Sorry for the mess, but unfortunately that is how the reality of Technical analysis looks on BTC.
I need to make a very important remark before, and that is that there is no INDICATOR, or TECHNICAL STRATEGY, that involves trend analysis, candle stick patterns, chart or price action trading, that will repeat itself, IF MORE TRADER ARE NOT SEEING, OR TRADING THE SAME THINGs ON THE CHART. I can not be the only one trading Harmonic Patterns on BTC/USD, if there are not thousands more with IMAGINATION same like mine, and off course with millions USD in Market orders. If there are not thousands traders seeing the same thing, that nothing Major will happen....UNLESSS....and that is the think with BTC.....A single TRADER, or Group of traders(wales) Have different plans than the masses, and of course the Buying/Selling Power to move the market.
This won't work
1. I have been trying to draw some trend line, but it is impossible.
2. Support or resistance they can be found, but here is also impossible to connect more than 3 points. Always spikes, or strange market behavior.
3. Do not even think at advanced pattern formations
4. RSI, the worst indicator for BTC
5. Allots of indicators are also a joke with BTC trading
This might work
1. Triangles are the only patterns that are formed, probably because of accumulation of buying or selling pressure.
2. Fractals will work, and that is because is just a support or resistance indicator
3. Alligator will work, again...just some MA's that are following the trend movement
4. Breakouts of previous highs or lows
5. Altogether….TREND CONTINUATION TRADING
Please note that this is a personal opinion and I have no intention of offending any trader that is doing a hard work trying to make money trading BTC
I need to make a very important remark before, and that is that there is no INDICATOR, or TECHNICAL STRATEGY, that involves trend analysis, candle stick patterns, chart or price action trading, that will repeat itself, IF MORE TRADER ARE NOT SEEING, OR TRADING THE SAME THINGs ON THE CHART. I can not be the only one trading Harmonic Patterns on BTC/USD, if there are not thousands more with IMAGINATION same like mine, and off course with millions USD in Market orders. If there are not thousands traders seeing the same thing, that nothing Major will happen....UNLESSS....and that is the think with BTC.....A single TRADER, or Group of traders(wales) Have different plans than the masses, and of course the Buying/Selling Power to move the market.
This won't work
1. I have been trying to draw some trend line, but it is impossible.
2. Support or resistance they can be found, but here is also impossible to connect more than 3 points. Always spikes, or strange market behavior.
3. Do not even think at advanced pattern formations
4. RSI, the worst indicator for BTC
5. Allots of indicators are also a joke with BTC trading
This might work
1. Triangles are the only patterns that are formed, probably because of accumulation of buying or selling pressure.
2. Fractals will work, and that is because is just a support or resistance indicator
3. Alligator will work, again...just some MA's that are following the trend movement
4. Breakouts of previous highs or lows
5. Altogether….TREND CONTINUATION TRADING
Please note that this is a personal opinion and I have no intention of offending any trader that is doing a hard work trying to make money trading BTC