As Consolidation Continues Here Are some Levels to Keep in mind
I wanted to make a chart contrary to the previous one I did where we took a look at a possible bearish breakdown in price action. That chart is still 100 percent valid but as the price has continued to stagnate I wanted to take another look at our mid sized meme triangle with some alternative views and a look at interactions with the key fibonacci levels.
Some things to keep in mind:
A triangle where price action is consolidating and tightening made up by
-A series of higher wick lows made on 24 june, 14 Aug and 11 Oct
-A series of lower wick highs made on
a) 25 July and 04 Sept
b) 29 July and 15 October
Textbook consolidation of volume while inside meme triangle (the last week has been BRUTALLY boring lol)
The latter 2/3 of this consolidation has interected reactivley with a fibonacci drawn from the 14 AUG low and the impulse wave up ending in the 04 Sept. high
-in particular notice the .382 has provided significant overhead resistance while the .786 has provided significant support
- I think keeping a close eye on these levels could prove any trader well
Conculsion- neutral, I believe the resolution of this triangle will also be the resolution of the much larger meme triangle we are in and will seal bitcoins fate, either up or down, for the forseeable future. This is an alternative analysis opposed to the conclusion I drew from the chart linked below. As traders and analysts it is important to keep an open mind and I am doing my best with this contrarian analysis here !
Red Boar
Some things to keep in mind:
A triangle where price action is consolidating and tightening made up by
-A series of higher wick lows made on 24 june, 14 Aug and 11 Oct
-A series of lower wick highs made on
a) 25 July and 04 Sept
b) 29 July and 15 October
Textbook consolidation of volume while inside meme triangle (the last week has been BRUTALLY boring lol)
The latter 2/3 of this consolidation has interected reactivley with a fibonacci drawn from the 14 AUG low and the impulse wave up ending in the 04 Sept. high
-in particular notice the .382 has provided significant overhead resistance while the .786 has provided significant support
- I think keeping a close eye on these levels could prove any trader well
Conculsion- neutral, I believe the resolution of this triangle will also be the resolution of the much larger meme triangle we are in and will seal bitcoins fate, either up or down, for the forseeable future. This is an alternative analysis opposed to the conclusion I drew from the chart linked below. As traders and analysts it is important to keep an open mind and I am doing my best with this contrarian analysis here !
Red Boar
Comment:
I probably should have just made this an update here instead of it's own chart. My mistake, anyways will post it here now. Nothing too crazy just found the similiarity a little eerie.
Comment:
Ranging continues at least on the higher time frames, lower time frames providing solid scalping set ups. Will update this one when triangle is broken :)
