4 Major Market Profiles - Adapted to Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
582 5 12
This was taught to me by ICT. It's how markets work.

the four major market profiles are Trend, Reversal, Retracement, Consolidation, which then breaks out and starts a new trend and the cycle repeats.

Pretty self explanatory. First you have a trend. Nothing lasts for ever, so that trend goes away and reverses. The reversal will then have to retrace just because markets go up and down. Then the market will settle into a consolidation as orders are paired and will pave the way for the new trend.

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When we hit 320, we had a double bottom then speculation and bubble dreams took us back to 500. Since then we have continued the long tern down trend. A few days ago we hit 150, what has indicated to you the down trend has ended? Do you think $150 could be tested again or maybe continue the trend down to $120?
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A couple things indicate this is a bottom to me, but that is for another discussion. I am going to write a free book on bitcoin, so look out for that.

I think bitcoin will go lower than the lows it made... but not yet
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Yes that takes more tricks and knowledge to figure out, but having a rough outline to go on is key. Trading is all about anticipation
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the tricky part is to find out the right levels and timing :)
MagnusTradingGroup MagnusTradingGroup
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