Well folks, that happened.
I will forever call Oct 25 the Great Wick of China.
The 3rd largest 24h percentage gain in all of BTC history.
Sadly I was unable to get to checking the markets due to work and not only missed out on the potential gains, but had some fair losses.
It's moments like these that make you get better at TA or make you walk away from trading...
I tried an application of Gann into the descending wedge we might be in and the results are somewhat intriguing so I thought I'd publish and ask for some second opinions.
For those who don't know Gann's techniques work over periods of 192 bars known as a pattern of harmonics. There's usually some large kind of price action that happens around these frequent...
21, 55, 50, 200
Yellow, Orange, RED, GREEN
Paying closer attention to the parabolic channel we've been in since the kick off enormous candle we received at the beginning of April, for the most part we've stayed inside it and when we veered outside, the correction was quick (within a week or so) to get back into the channel and keep...
BTC is definitely at a high tension point, and while many TA indicators and trends can be observed, none can be confirmed until the patter resolves itself.
In moments like these I prefer to take the historical approach and compare the current chart to patters of the past for guidance.
I think the comparison with the previous ATH of 2017 and resulting bear market...
Looking at some TA fundamentals, I've given a decent outline of Wyckoff phases and outlined most of the major label points with arrows that can be compared here:
It also looks like we're trying to resolve an iH&S which could serve as the final leg...
While everyone (including myself) was seeing the road to a double top at 13.8k or so it looks like we've gotten hit with the double top around 13k.
My stop loss and stop position reverse got hit within minutes of each other to minimize any losses which I emphasize to every trader as an especially good strategy in extreme highs and lows.
My targets on the way down...
Starting from the abrupt selloff and recovery we seem to be in an ascending channel for the time being.
We haven't been able to breach and get a close at the major resistance line at around 12,750 yet so there's still potential for upside movement with target range between 13,500 and 13,900.
The descending volume is something to keep a close eye on as there's a...