Apologies for a late post, our family is going through challenging times, my grandma was hospitalized in late August and its terminal. 2020 does suck and it is not even over.
Alright then, back to CRYPTO: We have to look at our AUGUST to see what is happening.
So is anyone actually surprised by this sudden sell off?
No, was it sudden - yes, which by the way is a good thing.
But if you look at the chart you would instantly see that we really just hit a previous Febuary High, before the Covid happened. Which is expected, and luckily it happened the way it did. A sudden droped triggered all kinds of...
A symmetrical triangle is formed. The base of the triangle is over 200%. The price is shrinking. I marked the observation area. Target levels are similarly shown on the chart.
A local upward trend is developing. The secondary and main trend are downtrends.
If the triangle is broken down, a double bottom will form.
I marked the zones of price levels. Remember the...
//Indicator for trend identification (based on position of moving averages)
//Editor - balance.
count1 = 0
lma = Average (close)
sma = Average (close)
increase = sma>lma
while (increase ) do
upcount =upcount +1
while (decrease ) do
count2 = count2+1
The idea is simple, above 200DMA you expect a rally and below it a correction, previous instances are circled in blue. Even if you are chopped up by sideways movement, eventually you will catch the big trend move
Also considering the sideways consolidation, I consider price staying above median line will take it to channel top, so now we are seeing resistance at...