Greetings fellow traders, this graph looks more like contemporary art, but it has meaning and hopefully some new information for you, so bear with me =). I've been doing charts for myself for quite a few years, but haven't published anything. I've noticed that not all instruments on TV are available (which should be). For example, Fibonacci spiral is awesome tool that shows points of pressure or support for the price. The problem is only right handed spirals are available on TV. They can show downward pressure points and nothing else. Left handed spirals are not available. I've used transparencies to draw a mirrored spiral, and added points of support for left handed spirals - its vertical lines put throughout year 2018. As you can see, nearly all lines correspond to green weekly candles. This is my first idea published, hope that you find it useful and give it a like, and maybe tradingview someday will even add this instrument.
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By looking closer into the chart, you can notice that next left handed spiral is on 12 Nov 2018. I expect to see a green weekly candle.
You spiral is place well. however, you are interpreting it wrong.
A lower spiral originating from a higher lower will most likely signal a drop. The red circle we are in now, on the most recent update the bottom of that red circle is the target. right where your sine spiral goes thru.
Target is 3800 on BTC.
airatru
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@Glitch420, Interpretation methods are taken from TA textbook. Its quite possible to see two weekly red candles, right before 12 Nov. However, we currently have hidden bullish divergence (hence TV is filled with such charts now). I'm inclined to think that lowest possible bottom could be 5300-5700ish.
A lower spiral originating from a higher lower will most likely signal a drop. The red circle we are in now, on the most recent update the bottom of that red circle is the target. right where your sine spiral goes thru.
Target is 3800 on BTC.