As per the chart, I like using the pitchfork channel to carve out my resistance and support lines when there are signs to support it.
Of recent, I have done well to sell at the wicks because I used this method to identify resistance levels.
My thoughts >
In the recent past, when the price dropped to the 6500 range, followed by a nice bounce and the next resistance was identified, it was clear in my mind that we will now have another bullish or bearish flag formation to come.
It just happens all to often with BTC and Crypto in general.
Hence you can see on the 4 HRLY chart we have another pennant.
At this point, it is with probability that says, in a downward trend that the pennant will turn out to be a bear flag. However this could also be the bottom so it can also be a reversal pennant.
I'm leaning towards a drop purely based on the volume profile. I also feel people are still bearish and are holding back for the 6K range, maybe a double bottom.
I can make arguments for a bullish pennant or a bearish one as its this reason why it makes it hard to know the right choice. Hence its better to respond after it has happened.
Other thoughts>
Do I think this is the bottom pattern? No, as one would expect the bottom to be slow and boring drawn out price movement.
I still think its between 5400 to 6800 range, so we should at least visit this price range 1 more time. It could just be a double bottom that kicks the reversal off.
Note: The historical trends in the past have been broken since we have been below the weekly 21 MA. Hence relying on historical data in my opinion is now invalidated.
The price volume profile of 2017 and this year gives us some indication that the 6K range is critical.
Other references:
Using the daily 350 MA as a means to finding the trend, referenced by twitter.com/Positive...255158808577/photo/1
twitter.com/BTC_Jack...946681622528/photo/1
twitter.com/IamCrypt...773769117696/photo/1
Close up view, 1 HRLY chart
Of recent, I have done well to sell at the wicks because I used this method to identify resistance levels.
My thoughts >
In the recent past, when the price dropped to the 6500 range, followed by a nice bounce and the next resistance was identified, it was clear in my mind that we will now have another bullish or bearish flag formation to come.
It just happens all to often with BTC and Crypto in general.
Hence you can see on the 4 HRLY chart we have another pennant.
At this point, it is with probability that says, in a downward trend that the pennant will turn out to be a bear flag. However this could also be the bottom so it can also be a reversal pennant.
I'm leaning towards a drop purely based on the volume profile. I also feel people are still bearish and are holding back for the 6K range, maybe a double bottom.
I can make arguments for a bullish pennant or a bearish one as its this reason why it makes it hard to know the right choice. Hence its better to respond after it has happened.
Other thoughts>
Do I think this is the bottom pattern? No, as one would expect the bottom to be slow and boring drawn out price movement.
I still think its between 5400 to 6800 range, so we should at least visit this price range 1 more time. It could just be a double bottom that kicks the reversal off.
Note: The historical trends in the past have been broken since we have been below the weekly 21 MA. Hence relying on historical data in my opinion is now invalidated.
The price volume profile of 2017 and this year gives us some indication that the 6K range is critical.
Other references:
Using the daily 350 MA as a means to finding the trend, referenced by twitter.com/Positive...255158808577/photo/1
twitter.com/BTC_Jack...946681622528/photo/1
twitter.com/IamCrypt...773769117696/photo/1
Close up view, 1 HRLY chart
Comment:
The bullish perspective...hence we need time (reversal\bottom found)
Comment:
Day trading...21 EMA (black) short
Comment:
Chart update > the pennant shape has been respected
Comment:
Bearish Hidden divergence on the 4 HRLY + BTCLongs are high > indicating Bearish tone. Market quite and hence looking for a big breakout soon...Have it in 4 days.
This next move will define the trend and will be significant, if its downwards :( and extreme volatility\opportunity.
This next move will define the trend and will be significant, if its downwards :( and extreme volatility\opportunity.
Comment:
Comment:
On Bitstamp
Comment:
Trade closed: target reached:
Comment:
progress update
Trade closed: target reached:
done.
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
