I've been confounded by this chart. I've decided to post what I'm trading, and I hope it helps others' confusion. My end analysis is that we're looking at a long period of price growth followed by a long period of market consolidation. We may still be in that period of consolidation for a year or two, or we may be about to exit via trend. Regardless, my analysis shows that the price will now flip. Further analysis shows that it's likely to be a very prolonged upward trend, but that's beyond the scope of this discussion.
First, safety please! Looking at this with veteran eyes, my first instinct says "it's a flag, prepare for a large dip". This may yet be true. I've provided tight stop-loss targets should this post be wrong.
Next, start with the context: We've seen a long period of price increase followed by an equally long period of correction. If you're an elliott wave trader like me, it looks like a very clear 12345-ABC now ready to continue the bullish march upward. Elliott wave traders also appreciate that there are number alternative explanations that aren't so neat and do not include a march to the moon.
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I'm going to halt the discussion here for now. Let's see if this prediction has legs. If it does, I'll provide a primer on the basics of the myriad analytical styles that went into this prediction.
First, safety please! Looking at this with veteran eyes, my first instinct says "it's a flag, prepare for a large dip". This may yet be true. I've provided tight stop-loss targets should this post be wrong.
Next, start with the context: We've seen a long period of price increase followed by an equally long period of correction. If you're an elliott wave trader like me, it looks like a very clear 12345-ABC now ready to continue the bullish march upward. Elliott wave traders also appreciate that there are number alternative explanations that aren't so neat and do not include a march to the moon.
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I'm going to halt the discussion here for now. Let's see if this prediction has legs. If it does, I'll provide a primer on the basics of the myriad analytical styles that went into this prediction.
Note
Wrote a detailed breakdown of my thoughts in the following, entitled "BTC LONG / ETH LONG: Follow Up With Depth"
Trade closed: target reached
Trade hit upper target. See "Movement Following a Triangle"
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.