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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
This is part 3 of 3 posts I want to share with you about what is driving me on the Bitcoin/Usd chart.
Many crypto-traders are very bearish for many different reasons depending on their own approach. I certainly respect their opinion but what the chart is telling me is to be neutral at the moment.
Let's see why ...
DAILY CHART
On the left chart I just wanted you to better see the pattern D and E I listed in the previous post (Symmetrical Triangle and then Pennant).
On the right chart I want to focus on this year price action. We certainly are in a downtrend characterized by a consolidation that takes the form of a small Channel followed by a very fast drop. Every Channel begins with a spike (black arrows) and then prices consolidated a bit higher (this doesn't invalidate the Channel).
At the moment, my conclusions are:
- it is clear that this is a crucial moment since prices are again consolidating after a drop BUT they are also testing the lower boundary of an 8 years long Channel which is much more important;
- we are in a downtrend BUT both options are still on the table: prices could rebound from the lower boundary or they could breach it and so the long-term implications, from a Classical Chart perspective, could be much more bearish than you think;
- I won’t take any action in this moment;
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
This is part 3 of 3 posts I want to share with you about what is driving me on the Bitcoin/Usd chart.
Many crypto-traders are very bearish for many different reasons depending on their own approach. I certainly respect their opinion but what the chart is telling me is to be neutral at the moment.
Let's see why ...
DAILY CHART
On the left chart I just wanted you to better see the pattern D and E I listed in the previous post (Symmetrical Triangle and then Pennant).
On the right chart I want to focus on this year price action. We certainly are in a downtrend characterized by a consolidation that takes the form of a small Channel followed by a very fast drop. Every Channel begins with a spike (black arrows) and then prices consolidated a bit higher (this doesn't invalidate the Channel).
At the moment, my conclusions are:
- it is clear that this is a crucial moment since prices are again consolidating after a drop BUT they are also testing the lower boundary of an 8 years long Channel which is much more important;
- we are in a downtrend BUT both options are still on the table: prices could rebound from the lower boundary or they could breach it and so the long-term implications, from a Classical Chart perspective, could be much more bearish than you think;
- I won’t take any action in this moment;
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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