Current Bitcoin Price Objectives
BTCUSD
Using Point and Figure1H chart with a box size of 500 and a 3-box reversal. I find Point and Figure on the 1H timeframe to yield better counts for crypto than the recommended daily timeframe used for stocks. The following counts have been calculated using the following formula on recents bars with 3+ box movement below the previous bar within the local trend. I have also tried counts with ATR box sizing, and similar counts are obtained, but the chart seems more busy.
Formula: PO = (bar high)-(box count)(box size)(2)
Note: Using 2 for bearish conditions as recommended by Dorsey. He has recommended 1.6 as well..
I would look at volume profile and see if objectives line up with significant zones within the volume profile. If the 2-box count method overshoots consolidation support zones, I would use 1.6 instead.
BTCUSD
Using Point and Figure1H chart with a box size of 500 and a 3-box reversal. I find Point and Figure on the 1H timeframe to yield better counts for crypto than the recommended daily timeframe used for stocks. The following counts have been calculated using the following formula on recents bars with 3+ box movement below the previous bar within the local trend. I have also tried counts with ATR box sizing, and similar counts are obtained, but the chart seems more busy.
Formula: PO = (bar high)-(box count)(box size)(2)
Note: Using 2 for bearish conditions as recommended by Dorsey. He has recommended 1.6 as well..
I would look at volume profile and see if objectives line up with significant zones within the volume profile. If the 2-box count method overshoots consolidation support zones, I would use 1.6 instead.