BTCUSD Update - Congestion

BITFINEX:BTCUSD   Bitcoin / Dollar
183 6 6
We're coming up on two opposing long-term trendlines . Market is scared to test either direction. This will resolve within 2 weeks with a break (upward, methinks).

You can see I've overlaid a couple patterns of past bars, and established an upward channel.
TerryKinder PRO
2 years ago
Another view of the Bitcoin price - using Bitstamp prices - is that the weekly indicators are almost all down and price has fallen out of a channel established from the swing low of $339.79 back in April.

Bitcoin Falls Out of Price Channel as Weekly Indicators Decline
BitcoinErrorLog PRO TerryKinder
2 years ago
You're analysis is inferior in that it is based on wicks. Use some kind of VWAP or ALMA.
TerryKinder PRO BitcoinErrorLog
2 years ago
I find that when someone dismisses something out of hand without taking the time to look at it, that they tend to miss other things as well. I wouldn't do this normally, but in your one sentence reply you wrote you're (the contraction for you are instead of your, which would be correct). So, before you dismiss things out of hand, you might take the time to consider if your point of view might not be altogether correct, as well as your grammar. I find I learn a lot from what others say. I'll look into the VWAP or ALMA. You should take another look at my chart and the other charts. I have also posted charts on the Google Community where I am a moderator and have caught most of the recent price turns.
BitcoinErrorLog PRO TerryKinder
2 years ago
The grammar was a slip up, you're right. I should at least have good grammar if I'm going to be short. Otherwise, my comment stands.

I happen to believe that you can't say a channel is truly broken on low volume. If you redraw your channel accounting for volume, it probably hasn't actually broken downward.
MoonTrader BitcoinErrorLog
2 years ago
If you don't base it on the wicks, then what do you base it on?
BitcoinErrorLog PRO MoonTrader
2 years ago
Currently, the trendlines are drawn using peaks of the ALMA.
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