BITCOIN Report 30th September 2019

The Dilernia Model and Methodology seeks to understand the market forces that is driving price right at this moment in order to predict what might happen in the future. This enables the trader to better understand the strength of the trend and how long it might last for, or whether a change of trend is at hand.

A trader should analyse the market using the ‘Sequential ordering of pattern formations ’. This process is extremely important because it strengthens the reason for any trade taken, or why the trade should not be taken. This is when the trader optimises any potential trade now or in the future, and how best to manage the trade during the current market conditions.

Sequential ordering of pattern formations #

1.      Apply the trend identification Model.

2.      Identify support, resistance, and trends

3.      Identify the change of support & resistance with the use of Time.

4.      Forewarn & foretell the likely events when certain price action occurs now or in the future.

Optimising to the current market conditions

1.      The decision to Buy, Sell, or not trade

2.      Trade execution

3.      Trade Management.

BITCOIN PRIMARY & WEEKLY CYCLES

I’ve posted the above because it gives us an idea how the price action is not always what it seems to be.  I’ve been extremely bullish  on BITCOIN since the bottoms in the Primary trends and subsequent continuation upwards in March this year.

I’ve been bullish every month since, but in the last report I flagged a potential downward move because of the price action in ALTCOINS, which wasn’t appearing in BITCOIN at the time.

So where are we now?

Whilst ALT COINS aren’t trading above their Primary 50% levels, BITCOIN has now found support around its 50% level at 8050.

Therefore, the key price action in BITCOIN looks to be occurring in October, but maybe not until the start of next week.

BITCOIN needs to find support around the October lows (7285) and then be back above 8390 the week of the 7^th October.

Otherwise expect further weakness, which is what occured in ALT COINS

As always, look for 5-day pattern set-ups for entry, as described in the book.

BITCOIN REPORT 2nd September 2019

 BITCOIN PRIMARY & WEEKLY CYCLES

If there's any selling in BITCOIN, then BUY SUPPORT LEVELS in August are shown above.

I would like this to keep going higher, but it won't surprise me to see a retest of the BUY zone. (Previous Report)

BITCOIN has drifted lower and towards the BUY zone in the monthly timeframes, which now corresponds with the SEPTEMBER levels around 9017 - 8679.

IF BITCOIN is going higher it needs to hold these levels, otherwise it's back down towards 8050 - 7285

We can also see, it goes from above the 50% levels to below the 50% levels at the start of SEPTEMBER @ 10330

I've been very confident that BITCOIN would go higher since earlier in the year. BULL trends that begin in March often see BULL trends last for a minimum of 2 years and up to 4 years.

 However, there are signs that things might be different this time, because ALT COINS are not doing as good, which might pull BITCOIN LOWER.

LITCOIN PRMARY & WEEKLY CYCLES

Nearly Every ALT COIN has had the same price action as what we can see in LITECOIN.

The Change in direction based on the August levels, as price is pushed downward from the dynamic 50% level.

This did not happen in the BULL runs of 2016-2017.  ALL COINS never moved below those Monthly levels. They were all robust support levels that kept on pushing the trends higher each month.

Therefore, as much as I'm bullish on BITCOIN, there's other reasons to not feel as confident, simply because of the price action in ALT COINS.