PsychonauticalTrader

PsychonauticalTrader

No expert here, but it looks like we will break into an overall bull trend by June or July of this year. First, it looks like we've been in an ascending triangle on the daily that has been playing out since November. This ascending triangle reaches the apex around the middle of this year. It does not seem a coincidence that the 200 daily moving average looks...

PsychonauticalTrader

Hi there - so I posted a bit earlier today about a symmetrical triangle for FACTOM which I bet would break downwards. Well, it did, but without the accompanying volume that would confirm such a breakout. I also don't think it's a fakeout either. Instead I think this is a still-developing falling wedge. We'll need to keep an eye on it, but from the looks of it,...

PsychonauticalTrader Updated 

So, we're about to hit a decision point on FCT. I would say we're more likely to break down than break up - two things going on. There's a larger H&S pattern that's playing out so far very well for FCT, which is visible on the 4 hour. Now we've got declining volume and a symmetrical triangle playing out. Also, we are in a larger bear market for cryptos (still) and...

PsychonauticalTrader

OK, so the recent bounce off of dual supports (e.g., both resistance-turned-support and also the upwards trending support line) have demonstrated the CND bullish ascending triangle formation continues to be in play, which has been the case for several weeks now. We have all the elements of a strong bullish break to the upside once it resolves, although it may...

PsychonauticalTrader

Of course anything can happen, but that upward trending support line is looking extremely solid. Easy trade to buy at current support and/or wait for the bounce, then sell at resistance. CND has reversed out of it's bear trend for now, and has been in accumulation for the last few weeks / months. Once BAKKT goes live and ETF gets approved I see CND as a very solid...

PsychonauticalTrader

Just posting this for fun (and seeing if it comes true!). Symmetric triangle clearly visible on the 15 minute chart. Presumes ongoing bullish trend reversal has taken place in CND, which I identified approximately two weeks ago (prior to PBC pump). Can buy in now and sell at 400 sats for a quick profit. I could be wrong, though.

PsychonauticalTrader

I was watching CND before the Palm Beach Confidential "pump" happened a week ago (see ), and identified that a reversal had likely taken place. Then, of course, BTC dumped and then the PBC pump. But don't let that fool you. CND *has* undergone a trend reversal, as far as I can see (trendline drawn so you can see it). Basically buying support and selling the tops...

PsychonauticalTrader

I like Cindicator and admittedly I'm a bit emotional about the project. BUT, I don't trade it, I merely accumulate it. I've been seeing a slightly messy, but still apparent ascending triangle pattern visible on the 4-hourly for CND. Obviously, ascending triangles are frequently continuation patterns and the momentum for CND has been overwhelmingly bearish for...

PsychonauticalTrader Updated 

OK, so here it is. I've heard a lot of people talking about the so-called "inverse head and shoulders" reversal pattern. Let's get to it. First, it has yet to be invalidated. TRUE, it has *not* been validated yet. For it to be a valid pattern, BTC has to break above 68XX zone. My trading stack is all in fiat at this moment. Unless you're a highly disciplined...

PsychonauticalTrader

About as simplistic of an analysis as you can get. If BTC breaks below 7900 over the next 24 hours, it's heading lower. If it holds, and possibly breaks above the 9400-9600 range, it's breakout time. I fully expect we'll stay stranded in this 8K-9K channel for the next several days though