Just looking at BTCUSD charts on a rainy Sunday afternoon, when I noticed a similar pattern on the current 4h chart and the end of the cycle #3 daily chart. Current is local bottom being made and the other was a cycle bottom being made. Either way, human psychology was behind both and the reaction is very similar so looking at both price patterns and RSI momentum, it does hint what will probably happen next. Saddle up.
Ur rsi trendline is off...we are below trendline now and u can't compare 2 different time frames like that...
fifty2kph
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@fjt20n, You're right, the 4h trendline is off, it was also off at the start on the daily. The point is general direction of momentum. Also, why can't one compare different timeframes? They are all based on human emotion.
GhostRyder_72
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@fifty2kph, what ur comparing is a long term accumulation on the 1 day chart vs most likely a re distribution on the recent chart....emotions play into both but big money moves the market....those that trade with emotion lose money.
fifty2kph
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@fjt20n, what is the difference between accumulation and redistribution? For sure gotta have a plan or your emotions will take the wheel and drive you off a cliff.
GhostRyder_72
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@fifty2kph, accumulation is the lengthy period where investors accumulate in a ranged, sideways market....right now it seems like we have a second liquidation of btc before a second drop lower ...
Then enter accumulation again....basically large investors sold off at the top....we are now in the middle as they sell of their remaining coins before pulling out
fifty2kph
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@fjt20n, so accumulation would be over a longer time than a few weeks and what about redistribution? I didn't see that.
GhostRyder_72
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@fifty2kph, most pullbacks have an accumulation phase....that's when they add to their positions....there are short and long accumulation periods... redistribution isn't that long and is followed by the final shakeout. ..I hope I'm wrong...but I have buy orders down to 10k
fifty2kph
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@fjt20n, Wow, you think btc will ever see sub 30k again?
GhostRyder_72
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@fifty2kph, yes...there will be a point where support is broken...causing panic and triggering stoploss...shaking out the rest of the weak hands...we can also have a false break higher then a push down further causing panic selling....big money has been selling off since April...so they need time to reaccumulate....I I'm guessing mid 20k area but it's possible to retest the last ath at 20k
fifty2kph
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@fjt20n, so you are actually betting on btc going sub 30? Do you have any safety mechanisms in place in case it doesn't?