Trying to make heads or tails of where this market is going. Volatility has stalled and I am seeing mixed signals on various indicators and time frames. BTC Moon or Doom will be a series of charts that I or anyone can look back on to see what method of T/A was the most accurate.
Charts of this series will be named "BTC Moon or Doom (1) ----> (?)"
Different indicators and styles will be used and these charts can be looked back on.
At this time my personal opinion is we are going to see movement down to the golden pocket zone before the called for bull run begins.
BTC Moon or Doom (1)
(1) This first chart is a simple longterm trendline drawn on the bottoms and a fib retracement from the last swing high to swing low to identify the Golden Pocket zone between 61.8% and 65% fib.
BTC Moon or Doom (2)
(2) This second chart shows long term resistance and support drawn on the tops and bottoms and a look at hidden bearish divergence in the RSI . BTC has been showing lower highs in the price action and lower lows in the RSI . This is hidden bearish divergence.
(3.1 Update) This chart was one I started last night showing the Wyckoff Distribution Phase but I also wanted to illustrate that unless the trendline marked in red is broken we are still in a short term down trend. If that red resistance is broken I will change my position to one of a bull stand point. Right now is not a time to FOMO as it looks like we are just retesting the top of the channel.
It also looks like we are entering Phase E of a Wyckoff distribution cycle.
Good luck and happy trading!
Charts of this series will be named "BTC Moon or Doom (1) ----> (?)"
Different indicators and styles will be used and these charts can be looked back on.
At this time my personal opinion is we are going to see movement down to the golden pocket zone before the called for bull run begins.
BTC Moon or Doom (1)
(1) This first chart is a simple longterm trendline drawn on the bottoms and a fib retracement from the last swing high to swing low to identify the Golden Pocket zone between 61.8% and 65% fib.
BTC Moon or Doom (2)
(2) This second chart shows long term resistance and support drawn on the tops and bottoms and a look at hidden bearish divergence in the RSI . BTC has been showing lower highs in the price action and lower lows in the RSI . This is hidden bearish divergence.
(3.1 Update) This chart was one I started last night showing the Wyckoff Distribution Phase but I also wanted to illustrate that unless the trendline marked in red is broken we are still in a short term down trend. If that red resistance is broken I will change my position to one of a bull stand point. Right now is not a time to FOMO as it looks like we are just retesting the top of the channel.
It also looks like we are entering Phase E of a Wyckoff distribution cycle.
Good luck and happy trading!
