mortonpeak

chart formations: the BTC standoff

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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I think we'll revisit this chart formation again: the burmese bridge, representing a standoff between buyer and seller, a virtual siege where no one wants to move, until a real move breaks out. It's tough to call once the RSI crashes, and signals a buy. You must rely upon your fundamental analysis (non technical) to gauge whether you should enter. If you buy before the dip, you're out of the next action. If you fail to foresee a big uptick, you are also priced out of a predictable run-up.

If you are ready to stay out of a dip or break, you can set up a series of wonderful grabs, based on the lows. These are easy to read and can represent epic gains. When BTC falls, the real feast begins. Reading bridges like this, to avail yourself, not so easy.

I will be posting more notes on the totally epic bridge patterns (what I call standoffs) that show up in BTC recently, and represent the most important moments in BTC right now.

Comments

If you are ready to stay out of the volatility next couple of weeks, where would you position your buys / setup a series of wonderful grabs? I've done charts which show anything from 7.5k - 10k correction.
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@luxx, your pessimism is shared among other analysts running fib cycles. Most see necessary price crashes, upcoming. So far, during the recent price compressions there have been several good buy-ins. I run a day-trading outfit, so we adjust to conditions rather than do longer puts, as others do. We tend to accept the fees, trading on GDAX, and choose to sell on 2%+ moves.
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luxx mortonpeak
@mortonpeak, thank you for taking the time to respond. My problem is I'm based in the UK and don't have access to BTC/USD - I only have access to BTC/EUR. Thus all the charts I'm trying to learn from show different trends to what I see in the EUR exchange. I like your 2% rule, I will adopt that in this volatile period, wait for the crash to buy back in properly for a long term (12 month) hold. I only wish GDAX could do a trailing stop loss!
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