As you can see in the above chart, the previous uptrend was contained quite disciplinedly by the weekly moving averages. The green one is the 21 EMA (exponential) and the blue one is the 21 SMA (simple).

We have corrected into the Fibonacci green, but have we corrected enough? We've had a nice threewave correction into the above Fibonacci target zone. The weekly stochastics are still a bit high, but the

The ATR (100) Renko chart still looks good. But the ATR cannot be used when it changes every day. It consequently must be a fixed number to determine whether a Renko brick will be painted up or down or

When comparing today's Renko chart with the one from yesterday, I noticed that yesterday's red brick has turned into a green one because the trend indicator has changed course, while it hadn't done this

There is beauty in the clarity of a Renko chart. Especially when you can improve on the already existing clarity with an additional indicator. Below is the Renko without trend indicator. Also, not so bad.

Wave 2 is on the way down. So far it looks like a regular a-b-c correction, but it can of course change into something more complex. The stochastics on the weekly are very overbought while on the daily

And I think that's too high for this period in the cycle. As the triangle that contains the S2F values shows, also promising a much less volatile future, we can go to approximately 2.5 on a monthly basis.

Wave 1 is complete, I would say. We're in wave 2 now. Notice how prices bounced almost exactly at the 61.8% retracement of the decline from the top. For some this has been a reason to suggest that this

Around $9950 I already thought bitcoin was close to a top, but then, this is bitcoin and it never stops surprising. We had a massive run towards the $11.8k resistance. But now it seems to be making an

Wave v of (v) has unfolded as expected and we seem to be approaching the end of it. Of course, an impulse can always extend so let's check the indicators to see how likely that is. An extended move means

As wave v unfolds, its structure is becoming clearer. It looks like we have one more move up to go towards $10k. The volume is low which confirms the lack of strength normally associated with a wave 5

Well, we're making a new top. Obviously the a-b-c wave iv correction has been invalidated. This is the trouble with all forms of analysis. You can only make an assumption. Which, sometimes turns out to

Last week's count seems to be valid still. We're in a wave iv correction of which we have completed wave a and have probably almost completed wave b; wave c down to follow. I don't think it will be hard

Some quick charts. First the weekly bitcoin chart for some overview. I don't think the impulse has finished yet. We have not completed minute waves iv and v, these are the encircled, burgundy red ones.

What do we see in this chart? First of all, the monthly bitcoin price in black bars. The 3 vertical purple lines are the halvings. The blue rectangles represent the time period 1 year before the halving

Another week has passed and we seem to be pushing steadily for the resistance at $10k. To my surprise, and quite a few others, the $6k level was crossed without any hesitation. Although there was a little

Occasionally I look at Fibonacci Channels to try and bring order to the chaos of prices. In the above chart, there are three: one is steadily moving up from the beginning - although, it must be said, it

A week ago I thought a third wave had completed just below $6000, but prices decided to sprint 2500 points further. Has the move from $3000 completed an Elliott wave impulse? Bitstamp, daily chart: completed

I think minor wave 3 is making a top here. As you can see wave 3 is subdivided into a number of smaller five waves, with the last five wave completing wave v of 3. Now, it can be that this minor threewave

We're still in minor wave 3 where we seem to be building subminuette wave iv with, obviously, wave v to follow. All according to plan. Nothing to get excited about with the possible exception of minor