BTCUSD
Going over some of my past work as I’m having some troubles again with working out direction stop Points and pullbacks,
Remember I’m on L-plate’s follow me blindly and I’m not responsible, and if you’re not willing for an A4 page or more in regards to an answer on what I think you’ll find it difficult lol
After assessment I’m noticing that I still have to make 2 lots of trendlines and support lines, One for the candle close one for the candle wicks, This was covered in the trading course stream I got onto that was advised on candle clothes which is the standard normally with stock markets, this is not a rocksolid rule, there’s lots of debates between traders over where to draw from,
And it still holds way that the more points of contact that you have the stronger the trend will be.
Creating a line of two points only is allowed but it’s called an imperfect trendline, you can get close to an area or target but it’s more of a zone rather than a guarantee, this is what I’m finding with my own work putting it up here for constructive criticism / feedback
I have to doublecheck but another traitor on here suggested using a line shot to remove what they called noise, I have given this a little play but I’m thinking I need to do a lot more work over the next few weeks with trendlines. It looks like the candle close gave me the 42 marker that I had in mind but it looks like the candle weeks they gonna give us just under the 45k
Timeframes for this is 12hr, 1day, 3day,
My support and resistance zones have been working quite well but my down and up trendlines leave a little bit to be desired.
Onto the other things I was looking atI was referring to a shoulder on my Twitter feed which I stopped doing because as much as it kept looking like a head and shoulders pattern it hasn’t formed a validated neckline,, / below is some information on H&S formations
Actually I’ll come back to that some basics I still remember doesn’t have to be perfect uniform I was shown some H&S formations which were done on an inclining neckline and you can get them which were more used to spotting which is a flat neck line
And they can be more than one shoulder in the formation I thought maybe just on the right side but it looks like it could be more shoulders within the formation on both sides this help came from benzinga Live stream,
I terminologies do need a bit of work
As for a review of the current chart and how I feel
I believe that 45K Marker due to time left on the timeframes, May actually happen before the downturn
The Connors RSI on the higher timeframes is in the kill zone But only just entering it that leaves room in a higher time frame for a bit more up before down I can’t guarantee how far that move will be as I’m new to working on 3day up timeframes and assessing how long it takes for something I see to play out, The higher the time frame I’m noticing greater variation for movement within the lower timeframes
It’s the last pump was the break of the 42K (candle closed down trend line) I had But after looking around The second down trend line I drew is based off the weeks top points with a little extra for safety (tiny bit) alert set .
it seems to line up with the 200 day SMA on the higher timeframe 3 day to 2weeks for just under 45k
