I'm using 3 days as it has a more clear view than 1D (noisy) or 1W (too compressed).
So, let's break it down with almost naked chart and price action...
1) Huge bull flag / potential falling wedge (fucking same!)
2) ABCDE completed (Not sure applies, but been working very good for me!)
**Also D was a great fake out, typical!
3) ABCDE completed with double bottom (typical from falling wedges before break up!)
*Interesting info: Falling wedges normally yield between 30% to 70% profit.
4) Low to high fibo, retrace to 61.8% fibo (BTC normal behavior and healthy / bullish retrace!
5) Retrace to test 100 MA on 3D (must, and done!)
6) Bounced from POC - Point of Control from Volume profile (support / resistance line, very magnetic).
7) RSI is kind of neutral inclining bullish due to mild divergence.
8) We poked higher OB, then lower OB, now ready to go above higher OB? (boxes)
Simple as that...
Once we get above 50% fibo, then we will be very bullish!
PS: As a heads up, this is a pattern, and patterns play out 70% of the time, statistics... So, I'm not saying we will, I'm simply analyzing without any bull or bear bias (pattern itself is bullish ofc)!!!
Happy Trading 2020!
So, let's break it down with almost naked chart and price action...
1) Huge bull flag / potential falling wedge (fucking same!)
2) ABCDE completed (Not sure applies, but been working very good for me!)
**Also D was a great fake out, typical!
3) ABCDE completed with double bottom (typical from falling wedges before break up!)
*Interesting info: Falling wedges normally yield between 30% to 70% profit.
4) Low to high fibo, retrace to 61.8% fibo (BTC normal behavior and healthy / bullish retrace!
5) Retrace to test 100 MA on 3D (must, and done!)
6) Bounced from POC - Point of Control from Volume profile (support / resistance line, very magnetic).
7) RSI is kind of neutral inclining bullish due to mild divergence.
8) We poked higher OB, then lower OB, now ready to go above higher OB? (boxes)
Simple as that...
Once we get above 50% fibo, then we will be very bullish!
PS: As a heads up, this is a pattern, and patterns play out 70% of the time, statistics... So, I'm not saying we will, I'm simply analyzing without any bull or bear bias (pattern itself is bullish ofc)!!!
Happy Trading 2020!
