Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Focusing more on ETH right now but this chart is picking up the BTC resistance points, Quantify Crypto still has it sitting at 3.0 which is extremely bearish so would expect it to drop to the next one at least
What is this kind of chart? never seen before. Other style of fib-levels?
w00fs
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@rule1981, I'm using modified fib arcs to try and draw support lines, and being an arc it correlates time and price. So whereas normal fib retracements are static, with these the lower trend line bends and the lower lows stick to it. On this chart whenthe low went lower it has poked through but the underlying trend is still following it.
I haven't quite worked out a good strategy for trading it, but I feel like there is one there somewhere.
I'd say I'm over 50% confident that BTC will drop to the next support line in this chart:
Just how low it goes depends on when/if it does break downwards.
This technique also relies on the chart being scaled, so locking the Price to Bar ratio at either 1, 2 or 5 (or 0.01, 0.2, 0.005, 10, 20 etc). It sounds subjective and kind of is, but the arcs will line up with major price points once that right scale is found.
w00fs
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I just put more into my short on ETH because it's at this upper support line:
so as time goes on it may make a higher high in line with the arc, but I'm quietly confident it won't break up through it, and hopefully will break through the lower one
w00fs
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-_- welp it did bust thru it
w00fs
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shouldve gone off this one:
didn't spend time running thru all the possibilities first tho, i guess it shows the shortcomings of trying to use this technique