down in both channel line.
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