Today, we review the forecast of the past months, starting in April 2012. It shows that Bitcoin prices can be analyzed well using the new Bitcoin Charts and Bitcoin Technical Analysis.
The attached charts below are taken from the subscriber section of our service.
The first chart shows the first time when we established the W-X-Y correction proposal which included a wave Y triangle.
The second chart from April 19, 2012 shows how nicely bitcoin prices “adhered” to the forecast: Bitcoin prices indeed formed an A-B-C-D-E triangle, and the weave E low was marked at 4.73 $, which then was the key support for the LONG positions we were taking.
The third chart below shows the expected breakout of the yellow triangle and it also shows that the 5.2 $ and 5. 48 $ area were the key trigger points. We said: ”If prices break above 5.2 $ and then 5.48 $, an upward explosion of bitcoin prices will happen”.
The fourth bitcoin chart below shows how well the forecast worked: Bitcoin prices broke the resistance of 5.2 $ and 5.48 $ in an explosive manner.
The fifth and last Bitcoin chart below shows the explosion over the past days which was fully expected. Many people doubted our forecast for many weeks and were very pessimistic, stating the bitcoinica hack issues and others as reasons why bitcoin prices should fall, not rise.
In our humble opinion, this bitcoin chart analysis shows well that sticking to charts analysis works well.
We will update new bitcoin price targets and provide short term analyses to paying subscribers timely over the next days and weeks.
