Not financial advice. Not an expert. Here to learn. Would appreciate hearing from knowledgeable folks about whether or not this chart/idea has any legitimacy.
Pitchfork starts with March dip. Edges set at start of parabolic upswing (R) & at January peak (L)
Small RED Channel is what I'm using as the trend line that must maintained in order to justify that current impulse wave might not be over
Other channels created by extending recent trend lines backwards
Bullish Cypher Harmonic
Suggested scenario: we're in a rising top, potentially forming an Expanding Symmetrical Triangle
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Another possibility - instead of an Expanding Symmetrical Triangle we're about the complete the HEAD of a large INVERSE HEAD & SHOULDERS PATTERN that we started forming on 3/13
Most experienced trader will tell you , don’t over complicate your charts, it’s almost not lisible and we have no clue we’re your set ups or we’re value zones. It’s over complicated and Idicators don’t seems to be useful , it’s not a probleme but remember that indicator are not must haves , just mathematical expression of the price movement .
n_1a1a_01
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@RICHMONSTOCK not sure I caught all that, but if you’re saying it’s not visible from the initial view, that was intentional to show where the channels originate. It might look over complicated at first glance but it’s really just a chart showing that BTC is in an area where old parallel channels are converging & it recently completed a bullish cypher harmonic. There’s no set ups or value zones bc I’m not actually trading BTC, I’m just charting to look at the health of this current bull run
n_1a1a_01
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In other words, I am a long term BTC investor but hope to protect my profits when this current bull cycle ends
NoobTraderTV
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Sweet. Like the harmonic pattern. Im gonna keep on eye out on this orange channel. Cool ideas. You should do some TRX or Bittorrent charts.
n_1a1a_01
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@NoobTraderTV, thanks man, much appreciated. I'll have to check those out - although I am a little worried that if I take a look now I might fall deeper into this and lose my day job lol
NoobTraderTV
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@n_1a1a_01, it happens. Lol of course when the bear market comes, this space will quiet down. People will disappear lol
n_1a1a_01
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@NoobTraderTV, I may be singing a different tune soon lol but a small part of me is looking forward to the bear market only bc I entered well after this bull market started and I want to be more confident about my entry points. Also I may just be being naïve here, but I've got some hopium convincing me that since there's more infrastructure in place now vs 2017 + more widespread adoption + a real belief in the tech, the next bear market will likely be shorter
NoobTraderTV
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@n_1a1a_01, That's the right attitude to have. This is my first cycle living off the market. I did very well in the 2017 run.. unfortunately, my lack of experience and knowledge kept me from seizing max possible %. Came back this cycle with a vengeance. One of the most important things I think we have going for us is the ability to take our profits and store in defi sector. Great annual returns. I totally agree with you about today's infrastructure. When in doubt, follow the money. Big institutions keep piling money into this thing and not even thinking twice about the price. Hell, this run could be extended.. a continuation. who knows. But after this cycle, there's a real possibility to take some gains and invest some serious money. Rinse wash repeat. If you like crypto entertainment I have a show on Youtube called Cosmic Crypto.