Fantastic trading opportunities if this develops and potential ALT run.
Post falling wedge I was analysing some historical charts I save on file (sad life ;) to forecast March and I noticed the structure resembles very closely the pattern outlined here on the 4hr. Typically I'd observe this after a deeper dip but the market is bullish and drops have been limited. I'm unclear if it is an 'Adam and Eve' bottom pattern or 'cup and handle'? but there are similarities in the structure. Either way it is bullish!
- The height of the next moves up are indicative as every structure varies slightly.
- The length of the structure is indicative - part B being slightly longer than part A. Major Move up is forecast in 4 weeks / End of March. If you are expecting $100k next week sadly this pattern does not support that hypothesis.
- The structure offers uniform entry/exit points
Target X: If this is reached and pattern holds I will look to trade the structure with light leverage.
- Watching the 21 SMA (red line) on the 4hr - expecting to stay above this for the next week.
- Watching for the RSI to be relatively calm
- MACD will indicate limited market activity
- When I've traded this in the past I've bought on support - sold on resistance, very standard but the trick is to avoid pushing your winners (It's not going to $100k tomorrow). Selling with the expectation the market is not going far and sideways.
- If this trend materialises I will look back at how ALTs have reacted to this pattern in BTC.
-- Just an idea! and an ambitious one at that but a month of sideways accumulation would make more sense right now - will put a watching brief in this one.
Best, Hard Forky
End of Part A: Falling Wedge
Post falling wedge I was analysing some historical charts I save on file (sad life ;) to forecast March and I noticed the structure resembles very closely the pattern outlined here on the 4hr. Typically I'd observe this after a deeper dip but the market is bullish and drops have been limited. I'm unclear if it is an 'Adam and Eve' bottom pattern or 'cup and handle'? but there are similarities in the structure. Either way it is bullish!
- The height of the next moves up are indicative as every structure varies slightly.
- The length of the structure is indicative - part B being slightly longer than part A. Major Move up is forecast in 4 weeks / End of March. If you are expecting $100k next week sadly this pattern does not support that hypothesis.
- The structure offers uniform entry/exit points
Target X: If this is reached and pattern holds I will look to trade the structure with light leverage.
- Watching the 21 SMA (red line) on the 4hr - expecting to stay above this for the next week.
- Watching for the RSI to be relatively calm
- MACD will indicate limited market activity
- When I've traded this in the past I've bought on support - sold on resistance, very standard but the trick is to avoid pushing your winners (It's not going to $100k tomorrow). Selling with the expectation the market is not going far and sideways.
- If this trend materialises I will look back at how ALTs have reacted to this pattern in BTC.
-- Just an idea! and an ambitious one at that but a month of sideways accumulation would make more sense right now - will put a watching brief in this one.
Best, Hard Forky
End of Part A: Falling Wedge
Comment:
on track
