I don't love this idea enough to short it, but I am sitting in cash from 450.
The idea being that the band held as support throughout much of 2014 and was confirmed repeatedly as resistance. A 2 year S&R band will not break easily. I noticed some similarities around the band with what is happening recently and I like the idea of taking the chart from the spring/summer of 2014 and reversing the fractal to predict the future movement.
Combine this analysis with natural swings in any market and the coming slow holiday period (Chinese New Year) and I think there is an excellent chance we will see the 300's again (possibly the low 300s) before finally breaking out into the next bubble in the spring of 2016.
Good luck happy trading.
Comments
cryptogamblr
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Look at that epic pinbar to test the band in August. The excuse was the finex hack, but the bounce point was perfectly illustrated.
This idea played out well. Looking for future expansion into the fall and ATH break.
CRInvestor
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nods
cointrader11
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Epic :)
coinwatcher
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nice observation. would love to go all in near the 300 level.
This idea played out well. Looking for future expansion into the fall and ATH break.