$BTC.X #cryptocurrency #BTCUSD still quite choppy and deciding
if $6k was a floor or not. The choppiness has definitely told me to patiently wait for trending behavior again. However, in the interim, some patterns can be visualized - whether or not they have practical merit is another story. So, this post is merely highlighting it with neutral outlook on its resolution. Yes, I'm using the 15 minute chart here to evaluate the pattern and I agree, the value to a trader is probably low in this type of market but it's interesting nonetheless. The basic repetition is: an advance followed by 3 peaks, typically each declining in price relative to the last, followed by a sharp decline on high volume, testing support twice before the next advance.
While I drew in this arc acting as "support", I'm not a huge believer in arcs since if they're off even a little it can lead to large changes in predicted support/resistance points.
While it's difficult to know where the current price is at for this pattern, some possibilities are shown. I think the best usage would be the double bottom between each decline/advance, whereby you can define a rather tight stop loss. Other than that, all these lines are more of a musing while waiting for trending price action. I used Coinbase for this chart, but if you check the other major exchanges you can see similar patterns.
While I drew in this arc acting as "support", I'm not a huge believer in arcs since if they're off even a little it can lead to large changes in predicted support/resistance points.
While it's difficult to know where the current price is at for this pattern, some possibilities are shown. I think the best usage would be the double bottom between each decline/advance, whereby you can define a rather tight stop loss. Other than that, all these lines are more of a musing while waiting for trending price action. I used Coinbase for this chart, but if you check the other major exchanges you can see similar patterns.