Hi Trading View,
This is my first TA post and I felt worthy of sharing because it seems a pattern is developing on the hourly timeframe that I have never heard mentioned before, so really interested to read what others think, have you noticed this developing? Could it mean anything?
I drew two lower trendlines because the lower horizontal was respected more accurately by the sharp wicks downwards.
According to a few TA guides gleaned from the internet an ARABW usually breaks downward after a partial rise or decline.
What I thought was interesting is that arabw pattern is considered validated after two touches, whereas we've seen three here.
I think this is very simplistic and I also drew a bit of a scrappy line, but as a learner I would welcome any formative feedback.
Needless to say nobody should follow my advice, but in trading terms I am looking to cash some BTC into fiat soon anyway, and therefore I may aim for the top of this channel, though I will certainly be looking at other trading ideas first!
This is my first TA post and I felt worthy of sharing because it seems a pattern is developing on the hourly timeframe that I have never heard mentioned before, so really interested to read what others think, have you noticed this developing? Could it mean anything?
I drew two lower trendlines because the lower horizontal was respected more accurately by the sharp wicks downwards.
According to a few TA guides gleaned from the internet an ARABW usually breaks downward after a partial rise or decline.
What I thought was interesting is that arabw pattern is considered validated after two touches, whereas we've seen three here.
I think this is very simplistic and I also drew a bit of a scrappy line, but as a learner I would welcome any formative feedback.
Needless to say nobody should follow my advice, but in trading terms I am looking to cash some BTC into fiat soon anyway, and therefore I may aim for the top of this channel, though I will certainly be looking at other trading ideas first!