If you've seen any of my recent posts, more so $DATA, you will notice Im starting to lean towards a bar replay fractal type of analysis.
Why? Because from what Im seeing in the market, in some coins price is printing the same patterns over and over. This could be due to psychological reasons or simply bots. I plan to eventually figure out exactly how to tackle these patterns to take full advantage.
Looking at IOTX we can see the same sequence of events at least 3 times. Price wicks the top, forms an M, then rises. This happens two times before, and now we're currently at the nose of the new M.
Other reasons that suggest this may be a good area to buy into include:
Price pulled back to the nearest structure, which was a previous area of strong resistance now turned support, which is also the golden ratio 61.8%. This area is also the top of the last M pattern.
It would be wise to wait for price to settle on this zone and show signs of reversal before entering.
Check out my linked ideas for more on this theory.
Why? Because from what Im seeing in the market, in some coins price is printing the same patterns over and over. This could be due to psychological reasons or simply bots. I plan to eventually figure out exactly how to tackle these patterns to take full advantage.
Looking at IOTX we can see the same sequence of events at least 3 times. Price wicks the top, forms an M, then rises. This happens two times before, and now we're currently at the nose of the new M.
Other reasons that suggest this may be a good area to buy into include:
Price pulled back to the nearest structure, which was a previous area of strong resistance now turned support, which is also the golden ratio 61.8%. This area is also the top of the last M pattern.
It would be wise to wait for price to settle on this zone and show signs of reversal before entering.
Check out my linked ideas for more on this theory.
Comment:
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
