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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
This is part 1 of 3 posts I want to share with you about what is driving me on the Bitcoin/Usd chart.
Many crypto-traders are very bearish for many different reasons depending on their own approach. I certainly respect their opinion but what the chart is telling me is to be neutral at the moment.
Let's see why ...
MONTHLY CHART
In my opinion, since 2014 BTC/USD is moving inside a huge Channel perfectly established with the march 2020 low.
As we will see in detail in the next two posts (weekly and daily charts), BTC/USD has proven to be very reliable in terms of Classical Charting. Almost all patterns I could spot reached their targets.
After a three years Parabolic Advance (C), price dropped as expected and then consolidated for the next three years taking the form of a Symmetrical Triangle (G) which reached its target on January 2021.
After forming the 4th pivot point what we usually want to see in a Channel is prices to bounce back and go touching the opposite boundary (and so form the 5th point) but, obviously, that is not a "must happen". The fundamental points are the first four so we can draw the Channel properly, but then prices could also fail to reach the upper boundary and go testing the lower one and eventually breach it.
So, the conclusion to me is that, at the moment, prices are exactly testing both the lower boundary of the Channel and the previous round level at 20'000. At this point a bearish scenario is certainly possible but also a rebound could occur, so being neutral is the only option for me.
Let's explore this further with the next post (weekly chart) ...
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
This is part 1 of 3 posts I want to share with you about what is driving me on the Bitcoin/Usd chart.
Many crypto-traders are very bearish for many different reasons depending on their own approach. I certainly respect their opinion but what the chart is telling me is to be neutral at the moment.
Let's see why ...
MONTHLY CHART
In my opinion, since 2014 BTC/USD is moving inside a huge Channel perfectly established with the march 2020 low.
As we will see in detail in the next two posts (weekly and daily charts), BTC/USD has proven to be very reliable in terms of Classical Charting. Almost all patterns I could spot reached their targets.
After a three years Parabolic Advance (C), price dropped as expected and then consolidated for the next three years taking the form of a Symmetrical Triangle (G) which reached its target on January 2021.
After forming the 4th pivot point what we usually want to see in a Channel is prices to bounce back and go touching the opposite boundary (and so form the 5th point) but, obviously, that is not a "must happen". The fundamental points are the first four so we can draw the Channel properly, but then prices could also fail to reach the upper boundary and go testing the lower one and eventually breach it.
So, the conclusion to me is that, at the moment, prices are exactly testing both the lower boundary of the Channel and the previous round level at 20'000. At this point a bearish scenario is certainly possible but also a rebound could occur, so being neutral is the only option for me.
Let's explore this further with the next post (weekly chart) ...
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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