This looks like the current dominant pattern on Bitcoin in this market..
1. Create swing high resistance (Buying Climax) (Red Line)
2. Break high for liquidity (Bull Trap) (Pierce Above Red Line)
3. Break recent swing low, and retest previous support area to confirm resistance before heading downwards. (Purple Line)
Basically this structure creates a Barr...
Bearish Confirmations in Order of Least to Most Important:
1. Price Crosses Over and Closes Hourly Below Red Line "BAR-Reversal"
2. Price Chooses to then decline more rapidly, ultimately choosing the steeper downward path
3. Angle ends up being so acute down this path that line of death is crossed
4. Line of Death is closed under on the hourly timeframe
5....
BARR tops can be seen across markets at the moment, but this is the first potential Dual BARR top that I've noticed so far.
This ending is complicated and trading this is basically not worth it until it breaks out of either trendline.
I'm sitting it out and then probably shorting it since 60K USD is not sustainable at this point in time.
It's also not a proper...
We just saw a bump and run reversal top.
Looks like text book material.
thepatternsite.com
1. BTC
Volume profile is showing where previous price action will act as support.
Also Fibonacci levels 0.5 ~30800$ and 0.618 ~37500$ line up with volume profile and price action.
On the low time frames we are at critical support level at ~46400. We did make a...
First of all - let me clearly state that this is solely a EDUCATIONAL IDEA & not a short recommendation - Shorting parabolic bull markets is not recommended especially for beginners and this idea is solely to give you a understanding of what A POTENTIAL blow off top can look like. If you want to show your appreciation for the insight - then i would greatly...
