What I'm seeing is hard to show on a single Idea, but I suggest you setup a similar chart and go through the moves in the 1h timeframe (to better view cause and consequence).
It seems that for a certain time, the big majority margin position were right (and to me, at that time, it seems like there was one big player moving a very big position around).
A 200MA is the average of the last 200 candles.
Which means, after a top, it will take ~200 candles (give or take a few according to how much the price has diverged form the MA) for the higher prices to start disappearing from the rolling average.
If within that period the price fails to go above and hold the MA, the MA will inescapebly twist down. This is what...
The fractal from the previous overshoot of the sub-trendline (see www.tradingview.com seems to fit pretty good with the current lines we've got going on.
Let's see if how it pans out.
This is for fun tho so be careful !
The Ascending triangle is usually a bullish pattern, but it is also a continuation pattern and we're on a heavy downtrend, so be careful, it might break either way.
You can still play the range within for small scalps, or wait for a breakout confirmation of a bigger move.
The solid lines are the major trendlines, created like we normally do using the first peak and a following one.
The dotted lines however, are lines I've been drawing for a while that I call sub-trendlines (haven't really seen em anywhere else).
They are all drawn the same way, by using a peak before the move to the ATH/local high and a peak after it, as shown by...
One major question to me as far as how to trade BTC is whether we are in a major market cycle crash (~80-90% retracement) or just a correction within the current long term cycle; albeit a big one.
From what I can tell, that question is still open.
I see in the charts a lot of effort expended to either:
a) maintain certain important price levels, meaning we are...
Time Cycles since the beggining, ATH to ATH.
Interesting that there seem to be mini sequences. First 2 roughly the same, then double and 3 and 4 roughly the same again.
After that I want to believe we are entering into short-long-short-long market cycles.
Guesses for next cycle ??