We are looking at two patterns here, blue and orange. The blue pattern has already completed and set up our orange pattern. I see this forming the potential 1-2 waves of a 5 wave Elliot pattern, which means we are on the verge of perhaps a 5 year bull market. In commodities wave 5 is typically the longest and we might see that in crypto. If this is wave 3 then a likely place for this uptrend to create wave 4 is around 575,. as shown by the fib extension up there. Since this is crpyto and can go bonkers that is the conservative target.
The bold falling trend lines with hammers show where resistance was asserted to great affect on both patterns, and the black circles show where the trend lines were confirmed at support. Two main things to consider are the fact that we could still retest the orange bold orange trendline, but the reversal wick looks really strong, so that does not seem to be too likely.
The thinner rising trend lines are formed from the low to the retest of the bold trend line. The thin orange trendline is steeper than the blue. We are going to see those lines get steeper and steeper when this thing goes parabolic. There may be some wiggling that happens as we refine the trendline, but buying that trendline aggressively is a good bet.
This travesty of a chart is a daily chart below with the Bollinger bands set to 2.5 standard deviations. One is the standard length of 20 periods, and the other is 60 periods to mimic the 3 day inter-weekly timeframe. My intent is to long until price action pops out of the 60 period bollinger band where I take profit and then re-enter long when price action hits the lower limit of the 20 period bollinger band. Since my biase is bullish I won't be longing... hopefully for a long time.
The bold falling trend lines with hammers show where resistance was asserted to great affect on both patterns, and the black circles show where the trend lines were confirmed at support. Two main things to consider are the fact that we could still retest the orange bold orange trendline, but the reversal wick looks really strong, so that does not seem to be too likely.
The thinner rising trend lines are formed from the low to the retest of the bold trend line. The thin orange trendline is steeper than the blue. We are going to see those lines get steeper and steeper when this thing goes parabolic. There may be some wiggling that happens as we refine the trendline, but buying that trendline aggressively is a good bet.
This travesty of a chart is a daily chart below with the Bollinger bands set to 2.5 standard deviations. One is the standard length of 20 periods, and the other is 60 periods to mimic the 3 day inter-weekly timeframe. My intent is to long until price action pops out of the 60 period bollinger band where I take profit and then re-enter long when price action hits the lower limit of the 20 period bollinger band. Since my biase is bullish I won't be longing... hopefully for a long time.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion