Sometimes the best thing to do is just scribble, wait, and HODL

29 thg 11, 2016

This is that chart -- the one that I never published, but should have long ago, because for once I stopped trying to make a technical analysis, grabbed the marker and just scribbled a potential path based on the price action in this two-year long bull channel.

Back on June 16th, as the rally was peaking in the blue zone, I freehanded a sloppy pink scribble which over many months seemed to attract candles like a magnet. I haven't been maintaining any other charts, just checking in on this daily one all year. Now here we are, poised to finally break out of this blue S/R zone and rally once again, this time within reach of the previous ATH. The last pause I could imagine would be the $800 level, but it shouldn't stop the moon train...

Obviously the exact timing of this rally hasn't perfectly stuck to the path of the pink scribble, but I'll still be satisfied if we moon a few weeks late ;)

(sorry for the sloppy oversized arrows, they didn't seem to show up quite the same when published...)

Here's the first snapshot I posted in the chat - s3.amazonaws.com/tradingview/snapshots/8/8EDEL6fG.png

2 thg 12, 2016

Ghi chú

finally got out breakout from the blue zone! RSI had perfectly touched the bottom of the local channel and curled upwards, so this shouldn't be much of a surprise. Price was already hugging the top of the zone, so any upwards RSI momentum HAD to push price through the resistance

12 thg 12, 2016

Ghi chú

still crawling upwards, but hasn't kicked into rally mode yet...

21 thg 12, 2016

Ghi chú

The slow upward grind finally popped the 800 S/R level. Adjusted some lines to show how we could end up revisiting the old ATH without even leaving the current two-year bull channel

23 thg 12, 2016

Ghi chú

momentum popping out of the blue zone resulted in a nice touch of the top of the yellow wedge. We should pause here for a bit, but might not really pullback as much as the curvy green scribble shows.

1 thg 1, 2017

Ghi chú

pausing at the last S/R level since 2013 ATH. clearly still enough bull pressure to take us higher

4 thg 1, 2017

Ghi chú

TOUCH. as if a two-year long bull channel wasn't enough to trust, there's your confirmation :) :) :)

6 thg 1, 2017

Ghi chú

aaaaaaaaand here comes the correction channel

25 thg 2, 2017

Đóng lệnh: đạt mục tiêu

took a little extra whiplash, but pink scribble has been fulfilled ;) Also confirms the ancient grey channel. I'd expect a little consolidation/correction at this point