Hi All,
This post is a continuation from my previous version 1 post which for now looks like it was spot on. Refer to the bottom of this post for the chart.
> Hence it gives me somewhat more confidence to use this methodology for the next round of the cycle since we have the latest price action and what I presume was the top
(as we have broken the uptrend with no new higher highs)
> This methodology refers to the Inverted BARR approach. Using this to identify 2 potential targets and applying it to the macro structure, it seems there is confluence with the ABCDE elliot triangle correction wave.
( For a TA explanation of this chart, in terms of lead in trend lines and how they are used to deduce the target, then please refer to the post below and a video post to support it)
Summary (What to take from these charts)
=======================================================================================
> Note: Diamond top pattern, reversal pattern
> We have the 10/20 EMA converging around the 8150 range on the Weekly
> We have the 100 EMA 7400 range which played a significant role in the past in terms of support
> With the Inverted BARR we have the bottom around 6700 and 7000.
> Using the volume profile approach, we have 6700 as an area with strong support, so just above it, is 6900. This also has confluence with the 0.5 fib retracement.
(refer to chart below)
> Looking at the chart, the range from 7500 to 7800 looks like a strong support area which has confluence with this strategy.
> So these 2 areas are of interest to me in terms of going in long\strong. That is 6700 and 7500, more so, 6700 to 7000 if I was to choose.
> I expect a nice bounce when we hit the 0.236 fib level (double bottom) around 8350 -8500 and 7850 to 8050.
> I expect a strong rally at the 0.382 fib level 7450
We plan and the market makers plan, so we just have to take each level as it comes.
WEEKLY Chart with 20/50 EMA ribbon and the 100 EMA.
One can see in an uptrend, the weekly 10/20 ema played a significant role and the 100 as the
V1, Previous post
This post is a continuation from my previous version 1 post which for now looks like it was spot on. Refer to the bottom of this post for the chart.
> Hence it gives me somewhat more confidence to use this methodology for the next round of the cycle since we have the latest price action and what I presume was the top
(as we have broken the uptrend with no new higher highs)
> This methodology refers to the Inverted BARR approach. Using this to identify 2 potential targets and applying it to the macro structure, it seems there is confluence with the ABCDE elliot triangle correction wave.
( For a TA explanation of this chart, in terms of lead in trend lines and how they are used to deduce the target, then please refer to the post below and a video post to support it)
Summary (What to take from these charts)
=======================================================================================
> Note: Diamond top pattern, reversal pattern
> We have the 10/20 EMA converging around the 8150 range on the Weekly
> We have the 100 EMA 7400 range which played a significant role in the past in terms of support
> With the Inverted BARR we have the bottom around 6700 and 7000.
> Using the volume profile approach, we have 6700 as an area with strong support, so just above it, is 6900. This also has confluence with the 0.5 fib retracement.
(refer to chart below)
> Looking at the chart, the range from 7500 to 7800 looks like a strong support area which has confluence with this strategy.
> So these 2 areas are of interest to me in terms of going in long\strong. That is 6700 and 7500, more so, 6700 to 7000 if I was to choose.
> I expect a nice bounce when we hit the 0.236 fib level (double bottom) around 8350 -8500 and 7850 to 8050.
> I expect a strong rally at the 0.382 fib level 7450
We plan and the market makers plan, so we just have to take each level as it comes.
WEEKLY Chart with 20/50 EMA ribbon and the 100 EMA.
One can see in an uptrend, the weekly 10/20 ema played a significant role and the 100 as the
V1, Previous post
Comment:
The pitchfork approach
Comment:
There was a report recently that placed a value on BTC based on historical data and it stated that BTC value is around 6K, and hence current prices are over inflated.
If that is the case, then it makes sense that this chart and cycle returns back to when it started the cycle, based on inverted BARR structure\strategy
If that is the case, then it makes sense that this chart and cycle returns back to when it started the cycle, based on inverted BARR structure\strategy
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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.