If done correctly (please see my previous idea about trading on volume) it can yield amazing results. It's not perfect, but it works like a charm!
So in my last idea I talked about a push to around 24.3k, and what do you know!? I was only off by a little over $100 off my target!!! That's pretty good....
As you can see on the chart, the previous downtrend CONFIRMED the 3 lower drive on higher volume. The uptrend afterwards was the pullback that we have to measure so that we can apply it to the low of the confirmed downtrend to get our target.
Our uptrend now exhausted, which was confirmed as an exhausted trend by 3 consecutive highs on lower volume, we entered a position SHORT. I expect some consolidation around 21k because the initial targets from the last uptrend show that we will be visiting the lows from the previous downtrend.... BUT, we already know that with the previous downtrend confirmed, we were in merely a pullback, and we will be applying this pullback to get a forecast of the lows below it.
In this case, it is highly likely that we get a new lower low in our trading range. We should take profit below around 17.6k. can dip as low as 17k (or maybe even a bit lower)... The forecasts on the measured moves are not always perfect and usually do vary somewhat. Sometimes they don't always perfectly make it to the target before the reversal, but sometimes they go past it.
No matter what, we will be able to see when this downtrend has exhausted by confirming the 3 lower lows on the move with lower volume. That will give us the signal of where the downtrend will end when we get there.
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Including a short TA on 10 minute chart so you can see how well the volume confirmation 3 swing trading works on ALL TIMEFRAMES!
We hit bottom, this is never going back below 19k again. You'd think that bears would have learned this by now. PI has been right twice now with BTC and will be proven right a 3rd time. tradingview.com/script/tDVofaC5-Bitcoin-Golden-Pi-Cycles/
JoeChampion
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Lovely BTC chart, i think it will drop too based on the fed monetary policy!