Sorry guys, I am going to be a bit of a douche and let my secret out while it is too late, I discovered this on the last 2 bull runs while people started talking about the .618 of the last bear run to be the way to predict tops, you can see for yourself now that it was accurate but not the most accurate as we didn't quite touched on the last 2 bull runs.
What we have hit as our top every single time tho is the .382 FIB of the previous bull run as you can see on this chart.
We already hit it at the moment too today, so I do believe that this is our top. A break out upwards of it would give me the signal to start rethinking my current bearish bias as it would be the first time since this bear trend that it would happen.
You can also notice that every top we had has been done with less and less volume which is also a very bearish sign to me.
Whoever is out there trading without trying to get as most experience they can get with FIB levels is making a big mistake. Open up a chart and play with FIB guys. Experienced FIB traders were able to predict every single tops we had in this bear trend.
Follow me on here and twitter for more cool patterns like this. I will start to update daily as much as I can.
Comment
⋅
Go check out my twitter for an update on this for future tops as I was not able to post a new picture here. twitter.com/VinceBocti
Exactly. BTC isn't even hitting the top of the triangle anymore. The difficult thing for this past month is, we've been stuck in a zone that no one really wants to trade in. 6400 is really not the place you want to long from or short from either, so it just sits and spins. I do agree with your other comment that we will see some sort of violent move soon. I tend to think it will be downward. Market makers might like to keep us in the chop zone when possible (they did it in the 8000s, then 7000s before doing it here) but when they stop seeing the profits come in, they tend to pull the plug.
ronimarbbn
⋅
do you think we are going down and continue to develop lower highs? and at what price point are you likely to open shorts?
vinnycrypto
⋅
@ronimarbbn, I think we are done with smooth lower highs. I think a break out is about to happen. Either up or down. I lean bearish but there is no way to tell 100% at moment so I could be totally wrong and we could start making new higher highs at break out.
ronimarbbn
⋅
@vinnycrypto, thank you! i think i am leaning bearish just due to the overall trend which is down. I think the resistance around 6600 will be as "bullish" as we will go at this present time.
vinnycrypto
⋅
@ronimarbbn, An important trading principle is to bet with the trend. if the trend is down bet on down. Chances are you are going to be right a few times before you are wrong. When you are wrong have a stop loss ready and reevaluate the trend.
The trend is as clear as crystal as of now.
If you want to have fun, go on the daily and see where the .382 of this bull run brings us. Youll see that we already reached it too. Follow me for updates!
@ronimarbbn, sorry I havent been smart enough to post a picture comment yet. you can go have a look at my twitter to see how it would look on the hour chart to see a little better.