A Picture of the Channel is Worth Thousands for BTC
Chart is self-explanatory. I could really just post that picture and "BTFD" as a one-word explanation.
Pretty much everyone, myself included, has been drawing the channel wrong for a month because there was no second touch of the bottom. In the past 24 hours there was - and now the channel makes so much more sense. We didn't break it at 9750 at all. We've always been in it. We're still in it. We're in fact at the bottom of it at the best point to buy.
Accumulation has occurred throughout the entire month. Our detour of the past week shows clear reaccumulation in OBV and Accumulation/Distribution when you zoom in, and it's dramatically clearer if you filter out the shenanigans (single minute pumps and dumps).
In retrospect, I should have given more thought to what it meant that the crazy stop hunt wick violated the previously unviolated channel bottom, because you can draw clear lines through that and other wicks to exactly where we found support here. That was probably the best clue to start looking for new channels, though explaining the apparent violation at the top also should have played that role.
I suspect that a lot of people will start posting this channel, and assuming it's as real as it looks, it may find itself suddenly broken. Patterns get more expensive to adhere to if people start countertrading correctly. It's a new month after all.
I'm an amateur and you definitely shouldn't take anything I say as financial advice. I'm interested in any feedback.
Pretty much everyone, myself included, has been drawing the channel wrong for a month because there was no second touch of the bottom. In the past 24 hours there was - and now the channel makes so much more sense. We didn't break it at 9750 at all. We've always been in it. We're still in it. We're in fact at the bottom of it at the best point to buy.
Accumulation has occurred throughout the entire month. Our detour of the past week shows clear reaccumulation in OBV and Accumulation/Distribution when you zoom in, and it's dramatically clearer if you filter out the shenanigans (single minute pumps and dumps).
In retrospect, I should have given more thought to what it meant that the crazy stop hunt wick violated the previously unviolated channel bottom, because you can draw clear lines through that and other wicks to exactly where we found support here. That was probably the best clue to start looking for new channels, though explaining the apparent violation at the top also should have played that role.
I suspect that a lot of people will start posting this channel, and assuming it's as real as it looks, it may find itself suddenly broken. Patterns get more expensive to adhere to if people start countertrading correctly. It's a new month after all.
I'm an amateur and you definitely shouldn't take anything I say as financial advice. I'm interested in any feedback.
Comment:
No luck on a giant green candle bounce on the channel boundary... yet, at least. Looks like a pretty solid entry regardless right now. I've adjusted my fan on my chart a bit on the possibly flawed assumption that we touched the edge of it rather than wicked outside of it, but honestly getting the exact fan correct that lines up with all the wicks after a month is going to be next to impossible.
Anyway, my longs don't even consider stopping or taking profits until we're out of the blue quadrant. After that, we'll see what pattern emerges, but if correct I can rely on eventually reaching top of the green center channel, where we only expect to stay above once every other week or so. That's where I'll take profits and possibly close leveraged positions outright.
No luck on a giant green candle bounce on the channel boundary... yet, at least. Looks like a pretty solid entry regardless right now. I've adjusted my fan on my chart a bit on the possibly flawed assumption that we touched the edge of it rather than wicked outside of it, but honestly getting the exact fan correct that lines up with all the wicks after a month is going to be next to impossible.
Anyway, my longs don't even consider stopping or taking profits until we're out of the blue quadrant. After that, we'll see what pattern emerges, but if correct I can rely on eventually reaching top of the green center channel, where we only expect to stay above once every other week or so. That's where I'll take profits and possibly close leveraged positions outright.
My volatility-based indicators are available for sale at SharkCharts.live
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Feel free to reach out to me with any questions; more information is available on the SharkCharts website and the SharkCharts discord discord.gg/YVpTeSK
Personally, I added with leverage at 8925. Looks like I'm in early and my channel may be slightly off.
My scenario is probably invalidated if we see 8600 or so.
Last time it was about 4h from final dip to giant green candle. It would be too easy if we got that again exactly, but it sure would be nice.