BTC (Y20.P1.E10.v3).So far its been pure harmonics
Hi All,
I thought I just go over the lessons in this exercise and it seems all the rules have played out.
The chart says it all.
Note:
> The purpose of this chart is to make the key points here, I have not factored time scale to this chart. This chart is to only demonstrate the pivotal points that are most important. How long it takes to get there is not factored here, and why would it be.
> The vertical measurements are colour based and demonstrate the pattern price range that was part of the structure, actually played out by showing the same colour bar applied to the pattern.
> The bounce from the 0.5 fib level can be 2 or 3 possible scenarios. I have chosen the most bullish scenario playing out, the BAT harmonics. But it could well as be AC=0.382 or 0.886 similarly CD=1.68, 2.618 and in some cases 3.618
Eg. We know in general terms, the height of the triangle is used to forecast the target price from the breakout of the triangle.
Similarly on the way down. Just like the hight of H&S pattern is measured from the neck line to the top of the head.
So this next structure looks like a descending triangle structure and hence the price target has confluence with the 0.5 fib retracement level as well as the height of the triangle being resistance and now support.
** Descending triangle = Top declining, bottom flat
Enjoy!!
Please don't forget to give me a tick\like, as I would appreciate it.
Regards,
S.Sari /CryptoProspa
I thought I just go over the lessons in this exercise and it seems all the rules have played out.
The chart says it all.
Note:
> The purpose of this chart is to make the key points here, I have not factored time scale to this chart. This chart is to only demonstrate the pivotal points that are most important. How long it takes to get there is not factored here, and why would it be.
> The vertical measurements are colour based and demonstrate the pattern price range that was part of the structure, actually played out by showing the same colour bar applied to the pattern.
> The bounce from the 0.5 fib level can be 2 or 3 possible scenarios. I have chosen the most bullish scenario playing out, the BAT harmonics. But it could well as be AC=0.382 or 0.886 similarly CD=1.68, 2.618 and in some cases 3.618
Eg. We know in general terms, the height of the triangle is used to forecast the target price from the breakout of the triangle.
Similarly on the way down. Just like the hight of H&S pattern is measured from the neck line to the top of the head.
So this next structure looks like a descending triangle structure and hence the price target has confluence with the 0.5 fib retracement level as well as the height of the triangle being resistance and now support.
** Descending triangle = Top declining, bottom flat
Enjoy!!
Please don't forget to give me a tick\like, as I would appreciate it.
Regards,
S.Sari /CryptoProspa
Comment:
Comment:
For this recent rally, it doesn't change anything as the target was 9K and potentially 9.2K. This signal was given to enter short.
Comment:
Comment:
A rising wedge trying to hit the daily 200 MA, maybe get a spill over the top of the wedge before the drop\correction
Comment:
Updated idea based on new data
I envision 3 bullish possible scenarios with the same result. Testing the 9400 target and then a pull back of some sort (not much), to continue on to the next target 10K, etc
1st scenario > still within the rising wedge with a bounce off the 0.65-0.68 fib retracement (8500 range) or in a smaller wedge bouncing off the 0.236 (8700) and going direct to 9400.
2nd scneario, playing a bullish harmonics of some sort, as per chart. I see this less likely
Up to now, the measurements have been all harmonics\fib levels.
I envision 3 bullish possible scenarios with the same result. Testing the 9400 target and then a pull back of some sort (not much), to continue on to the next target 10K, etc
1st scenario > still within the rising wedge with a bounce off the 0.65-0.68 fib retracement (8500 range) or in a smaller wedge bouncing off the 0.236 (8700) and going direct to 9400.
2nd scneario, playing a bullish harmonics of some sort, as per chart. I see this less likely
Up to now, the measurements have been all harmonics\fib levels.
Comment:
Getting close to a spill over or one more spike before a downward descent
Comment:
Hmmm, another perspective. Last triangle?
Comment:
Comment:
So it turned out to be this
Comment:
With new information, we have another piece of the puzzle for the target, 9400.
I would think that the pattern will continue, but with less height on the triangle pattern as people see the target, they are less likely to sell now. If the drop is into the bottom quadrant of the macro wedge, I think it will be a sign of weakening and the target less likely and then towards a drop out of the Wedge rather a spike above the wedge.
Before
I would think that the pattern will continue, but with less height on the triangle pattern as people see the target, they are less likely to sell now. If the drop is into the bottom quadrant of the macro wedge, I think it will be a sign of weakening and the target less likely and then towards a drop out of the Wedge rather a spike above the wedge.
Comment:
Micro trading > A good spot to buy for the bounce (internal trend line support)
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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.
