BTCUSD (you asked me to publish an update)

BITSTAMP:BTCUSD   Bitcoin / Dollar
104 4 3
The 1st lesson of prediction...when you're wrong, you're wrong. Don't hang on to a bad play. I use the channel breakthroughs as "get out of trade" signals.
Wouldn't you just love to delete some of these prediction bombs. ha ha
The red arc should be safe. When it comes to Bitcoin             anything can happen. It amazes me how many times people pick a direction and it goes totally the opposite way. That's why you take your own advice first. I think this is either a specialist looking at his books and deciding...everyone is short...take it up...or a computer program doing the same. Just uncanny how many charts I've checked that are totally wrong. Too bad the insiders aren't the ones doing the guessing.
Thank you for this but can you please clarify? You think we're headed for $46 early March?
Robert24 johnrfraser
It's just a potential point. I always watch for spikes in the opposite direction. The largest channel is a top, top...bottom formation. Those arc distances have hit consistently. The angle speeds are also good. I would start with area around the pink box for the first stage. If it breaks the top of my largest channel...all bets are off. The 205 territory is also a good contender. I would pay more attention to the maroon downtrend (strong line) than the specific time stamp. There are 2 maroons on the chart for strong downtrends. This one needs an answering point.
My charts and ideas aren't written in stone. It's the problem with publishing things. I change my mind on the fly...just like everyone else. If my predictions aren't working out or my channels are being broken, then it's time to revamp the operation.
johnrfraser Robert24
Thanks so much for you informative lowest bid for tonight was 326 but I'm gradually more and more put off the scent by the sustained 520+/- its sat at today. I expected a bounce off the top of your yellow channel but ended up cancelling 586 sells for much lower. I will rethink and look again as your sub 300s are eye opening. Thanks again.
Robert24 johnrfraser
Your welcome. As usual make sure it's your decision. I get it wrong lot's of times...but when I'm right I'm usually very close. The trick is to cut the loss short when it's not right. I use channel breaks as a "get out signal". It doesn't matter if it reverses back into them. A channel break means a channel reset and I prefer to have a good channel line set up instead of guessing. There is a chart of the very bottom of "my published" on TXN. It explains the channel method. Only look at one color at a time or you will be totally confused. T=top B=bottom. The formations are: BBT, BTB, BTT, TTB, TBT AND TBB. The 2 most lucrative are BBT and TTB. The lead point is crucial. It sets the channel angle...then from there it's just wait for it to bounce off the other side of the channel. All "post" distances are vertically the same. There may be 2 or 3 major channel sizes on one chart. Finally ALL channels of one size are TIED...and the way to tell if you should go back to the last major point and reset the channel is if the data is breaking into the channel at the top or bottom. Hope that's not clear as mud.
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