BTCUSD Inception day 14-1-2020, not convinced yet...

Greetings fellow traders,

As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...

More visible, more probable:

• Dashed lines; Possible forming patterns
  
• Solid lines; Confirmed patterns / Support or Resistance
  
• Dotted lines; Possible price-action trajectories / wave trend
  
• Lighten colors = Support | Darken colors = Resistance
  

' I’m trying to free your mind, Neo. But I can only show you the door. You’re the one that has to walk through it. '
~ Morpheus, The Matrix ~

With that having quoted, this is my way of keeping order in the chaos. I call it, "Pattern Formation Level(PFL)":
Alpha > Beta > Delta > Echo > Gamma > Theta

Explanation PFL:

• This is an additional stage of usage of the pattern formations. Some level of experience in pattern formations is required. You can also ignore this part and head straight to 'Today's Note', just read the patterns between the brackets.
  
  
• Alpha; ST / Bullish Pennant pattern formation, a.k.a. "The End Game", a.k.a. "The Big Long". (Daily and higher time-frames)
  
• Beta; Most recent relevant and biggest forming pattern within The Alpha forming pattern. FW / DC. (4-24 hour time-frames)
  
• Delta; Most recent relevant forming patterns within The Beta pattern. (4-8 hour time-frames)
  
• Echo; Most recent relevant forming patterns within The Delta pattern. (1-4 hour time-frames)
  
• Gamma; You get the picture... (10-60 min. time-frames)
  
• Theta; Do not thread these treacherous waters. At least for master level TA skills or higher. (10 min. and lower time-frames)
  
• Eventually the PFL's are all connected. Gamma patterns combines into Echo pattern and Echo patterns combines into Delta patterns etc. Until the Alpha patterns has been formed. I'm not calling it just the Alpha for dominance in size. For as this pattern, is, the Alpha and Omega. Which will end current market cycles and start anew. From time to time, I might thread the secret level when I'm feeling gutsy.
  
• Additional advantage of the PFL system is, when you have to determine whether a certain pattern will have its usual breakout direction.
  
• By inserting pattern formations in the PFL as parameter. This makes it easier keeping track of which pattern formations are relevant to the current TA and entry or exit strategies.
  
  It might be hard to learn, but it is certainly easy to master. As a programmer and I like playing chess, as result to my TA. I like to look ahead as far as possible. This is only doable, if you have reasonable reliable trends to follow. In time, as I gain experience in the markets. My TA skills evolves and in parallel my systems and indicators.
  

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Current Alpha patterns:
The End Game: Symmetrical Triangle 1st confirmations support & resistance establish, still in progress.

Current Beta patterns:
Descending Channel or Falling Wedge, currently breaking out but not yet confirmed

Current Delta patterns:
Ascending Broadening Wedge, 1st confirmations of support & resistance established, still in progress. Currently retesting resistance of the Delta(ABW) formation and also the 0.5 fib retrace. But might break through the upside and follow the break out of the greater (Beta) pattern.

Current Echo patterns:
Rising Wedge still in progress, heading towards 2nd confirmation of resistance.

Current Gamma patterns:
Symmetrical Triangle, broke out

Current Theta patterns:
This level is currently too dangerous to trade. Greater patterns might break out or follow its trajectory.

Today's Note:

Honestly, it's looking bullish. But I'm not convinced yet. Btc still has some obstacles to conquer. The 0.5 retrace. and breaking through the resistance of the Delta(ABW) but also the Echo(RW) patterns. These are lesser patterns, but 3 vs 1. That's quite a challenge. EMI 1 & 2 are becoming quite bearish. I might setup a low risk/reward short position from here. But going to wait for more concrete bear or bullish signs. However it is quite certain that something has to give very soon.

To be concluded...

Current Targets:
Exit short position / Entry long position target: ---- region

Tip's/FYI:

• People = Psychology > Patterns > Indicators > Fundamentals. Nonetheless, all is crucial. Psychology? When you observe a chart. Ask yourself who's the most in pain? Bears or Bulls?
  
• Watch & learn from experienced traders and discover your style of TA. Hence develop this, imitating will only get you as far.
  
• The most accurate trend indicator when using logarithmic, are the; Relative-, Exponential-, Weighted-, Simple- and regular Moving Averages. At least use Heikin Ashi candles if you don't like MA's and vice versa or using both might be even better. The algorithms of these indicators adepts to logarithmic variables visually. Linear tools and pattern formations obviously do not for that matter. Since it doesn't concern logarithmic variables.
  
• The trend is your friend!
  
• Pattern Formations is the most accurate method, when it comes to observing the behavior of buyers and sellers. If you don't understand this, don't be lazy and google. Learn this as basics, pattern formations are ideal to combine with other methods.
  

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Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my daily TA. Hopefully other will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.

If you don't want to miss out on any of my daily technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!

In case you're wondering which indicator I'm using. She's called EMI , short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!

Comment:

looking bullish

Comment:

one more resistance then we might see a shoot up

Trade active:

Well, btc did what I asked for. So, I've entered with some long positions. Actually entered at $8.3k with a very small amount. Now I have pumped some more into this position. I'm expecting for the price to retest the resistance of the Alpha(ST) or at least the 0.382 fib retrace.

Comment:

We might see bitcoin hitting $10k before end of this month.

Comment:

There is a gap with no resistance. There are 2 significant resistance milestones to go before reaching $10k though.

Comment:

As I have been stating for the last few days. The weekly momentum waves are converging a bullish divergence. It's becoming highly likely that we'll see more upwards movements. Perhaps even reaching the $10K region. RSI and Stochastic are about to cross bullish also. Concerning part is though, that this is not happening in the overbought territories. But we'll see if it won't matter. Otherwise this will be a good reference if it does matter.

Comment:

correction: oversold territories.

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