johnrfraser

Could this bounce break us out?

BITFINEX:BTCUSD   Bitcoin / Dollar
185 3 2
MFI is ready for a bounce off of apparent support.
This looks good as it corresponds to a higher price level than the previous bounce off of this ~21 MFI region...which I gather carries bullish indications.
What's more, this would be the highest price level ever held by that level of MFI .
I know the corresponding RSI figure looks far less bearish so lots more room for it ( RSI ) to move...perhaps the volume consideration in the MFI calc is responsible for this low level? Don't know if that would compound or conflict with what I'm reading here?
Taking on board the spectrum of opinion out ther, I'm looking for alternative possibilities to the obvious short...of which this looks like one.
Is that a gann fan? I've never seen one placed like that, that's neat.
Reply
Hi kakola, thanks a lot for your comment :-)
It was originally meant to be a Gann fan (I've only recently started to read about Gann analysis)...looking for points to start it from I just chose some strong rally lines to see if they converged anywhere...and they did.
Strangely enough, the centreline is the big April dump...I find this really really interesting, because at the centre point, the fan line becomes vertical...if the lines of the fan create support & resistance, then if at any point they become vertical, they cannot offer any support or indeed resistance...at the point where the chart passes over the 'centreline', than fan line is vertical and funnily enough, a huge dump occurred :-/
I'm really intrigued by this and going to do some calcs to see if there is any periodical pattern ie pattern in the angular timing of the lines when the peaks/troughs and rallies occur.
Very interested to see if any similar pivot can be found for MFI, RSI or other indicators.
Is this generally the concept of Gann analysis or am I doing something different?
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