BITCOIN The 'Triangles of Death' and LMACD say PUMP and DUMP!
Yes the title may be catchy but as you'll see in this study, both features (LMACD and Triangles) draw a very accurate mid-term trading pattern for Bitcoin.
*The LMACD*
We have analyzed the LMACD indicator numerous times (see the charts at the bottom of this study) and has helped us identify buy and sell entries with great consistency within the Channel Down that started with the late June 13800 High.
At the moment the LMACD has already made a bullish crossover and even though the price is basically consolidating on the 1D chart since the late November sell-off, it is still off the Lower Low of the Channel Down. This is a clear buy signal on the short term.
*The Triangles of Death*
So where can this buy signal lead to on the short term? Well technically to a Lower High within the Channel Down of course. In the past two occurrences, the Lower High zones have been clearly designated by a Triangle pattern where the price following the High, consolidated for a bit before starting the next bearish leg (to a Lower Low).
How can we identify those Triangles? Well the top is easy, it is marked by the descending trend-line of the Channel Down. Ad for the bottom, the Channel's previous Lower Low or the last top of the Lower Low bounce work as the Support (see chart).
*Useful Note: Every Lower Low is roughly -15% lower than the previous one.
*Useful Note 2: See how the LMACD completed its second symmetrical dump below 0.00. Can it make a third one the way it made three straight on the parabolic rise of April - June (see the blue numeric sequence on the chart)? Most of all, can that be the new Bottom within the MA1000/ 1400 BUY ZONE?
So do you think there is still one "Pump and Dump" left within this Channel Down? Is the LMACD useful to you at taking buy/ sell entries? Will this "Triangle of Death" hold this time as well? Let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
Related studies on the LMACD indicator:
*The LMACD*
We have analyzed the LMACD indicator numerous times (see the charts at the bottom of this study) and has helped us identify buy and sell entries with great consistency within the Channel Down that started with the late June 13800 High.
At the moment the LMACD has already made a bullish crossover and even though the price is basically consolidating on the 1D chart since the late November sell-off, it is still off the Lower Low of the Channel Down. This is a clear buy signal on the short term.
*The Triangles of Death*
So where can this buy signal lead to on the short term? Well technically to a Lower High within the Channel Down of course. In the past two occurrences, the Lower High zones have been clearly designated by a Triangle pattern where the price following the High, consolidated for a bit before starting the next bearish leg (to a Lower Low).
How can we identify those Triangles? Well the top is easy, it is marked by the descending trend-line of the Channel Down. Ad for the bottom, the Channel's previous Lower Low or the last top of the Lower Low bounce work as the Support (see chart).
*Useful Note: Every Lower Low is roughly -15% lower than the previous one.
*Useful Note 2: See how the LMACD completed its second symmetrical dump below 0.00. Can it make a third one the way it made three straight on the parabolic rise of April - June (see the blue numeric sequence on the chart)? Most of all, can that be the new Bottom within the MA1000/ 1400 BUY ZONE?
So do you think there is still one "Pump and Dump" left within this Channel Down? Is the LMACD useful to you at taking buy/ sell entries? Will this "Triangle of Death" hold this time as well? Let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
Related studies on the LMACD indicator:
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🤵Contact info@tradingshot.com t.me/tradingshot
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