I'm new to posting my ideas here. However, after watching the market for quite a while, I believe that simplicity in this market is the best indicator. Keep It Simple, using simple pattern formations like 'Head and Shoulders,' Pennants, Wedges, and Channels will help to determine which direction the market is going from big scale to small scale, depending on whether you're a long-term or short-term trader.
Indicators that I use are basically the simplest crowd sentiment indicators, but these are the simplest kind because these markets are directly a result of sentiment. There is nothing else to drive these markets. There are no earnings. There are no profit/loss statements. There's only market cap and sentiment. So if we use the simplest indicators to indicate the sentiment of what's going to happen in this Bitcoin market, we watch Bitcoin moving along in an upwards channel after a consolidation period.
You can see another simple pattern forming - a pennant. And if you watch the market closely, you'll notice that the small pennant forming along the inside channel will sort of indicate that consolidation to the lower side of the channel, and this gives you a quick indication as to which way the sentiment on the market is going to go. Watch for this pennant to form and break out to the up or down side of it to give you a quick look at which way the market's going to go over the next day or two.
Indicators that I use are basically the simplest crowd sentiment indicators, but these are the simplest kind because these markets are directly a result of sentiment. There is nothing else to drive these markets. There are no earnings. There are no profit/loss statements. There's only market cap and sentiment. So if we use the simplest indicators to indicate the sentiment of what's going to happen in this Bitcoin market, we watch Bitcoin moving along in an upwards channel after a consolidation period.
You can see another simple pattern forming - a pennant. And if you watch the market closely, you'll notice that the small pennant forming along the inside channel will sort of indicate that consolidation to the lower side of the channel, and this gives you a quick indication as to which way the sentiment on the market is going to go. Watch for this pennant to form and break out to the up or down side of it to give you a quick look at which way the market's going to go over the next day or two.
Comment:
My point Exactly
