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Eric123

Epic Pennant on BTC Chart

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Posted (edited)
On 1/2/2020 at 4:06 PM, jMusic said:

We'll see...I'm testing Hurst cycles and displaced MA's. Also learning about Gann octaves to see if they can contribute anything.

It appears that I will be way off with my forecast (green rectangle), however I believe I can see why and that the price level still has a good chance of being hit.

Cycles1720.thumb.png.a5c723463b794f70cda296e37e11f26a.png

The last cycle was significantly shorter than typical (by about a week). Although it looks like the usual pattern is being repeated (I have hand-drawn the rough cycle shape above the price action, though it's not to scale). The white line close to 8700 is the center octave/ mid-point and represents major S/R.

Again, take this with a pinch of salt, just putting it here for people to comment on, especially if they have experience with Hurst or Gann methodologies.

Edited by jMusic

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Ive read gold stocks have gone up since this Iran stuff has been going down this last few days. Is bitcoin acting in a similar way as a result?

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2 minutes ago, MaxMad said:

Ive read gold stocks have gone up since this Iran stuff has been going down this last few days. Is bitcoin acting in a similar way as a result?

It might be a driver. Gold spiked over $1600 today and has tapered back a bit at this hour. I am trying to decide whether to swing trade into BTC now...as much a hedge as anything else. I think it has a good chance of following gold. I do expect some kind of US retaliation against Iran. 

A hot war won't be good for most risk assets.

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13 hours ago, MaxMad said:

Ive read gold stocks have gone up since this Iran stuff has been going down this last few days. Is bitcoin acting in a similar way as a result?

I doubt it. You invest in gold for stability in uncertain times. Presently, BTC's stability and certainty is far less than the dollar or gold.

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