This chart produced some nice results and I received more messages than usual asking for an update.
First, here is the previous chart, this one produced over 115% of gains:
Now, you know I don't look at charts after the move is done, we like to look at them before the action so that we have the highest profits potential as well as the lowest risk, but we are going to make an exception and look at this one again while due to popular demand.
GoChain Chart Analysis by Alan Masters
The first wave went for 213% from bottom to top... After a strong move, a correction follows, which is what is happening now.
Prices for GOBTC first stopped when they hit the yellow line, which is EMA50. This retrace is likely to go further until the 0.148 - 0.236 Fib. retracement range is hit, based on experience.
After this level is hit, marked with light green, we can see additional action.
Conditions for change
Of course, other scenarios are also possible... If this support range mentioned above is broken, prices can move lower, just as they can bounce and start to move up again sooner than expected.
These are just projections and not predictions, we trade/make money based on candle close.
Thanks a lot for reading.
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This is Alan Masters.
Thanks again for visiting, it was my pleasure to have you.