I noticed that on longer time frames, BTC candles tend to separate into 2 channels on upwards moves - the wicks, and the bodies. Currently we wicked up into the wick channel, but came back down into the body channel.
Theoretically, a decisive break of the downtrend would have to include a candle in which the body breaks into the wick channel. If the breakout is powerful enough, the wick could surpass the wick channel as well.
Sounds retarded, but I'm leaving this to check back up on periodically.
Theoretically, a decisive break of the downtrend would have to include a candle in which the body breaks into the wick channel. If the breakout is powerful enough, the wick could surpass the wick channel as well.
Sounds retarded, but I'm leaving this to check back up on periodically.
Comment:
If you consider that crypto trading is 90% algo's and bots, it doesn't seam so crazy to think about that they would respect and account for these boundaries.
Comment:
I dont know about you guys, but to me this chart demonstrates strength. BTC is clearly fighting to break UP, not down.
Trade active:
New candle, body is now trading inside wick range. Lets see if this model has any true predictive power now. Bottom wick this month can be no less than 8.9k and upper bound is 9.6k.