Everyone says this is what Satoshi envisioned when he wrote the white papers. I do not trade or buy this stuff. What makes it move? Who knows. It seems to lag the overall market though.
EXTREME PINCH happening on the daily chart!!
These pinches usually mean a BIG MOVE up or down coming. Which, I used to sell frustrated that my stuff hadn't moved and FOMO as everyone was making gains and I was languishing, then, you wake up and turn on your account and see whatever it was was up 45% and you had a prefect position OR you sat through the pain and it went down and you were down huge after holding on and knew you should have sold that night and got out. These are the pains we go through as traders and if I can figure this out I would like you to figure it out too.
Big thanks to Big Cheds Trading for turning me on to this. Let's see how effective it is.
I laid out the Major red resistance and support lines and fib lines. Little circles and red marks would be big moves IMO .
I don't know if this stuff moves with or against BTCUSD but I have noticed these pinches sometimes can come in two so we might just channel up or down one red line and then shoot up from there after a shakeout. We are in an uptrend. While this can change it is one of the things I check before buying anything. It shows how strong the red line is. I don't pay for my acct so I don't have shown ( which is second most important next to price) and that could be revealing too.
This is not trade advice, actually this was so confusing to me if you traded it you really knew what was going on better than me.