This is a quick idea of BTC on the short-term 4H time-frame. The Channel Up that has been trading on, has been particularly successful in providing the last accurate short-term buy, as you see on the chart below:
I mentioned then how the 4H MA50 (blue trend-line) has taken the role of the Pivot within this Channel Up, meaning that short-term traders/ scalpers can Buy near the Higher Lows trend-line and book profits on the MA50 and similarly Sell near the Higher High trend-line and book profits on the MA50.
At that time, I was interested in buying up to the next Higher High of the Channel Up and measuring the previous Higher Low-to-Higher High distance (September 08 - 19) proved quite accurate as symmetry seems to be having its way.
Assuming this symmetrical cycle holds, then the new Higher Low may be price on a drop similar to the previous Higher High-to-Higher Low distance (September 19 - 23), which was roughly -9.30%. Applying this to yesterday's High, puts the projected Higher Low around 10650. Personally I'd prefer a Low on or around the 4H MA200 (orange trend-line) around $10800, as a test-and-hold on that trend-line would solidify the longer-term bullish sentiment.
In addition, see how both the LMACD and RSI have again hit their respective Sell Zones. Even before the Channel Up emerged and the strong pull-back of September 02/03, those Zones (both Buy and Sell) have been quite consistent.
Do you agree that symmetry can again have its way on Bitcoin? Feel free to share your work and let me know in the comments section!
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Agreed. I'm a little bit unsure about the moment of the drop though. My graph says 14 October 6 am CET but now that I see Btc moving downwards I might think that the drop comes before reaching resistance at 11950
TradingShot
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@spazioetempo, Possible, but 11950 would have broken the Channel Up upwards.
EZ89
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@TradingShot, sorry, I meant 15 October at 6 am CET
You have been referring to this channel for a long time now and it has served well. Many thanks.
BuddhaGemFinder
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The channel is valid, but so was the symmetrical triangle bitcoin broke out of. usually when a pattern looks really reliable, that’s when it is about to degrade. Especially in crypto where every stage is a transition from uptrend to downtrend, we must expect changes periodically, which means we must expect patterns to break and establish new patterns. I think your channel is beautiful, but I think it’s about to break- upwards.