The BTC Project 2019, Phase 01, Edition 05
My Hypothesis, just sharing ideas.
Using Fib. Circles to determine major lines for support and resistance.
On the Full chart, it helped determine the Major channel from April to May.
This channel is also is in the middle of the uptrend (from the bottom) as a channel of the fib.pitchfork which helps visualise the boundaries for the extremes or better said, trend changes.
As one can see, we have gone beyond this channel, above the blue shaded strip, indicating above 200%.
What they say with such scenarios, as its extreme or extended, a return to the normal will happen.
Hence why many people belief a pullback.
I'm using this assumption to determine where it will be pulled back to, in a healthy way, as such the black lines along the EMAs path before the BTC boom.
I also believe when BTC pulls back, the EMAs\SMAs will cross over the trend and act like resistances until they become support along this (black line) channel.
Using the Full Chart, you can see how we came to see the blue lines in the 2 Hrly chart and how they correlate to the resistance levels back in 2017.
This to me is also confirmation as to the resistance lines in this trend.
I am making an assumption that either the 8300 or 9900 range are the main targets before a restracement to the April channel
We cannot say which one it is at this point without some confirmation or steps that have taken place.
We know the 8300 and above is a strong resistance and it could be this range that throws us pack to the low 6000 range or it can be the next blue line\resistance level.
Time will tell.
As of now, we are seeing pauses along the major fib circle (red lines) as points of resistance.
On the 2 Hrly, we have outlined along the circles to identify the potential stop\pause path along the way down.
FULL Chart:
2 Hrly Candle Chart:
Using Fib. Circles to determine major lines for support and resistance.
On the Full chart, it helped determine the Major channel from April to May.
This channel is also is in the middle of the uptrend (from the bottom) as a channel of the fib.pitchfork which helps visualise the boundaries for the extremes or better said, trend changes.
As one can see, we have gone beyond this channel, above the blue shaded strip, indicating above 200%.
What they say with such scenarios, as its extreme or extended, a return to the normal will happen.
Hence why many people belief a pullback.
I'm using this assumption to determine where it will be pulled back to, in a healthy way, as such the black lines along the EMAs path before the BTC boom.
I also believe when BTC pulls back, the EMAs\SMAs will cross over the trend and act like resistances until they become support along this (black line) channel.
Using the Full Chart, you can see how we came to see the blue lines in the 2 Hrly chart and how they correlate to the resistance levels back in 2017.
This to me is also confirmation as to the resistance lines in this trend.
I am making an assumption that either the 8300 or 9900 range are the main targets before a restracement to the April channel
We cannot say which one it is at this point without some confirmation or steps that have taken place.
We know the 8300 and above is a strong resistance and it could be this range that throws us pack to the low 6000 range or it can be the next blue line\resistance level.
Time will tell.
As of now, we are seeing pauses along the major fib circle (red lines) as points of resistance.
On the 2 Hrly, we have outlined along the circles to identify the potential stop\pause path along the way down.
FULL Chart:
2 Hrly Candle Chart:
Trade active:
I swear I put this triangle before it happened, what a fluke. LOL.
Trade active:
Have you noticed how accurate these fib.circles are or useful they are. I didn't think that this point will play another 0.618 retracement (from 8100 to 7650). More sideways movement today. if however it drops from here, it should hit the black line for support (7500) or the EMA 100 on the 15 minute candles.
Comment:
if this scenario happens, then possibly inverted H&S
Trade active:
Trade active:
Trade active:
To summarise the above chart.
Selling around 8500 and waiting to buy back around 7000 or above range.
Its possible 7000 could fail as a strong support (based on the wedge triangle) then we will have a volatile range and no TA can tell you what will happen until we see the 7000 response type. Call the green zone, the consolidation zone. This range is still bullish and if its here, expect it to come out on the upside for another rally.
Selling around 8500 and waiting to buy back around 7000 or above range.
Its possible 7000 could fail as a strong support (based on the wedge triangle) then we will have a volatile range and no TA can tell you what will happen until we see the 7000 response type. Call the green zone, the consolidation zone. This range is still bullish and if its here, expect it to come out on the upside for another rally.
Trade active:
If not BAT pattern, then this falling wedge, in the 15 min candle sticks
Comment:
progress report, since Binance is on maintenance, I'm not sure how long this pattern is valid, but it seems we are now going back up.
Trade active:
Bull trend still in play, however it needs to break this ribbon, in the 4 hrly, it gives a great view as to current scenario.
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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.
These questions were answered by a tool called the pitchfork, which i searched on youtube and found a pro explaining it.
As explained perviously, the fib. pitchfork helps identify the trend boundaries and if those boundaries are hit, it increases the likeliness of a trend change. On my chart, this is the light blue shaded areas.
On the chart below, I have marked two indicators where these boundaries might be.
On the RSI\4 HRLY chart and on the main chart, in Red marked region overlapping the light blue section.
If you noticed, the current boundaries for the RSI for strength on the upside (blue channel), if this is broken blow, the strength will learn towards a downward trend. If it hits the RED section on the RSI, it would most likely correlate to the RED section on the main chart, which also as explained, is the trend reversal region.
When will this happen, as explained before, if it drops below the April mean channel.