JustChartThings

$BTC.X #cryptocurrency #BTCUSD still quite choppy and deciding

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
if $6k was a floor or not. The choppiness has definitely told me to patiently wait for trending behavior again. However, in the interim, some patterns can be visualized - whether or not they have practical merit is another story. So, this post is merely highlighting it with neutral outlook on its resolution. Yes, I'm using the 15 minute chart here to evaluate the pattern and I agree, the value to a trader is probably low in this type of market but it's interesting nonetheless. The basic repetition is: an advance followed by 3 peaks, typically each declining in price relative to the last, followed by a sharp decline on high volume , testing support twice before the next advance.

While I drew in this arc acting as "support", I'm not a huge believer in arcs since if they're off even a little it can lead to large changes in predicted support/resistance points.

While it's difficult to know where the current price is at for this pattern, some possibilities are shown. I think the best usage would be the double bottom between each decline/advance, whereby you can define a rather tight stop loss. Other than that, all these lines are more of a musing while waiting for trending price action. I used Coinbase for this chart, but if you check the other major exchanges you can see similar patterns.
Thank your for you TA.
Very interesting using of MA on the volume indicator... it was something new for me
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out