This one played out exactly as we predicted. The volatility narrowed after many attempts to bring the price lower and failed, causing pressure to build in the price action and BOOM -- we blew our stack. This is why I draw these rudimentary primitive charts because there is value in simplicity. In a perfect world, you would have let some of your position go well above as close to .40 as possible for a nice profit! I am hoping we use the upper downward level as support while price distributes. ALWAYS BE PREPARED FOR ANYTHING -- This is the crypto game and anything can happen. We seek to buy when people are selling and we sell right into the buying and round and round we go! I have a few other charts similar to this set-up right now. ALWAYS TAKE SOME PROFITS OFF THE TABLE -- we have all year to swing trade these dogs!
Outlook, Neutral to bullish. I was hoping to see us hit .50, before a major retracement. It still might happen. Time is on our side because we Dollar-Cost-Average into every trade! We will win some and lose some, but the idea is to beat the odds! I have not changed this chart much but added an upper resistance line which is obvious to any chartist as just a visual reference. The upper down leg channel needs to become support.
Follow me on twitter to get simple analysis and trend trading ideas. I am a trend trader and I chart like one too. Let's keep the momentum!
Best,
Biff
Outlook, Neutral to bullish. I was hoping to see us hit .50, before a major retracement. It still might happen. Time is on our side because we Dollar-Cost-Average into every trade! We will win some and lose some, but the idea is to beat the odds! I have not changed this chart much but added an upper resistance line which is obvious to any chartist as just a visual reference. The upper down leg channel needs to become support.
Follow me on twitter to get simple analysis and trend trading ideas. I am a trend trader and I chart like one too. Let's keep the momentum!
Best,
Biff
