Just wanted to share the analysis of #XTZ USD i've been doing since the start of the uptrend. Right now we are at the end of a cycle so be ready for the next step. Ill try to be uploading some images and ideas of what could happen, so as usual, hope you find this interesting. This is just the start image.
This is a special one cause with this, i've created my own line system (without studying, reading, books etc), to support Wyckoff and Chuvashov systems. With the lines you may understand better from the beginning after a fall, the different stages or phases for future analysis on different markets.
Happy Trading
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Hi there again,
Here's an update for #XTZ of what it seems (in my opinion), what's going on and what could we expect in the couple of weeks.
So, a couple of things to have in mind:
1. We now have a huge Head and Shoulder pattern, you may see it in larger time frames, 2-5 days and better in a week time frame. This means that price could go all the way down until the green line coming from way back since the beginning of the Wyckoff. This is typical when whales use this trade system.
2. Last spike from last week or so, it could be the top of the Chuvashov Fork in formation. If that so, that would verify my last point, cause after that chuvashov spike, it goes all the way down before it starts going up again, so, again we have price to hit around 0.5-0.6
3. I've notice that it is going down while #btc tries to go up, and more visible in the #xtzbtc pair, so i would recommend to pay attention on that.
4. If all this is right, a new cycle will start, the downtrend channel will be broken and price will go up again for a long trading position.
So, that's all for now. Hope it helps you out somehow!
Are you only using that (RS) indicator? really like this style chart...
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@hotwings, lol im glad it helped you out :) About your question, i only use those two RSI indicators. The regular RSI and the RSI Mirror, with those and Volume, Volume Profile, MacD, Aroon. I find those indicators more than enough to play well my cards ;) Sometimes i check the Accumulation and Distribution indicator to know more in deep if people are accumulating or just doing swing trades. Cheers!