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CLOAK/BTC (CloakCoin) “Last Move Hit >17X! New Wedge Formed!”

CLOAK/BTC, 5/23/18, analysis completed at 9:00 PM EST, by Michael Mansfield.
Hi trader friends, for this post I am using “3 day” price bars with Candlestick wicks removed. And, we are using Log Scale, which can make a huge difference in look and analysis results. Read why below. But first...

BOTTOM LINE FOR CLOAKCOIN:

CloakCoin is likely in the late stage of a cyclical correction down. Cyclical UP-move due next.
Must first break above this wedge formation @ 0.000148 (or higher, to be safe).
1st measured move price target up from there = 0.60 to 0.0066.
2nd target up = 0.0133, the highest yellow dashed line.
3rd target up = 0.0175, the upper paralleled channel line (white) on or around December 21, 2018, if we get the breakout up.
Cycle highs are due November 9th and December 21st, 2018, for these two cycles.
Bullish view negated if a 4 hour close below 0.00076 (dashed pink breakdown line).
If breakout down, target becomes a likely consolidation down to 0.0002950 to 0.0002350 area.
CloakCoin has been around since 2014 and, like some successful cryptos, has experience a few huge moves to the upside. Watch this one.

MEASURED MOVE TARGETS HAVE WORKED WELL ON CLOAKCOIN. TARGET FOR EARLIEST MOVE ON THIS CHART:
I measure the first all-time high and the subsequent lowest low move (1st vertical green arrow, far left of the chart).
Copied that arrow, and added that price move amount to the first wedge breakout point of 0.00023 in March, 2017 (second vertical green arrow).
That price range amount added to the prior wedge breakout point forecasted and matched the next all-time high in June, 2017, of 0.0038 on a
closing basis!
Subsequent price move amounted to a 16.5X move from the breakout point! That was not even from the low of the price swing before the
breakout up. That would have been a move of 34.5X! WOW!
Big move and perfect symmetry again (we talked about symmetrical price moves on our last post).

CURRENT PRICE TARGETS:
I measured the price range from the all-time high of rounding it to 0.0038 (closing basis) to the Andrews Pitchfork lower support line (lowest solid
red line moving upward) at 0.0001886.
Then, add that price range to what is likely to be the next breakout at the cyan (light blue) wedge resistance line (moving down off the all-time
high tapping the recent swing high on a closing basis, on April 16th, of roughly 0.0001480.
That range measures to an initial price target of 0.0066 area, a roughly 44x potential move!
This potential move does not look like a 44x move because of the log scaling, but it would be!

WEDGE BREAKOUT UP NEEDED BY MID JULY:

VOLUME FORCE OSCILLATOR SUPPORTS BULLISH CASE:
Klinger Volume Force, in the lower window, is trending up within its oscillation.
It is likely to hit its lower support line within a week or two, then move higher as price rallies toward a wedge breakout. Be ready to buy the
breakout up!
The dashed white line is the Volume Force oscillator’s support line, from two prior swing lows ago, is a risk point for a breakout down instead of up.
This is the same theory as breakouts from a wedges 2nd swing high or low breakout point. The 2nd swing point offers a high probability of a sustained move, but less of a move had you acted sooner.

CYCLES:
Longer-term cycle is up until December 3-12th.
Shorter-term cycle (cyan color) is moving down until July 9-12 then up until November 9-12, 2018.
Since larger cycles almost always dominate, the downward movement of this smaller cyan cycle may bottom sooner than the smaller cycle
suggests.

DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!

Cheers!
Michael Mansfield CIO