Circled in Cyan on the above 1-day chart is the Pi Cycle cross. It is one indicator to pay attention to when it comes to identifying market tops. Especially after a strong rally to the upside.
What's the Pi Cycle I hear you ask, read all about it here: traderslog.com/pi-cycle-theory
Below is the same chart in 2017 when the Pi cycle crossed as this did recently resulting in a 70% correction.
Still not convinced?
The weekly chart below - from the same 1-day chart above.
The overbought areas (green columns) are the Pi Cycle crosses. As the Stochastic RSI crosses down 80 circled in orange) price action began a massive correction. Guess which weekly chart now shows the Stochastic RSI crossing down 80?
No amount of tweets from Elon can save this.
What's the Pi Cycle I hear you ask, read all about it here: traderslog.com/pi-cycle-theory
Below is the same chart in 2017 when the Pi cycle crossed as this did recently resulting in a 70% correction.
Still not convinced?
The weekly chart below - from the same 1-day chart above.
The overbought areas (green columns) are the Pi Cycle crosses. As the Stochastic RSI crosses down 80 circled in orange) price action began a massive correction. Guess which weekly chart now shows the Stochastic RSI crossing down 80?
No amount of tweets from Elon can save this.
Note
My curiosity got the better of me. On the 1-day charts below the Mayer multiplier overlay is applied (red line) with the Cyan marking the Pi Cycle crosses. The Pi Cycle crosses are switched off here to keep the chart clean, but the Cyan circles mark the cross point.For the MM overlay I’ve used the same formulae as found on:
lookintobitcoin.com/charts/bitcoin-investor-tool/
Which is: MA_730(DogeCoin USD Price) * 5
Oh yeah, it is highly probable we’re at the top!
Today:
Here is 2017
Note
The 12-day chart below (Does anyone else look at this?!) for the BTC/DOGE pair prints a new candle tomorrow. As far as I can tell this is the largest gravestone DOJI candle ever printed in Dogecoin's history. The length of the tail informs us price action will be explosive to say the least.This fall will make newspaper headlines.
Trade active
Note
If you're looking to open a long position wait until around 3.2 cents.Also there now exists a strong RSI resistance (call out below), which could remain active until Mid-March. It would be wise to avoid any long positions until that resistance is broken.
Note
Got a lot of PM's asking if the correction is over ;) Absolutely not, this is bull trap - don't fall for it. Unfortunately a great many will.static.seekingalpha.com/uploads/2020/7/6/47657197-15940377129713328.png
Trade active
Doge/BTC price action support appears to have broken. Expect a strong sell off if the candle body does not close in the formation.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.