ronfkingswanson
Mua

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

BTCE:BTCUSD   Bitcoin / Đô la
2993 5 43
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 -
snapshot
Bình luận: 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

snapshot
Bình luận: still crawling upwards, but hasn't kicked into rally mode yet...
snapshot
Bình luận: 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
snapshot
Bình luận: 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.
snapshot
Bình luận: pausing at the last S/R level since 2013 ATH. clearly still enough bull pressure to take us higher
snapshot
Bình luận: TOUCH. as if a two-year long bull channel wasn't enough to trust, there's your confirmation :) :) :)
snapshot
Bình luận: aaaaaaaaand here comes the correction channel
snapshot
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
snapshot
Do you have any advice for me now? I'm very confused by the BTC/USD price right now :(
+1 Phản hồi
Excellent work , spot on analysis every time
Phản hồi
yeah nice work ron. The bitstamp version of this may be showing a nice long term rising wedge too
Phản hồi
should change your name to ronfkingswami
Phản hồi
impressive, you selling now?
Phản hồi
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