LeMogwai
Short

550$, next support from the clouds

BITSTAMP:BTCUSD   Bitcoin / Dollar
575 10 10
4h (violet one, not show on the idea) and 8h (blue) clouds are turning bearish the next expected support for a bounce is from the 12h cloud bottom line (red) and the 20h cloud (yellow).
You can see this idea with other indicators here :
snapshot


A bounce to 595 right now is very probable, but i would not advise to play this move.
ChartArt
2 years ago
Yes, a bounce back to 595 will be a dead cat bounce.
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PaulAnthony
2 years ago
and i thought my double cloud system was ridiculous...
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LeMogwai PaulAnthony
2 years ago
And i thought it was an interesting comment...
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PaulAnthony LeMogwai
2 years ago
that's a lot of clouds. i usually just look at clouds in the 1d and 1h charts. i used to do 30m charts with both 30m and 1h clouds in the same chart. how do you choose which time periods to consider when doing clouds like this?
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LeMogwai PaulAnthony
2 years ago
there is only 3 clouds on that chart...
the others are not shown, it's just my global chart, i usually never use the others.
Also, this a 4h chart. I never switch the timeframe, that's why i have a cloud for each timeframe, it's easier to compare
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PaulAnthony LeMogwai
2 years ago
which timeframe's clouds do you compare? and why did you pick those timeframes?
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LeMogwai PaulAnthony
2 years ago
On this chart, i explained which one i use to compare : 8h,12h and 20h.
I usually pick the 4h (violet), 8h(blue) and 12h(red) because the proved to be really trustable (see the chart i linked)
snapshot
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PaulAnthony LeMogwai
2 years ago
oh wow... nice...
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ChartArt LeMogwai
2 years ago
Can you share this chart with us so that we can "make it mine"?
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ChartArt
2 years ago
Wow! You nailed it! We really bounced back up starting in this cloud yellow area which your circled.
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