_TM3K_

Bitcoin fractals to the moon part 2.

BITFINEX:BTCUSD   Bitcoin / Dollar
1340 23 6
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_TM3K_ PRO
a year ago
EDIT: I think 15 days is a bit too much.
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ChartArt
a year ago
We are as "far away from the cloud" as you want it to be. Other periods on Ichimoku and we are completely somewhere else...

But I agree that it is a very important key are here.
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_TM3K_ PRO ChartArt
a year ago
Chart was posted after reversal was confirmed, meaning we would eventually test the cloud again. Has nothing to do with "how i wanted it to be"
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ChartArt _TM3K_
a year ago
Do you know the meaning of the periods of the Ichimoku indicator? That is why I said "how you want it to be"
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_TM3K_ PRO ChartArt
a year ago
The meaning of the periods? Not sure what you mean by that.
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ChartArt _TM3K_
a year ago
Yes, the meaning of the periods. Why are they 52 and 26 ?
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_TM3K_ PRO ChartArt
a year ago
Just different settings I was playing around with at the time.
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ChartArt _TM3K_
a year ago
These are the default periods of this indicator :)
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_TM3K_ PRO ChartArt
a year ago
Ah i thought this was a different chart. I was experimenting with periods 18, 52, 108. But yes It is support and resistance lines from the current time period plotted 26 periods in the future
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_TM3K_ PRO ChartArt
a year ago
and not sure about 52
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ChartArt _TM3K_
a year ago
Ichimoku makes only sense on a weekly chart, where 52 periods is 52 weeks (one year) and 26 periods is 26 weeks (a half year). I strongly believe this is why the Japanese inventor has defined 52 and 26 as default periods. And why it makes no sense to use it on a daily chart, because on a daily chart it is to me in the area of "how you want it to be". Because 52 days and 26 days are nothing which makes any sense. Compared to the obvious 1 year and 1/2 year cycles.
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_TM3K_ PRO ChartArt
a year ago
When using it on smaller timeframes its only purpose is to show support and resistance, which it does quite good.
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ChartArt _TM3K_
a year ago
Here is a weekly Ichimoku chart with default periods (the only chart which shows actually something related to reality), where Bitcoin is still below the cloud of the 1 year vs 1/2 year cycle. And you can see what happened when the price fell out of the cloud last August:

snapshot


I personally don't think Ichimoku makes any sense with default periods on other time-frames than the weekly chart, but if you can make money with it. Use it.
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_TM3K_ PRO ChartArt
a year ago
I try to use the cloud in real-time rather than on such a huge timeframe, by the time it shows on the ichimoku weekly chart the move is already pretty obvious using other methods of TA. Hard part is seeing it before it happens, but this is kind of what I mean.
snapshot
and if you look at some of my earlier charts you will see what I mean by using it to plot future reversals in both directions like here
BTC short the top. Bear Div
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ChartArt _TM3K_
a year ago
Thank you for sharing this. I will experiment more with Ichimoku again. Looks definitely helpful to use it as a gauge for price targets.
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_TM3K_ PRO ChartArt
a year ago
Cool, Ill have to say its gotta be done in a different way in different kind of markets, for example on the way from 220 to 315 you would have to look on the daily chart all the way to the left to find previous resistance levels(which are the flattest part of the span a or span b). Compared to now where we have local tops and bottoms which are clearly displayed by the tops and bottoms of the cloud.

You can also see here how i went against the cloud levels and jumped the gun too early
LONG AGAIN
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ChartArt ChartArt
a year ago
And interestingly on the BTC China chart the price was hitting right against the top of the cloud last summer, but couldn't break through it. Which when was the top of the year right exactly there. I believe this precision is only achieved because the periods make only sense on the weekly chart (and Asia uses Ichimoku more than we do).

snapshot
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_TM3K_ PRO ChartArt
a year ago
Do you think that because we are below the weekly cloud that we are gonna stay below it and be rejected?
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ChartArt _TM3K_
a year ago
It would make sense to me, because all what I expected so far until this week was pointing me to the believe that this $316 price was a peak which will reverse to the downside into larger stronger support and then the real rally begins based on that support in September/October.

But maybe this chart is only wishful thinking and the bulls are much stronger already than I had expected.

Bitcoin correction until late August, early September 2015


Bitcoin correction until late August, early September 2015
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_TM3K_ PRO ChartArt
a year ago
I noticed that the weekly cloud now on btce is a lot thicker which could make it harder to break through. But a lot of time I notice that the lower span is "soft resistance" and the upper span to be "hard resistance" usually where i put my targets. and the top of the span with hard resistance is right at 400.
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BuyBitcoin.WS ChartArt
a year ago
ChartArt this is very good weekly Ichimoku chart that shows we topped out. very likely that we will trend at those levels 275-285 for few more days then head down to 250-260 area. Everyone buying here is buying the top at a clear resistance.
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ChartArt BuyBitcoin.WS
a year ago
I fully agree with your good comment. But I gave it a try. With a very tight stop. If it starts to fall I won't buy back for a few days maybe weeks though.

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BuyBitcoin.WS ChartArt
a year ago
for sure i saw your tweet u can go for it. My initial plan was better for you as a trade. I suggested to buy at 276-280 and sell at 285-290 area in my previous chart. I missed the buy since I was out saturday night and of course BTC had to hit 276 that night as annoying as it always is. happy trading!

snapshot
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