I've been Neutral for a month watching this formation from day 1 and, once timeframe identified itself, it has been pretty consistent (but not exact which has led to two out of seven small trades being unsuccessful)
As I understand the next sequence of events in the coming days should look like this to confirm the bottom:
- SPRING / PHASE C - Final indicator is big chop over the next 48 hours during this Test of Support / back end of the Spring Phase. This Phase may still form a lower local low in next 24 hours - in previous studied examples it always has.
- ACCUMULATION / PHASE D - Final Accumulation towards the breakout. This should be a retest of broken downward resistance.
- BREAK / PHASE E - Circled is roughly where I believe the parabolic move will be and safest leveraged entry. From $40k up to $51k range
Still a few days to confirm this is a bottom but as someone continuing to educate myself, this has been a fantastic learning experience - mapping the formation, watching sentiment shift, crucially how ALTs react in different Phases (surprisingly similar price action to the top formation at $60k!... just in the opposite direction). These formations occur all the time in different timeframes so should prove useful.
If the chop develops I'll continue to edge long.
Best, Hard Forky
Start of Bottom Formation / PHASE A
Secondary Test / PHASE B
As I understand the next sequence of events in the coming days should look like this to confirm the bottom:
- SPRING / PHASE C - Final indicator is big chop over the next 48 hours during this Test of Support / back end of the Spring Phase. This Phase may still form a lower local low in next 24 hours - in previous studied examples it always has.
- ACCUMULATION / PHASE D - Final Accumulation towards the breakout. This should be a retest of broken downward resistance.
- BREAK / PHASE E - Circled is roughly where I believe the parabolic move will be and safest leveraged entry. From $40k up to $51k range
Still a few days to confirm this is a bottom but as someone continuing to educate myself, this has been a fantastic learning experience - mapping the formation, watching sentiment shift, crucially how ALTs react in different Phases (surprisingly similar price action to the top formation at $60k!... just in the opposite direction). These formations occur all the time in different timeframes so should prove useful.
If the chop develops I'll continue to edge long.
Best, Hard Forky
Start of Bottom Formation / PHASE A
Secondary Test / PHASE B
Not
buying here - spot
Not
Price action below previous low from earlier in the month places this move in the Spring zone. If it holds, crazy to think that the daily may close green!Not
possible
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.