JimFred
Long

BTC looks like it is ending it's bear market

BITSTAMP:BTCUSD   Bitcoin / Dollar
339 9 13
There are a few different Gann square             setups on the weekly chart that are "defensible". Hard to say which is "correct", given the sharp drop at the very start of the bear .

I am inclined to think that this is the operative setup - time will tell pretty soon. We hit the bottom of the 5th square             just a few weeks back.

More importantly, we will be exiting out of the square             next week. Based on these observations, I will be buying back into btc (for the first time in a year) as soon as my target is hit - probably today or tomorrow...

Happy trading!
DanV MOD
2 years ago
Thanks for sharing. Not familiar with this approach. Why 5 square is significant in Gann. Can it not have more squares? How does square of 9 interact with this.
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JimFred PRO DanV
2 years ago
Eacg square marks a significant time period. In other words, if you notice, there is typically a noticeable change in the chart at the end of each of the squares. In the chart above, the end of the 1st square sees a sharp move down. 2nd, a sharp move up AND down, 3rd a change in direction, 4th a sharp move down. Not always, but typically by the time a 5th square is ended, a move is very tired, and overdue for a major reversal in trend. We will see if that is true again this time - pretty soon...
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JimFred PRO JimFred
2 years ago
Not only the vertical sides of the square (time) are important, but also the horizontal (price). Note that the tops and bottoms of each square are price support/resistance for the entire duration of the square.
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ChartArt
2 years ago
Your chart looks brilliant and corresponds to many long-term scenarios I analyzed. But I never used Gann this way so far, I'm still experimenting. With your knowledge I'd love to hear what you think of my two long-term Gann charts:
Bitcoin
and
Bitcoin Price Analysis - Bubbles of the Past and Future
Reply
JimFred PRO ChartArt
2 years ago
I think you are on the right track. My suggestion is to be meticulous in how you scale your charts. The scale radically affects the chart's value. (I was the one who advised Tradingview in how and why to implement the Gann Square by the way).
Scale the chart first, before you do anything else, then lock the scale.
There are a few schools of thought about the best way to go about scaling a chart. One way, fast and neat, is to pick a recent high and low, and use the trend angle tool to draw a 45 degree angle, making sure that the high and low are on that angle line by changing either the price or time scales. Then be sure to lock the scale.
+1 Reply
JimFred PRO JimFred
2 years ago
Computerized charting typically auto-scales a chart, and that is sold as an advantage when in fact it is a killer. Gann and other traders of legend drew their charts by hand and always used the same scale. Maybe THAT is one of the reasons they were legendary traders...
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Maddie
2 years ago
Didn't you just drew it upside down? :O
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Flyas
2 years ago
Nice chart, and what an uncommon approach - interesting. Looking into it. Thanks.
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rivet.popper
2 years ago
Would love an update on this when/if you can. We seem to be in an uptrend now 3 months later.
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