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Looking at 1W charts we can clearly see that we didn't get thru down trend line
+ MACD showing us strong downtrend, it's just pumped by the news and it won't make it.
We get some volume Yestarday but Todays volume is less than 1/2 what was yestarday.
Do You have something what would change all those facts? I don't think so ! Charts, volume, BTC falling talks itself.
Im speculating with some crazy IDEAS... looking the behaviour of XVGBTC, Im specting for a second excesive rise, its just a math thing... nothing to take too seriously, nor to reject.
Thanks for sharing us your knowledge... its the IDEA of this.
I think we have to hit around 250 satoshi to get back on track, on top of that, i think that crossover of downtrend and uptrend lines would be a perfect time for reversal (around 20 of may)
From my calculation around Jun we should retrace to previous high.
That's just my opinion.
I will have your opinion present now and see if I find something that match with it. Than, new IDEAS rise.
Im a bit autodidact and must learn 50/50 theoric-experimenting way... and this is the lab part.
My idea here is, after looking the first uptrend I took the shape of it and proyect it as a fractal in the last big rise. Why I did that and take it as possible? Because The first wave of the first downtrend went back to the .786 fib level before rising a second time, and the lowest level reached after the last rise has bounce in the respective .786 fib level too. Than, using trends lines in pink, both, first rise of the first run and the last peak of the actual (second) run, make a similar falling wedge and were break under .786 fib level, so appeling to their simmilaritie, I draw the shape fo the first uptrend and see if it fit into the last period behaviour, and it match very significaly . One more thing is that EMA 55 is geting closer to EMA 233 so... could be....
For last, the target was calculated as a fib extension of the distance between the last peak and the lowest price before that peak.
In other words, we are in middle of the second period of a fractal behaviour. Crazy IDEA ah?
Well, as I said, Im not a trader, Im just a autodidact student and Im experimenting with Ideas hoping that people with knowledge can guide me to a better path-view-understanding of all this.
I was robbed last week from bitfinex and I just want to recover my money with I still have.
Anyway, Maths shows what is in the chart. And you have totally right, the reversal should be confirmed with the brake of (around) 600 resistance
Anyway, very risky move considering that just recently are confirming more signs of reversal and uptrend forming.
But,well, hi mate .. ready for moon? ahah