Guys, I'm sorry for not explaining my ideas. English is not my native language. Writing comprehensive and correct explanations takes me a long time. So I'm trying to simply and clearly visualize my observations on the charts.
On this chart I tried to show a sequence of price movements, which are repeated for the fourth time in a row.
Red - falling after growth. Orange - flat after falling. Violet - falling after flat. Green - rebound after fall.
Looks interesting. I've not seen this type of TA before. Could you explain a bit about how you defined the boxes, and how this works? Thanks.
BTCookieMonster
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Just following your lead of posting your work in someone else's comments section....
BTCookieMonster
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@BTCookieMonster, maybe also leave a comment with it next time...
Rombit
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@BTCookieMonster, okay. I'm not so good at expressing my thoughts in english, but I'll try. According to my idea we'll go down, but according to yours, we'll go up. I'm just interested in the opinions of traders who have opposite expectations.
BTCookieMonster
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@Rombit, Cool. I love pattern recognition, and I think yours is pretty on point. Now the question is, what happens after the last violet box? Something others (not saying you are) are forgetting is that downtrends must end at some point and those occur with catalysts and reversal formations, of which I believe we are potentially at one now, as shown in my Adam & Eve Double Bottom analysis. We could very well pile drive below 6200, but we should always consider different possibilities. Considering different possibilities, in my opinion, does not mean conforming to what 98% of what everyone else is saying and thinking, which is something I have been dealing with for a while. To paraphrase Jessie Livermore (Reminiscences of a Stock Operator) and Richard Shabacker (Technical Analysis & Stock Market Profits) "The market tends to do the opposite of what the masses expect it to do." Everywhere you look you see bears, shorters, and the fearful...and we know what Warren Buffett says about the fearful..I would caution that the 98% of "analysts" looking forward to dirt cheap BTC themselves try looking from a different perspective...The stock market just lost all of its gains from this year and is currently down 650 points (catalyst?)...I don't expect all of that "smart money" to ride the bear market out without finding a better cash cow to feed off of...so back to that last violet box, where the boxes are getting smaller and smaller, what happens next?
BTW, I think your English is pretty good.
MrPalmTree
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Have the same view with you.
Now it's becoming smaller and smaller, what if when it's too small, it turns into a reserval point......?
Rombit
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@MrPalmTree, It seems to me that the reversal point will not become soon. And before that time we will see some new patterns.
IceCold_
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Nice spot there. Very possible seeing that most trading is done by bots and you might have found a pattern