The price has officially broken and consolidated within the golden pocket, this is a great sign as it shows that the bears are not able to bounce the price off the key level of resistance. Therefore the price is sitting in a situation where it is between the support of the golden pocket as well as the resistance of the double bottom neckline. Theoretically this kind of consolidation acts like a spring and will eventually bounce dramatically to the chosen side, in my opinion and based off a couple technical signals, which i will express in the lines that follow, I am biased towards the fact that we are going to break to the bulls in the short term and eventually run to the target point (TP) as expressed on the chart.
1) Double bottom: the price is sitting right on the resistance level seen as the white line on the chart. It was expected that the price would struggle to break as this level has seen to be a strong support and resistance level in the past few days. How ever if we break this level we are not safe yet as we will still be within the pocket which seems stressful but is much more bullish than one would anticipate.
2) Golden pocket: As explained previously the price consolidating within this range can be seen as a spring effect, which can be both bullish or bearish, depending on where the price explodes to. If the price breaks to the bulls, the current resistance of the pocket will become support and the downward trending channel's resistance will force the price into decision which again will result in a strong move to the chosen direction.
don't forget once again that the narrative is shifting more and more everyday as you are seeing more positive news articles and videos being released in order to reverse all the fear among those who are not knowledgeable of the fluctuations of the market within cycles like the current one we are in. Fear is all determined by your time preference, as you will be more fearful if you plan to hold for a short term and see the price dumping, other than holding for the long term where you will be excited when the price retraces as you can trade the move as well as buy up the dip, for a long term trader the real money is made when there is blood in the street. Most people don't see it this way as they are programmed for instant gratification rather than delayed gratification.
The concept of delayed gratification is something every trader must live by when it comes to your portfolio. A simple will to explain the concept is to classify yourself into 1 of 2 groups. You are given a piece of candy and told you would receive a second one if you wait a couple minutes. the first group of people (most commonly) would eat the piece of candy without any thought of the compounded future satisfaction in order to get that satisfaction sooner although it is less. The second group (the trader) will wait and delay the urge to give in to temptation in order to receive 2 pieces and receive even greater satisfaction than group 1, even though group 1 felt that satisfaction first.
One thing to understand is that life is not a race but a marathon. Just because you finish first doesn't mean you are the best, Those who work longer and harder and don't try take short cuts are usually the ones who win in the end but aren't given the recognition they deserve as people only appreciate something if it supplies instant satisfaction. On the other hand those who take short cuts and obtain short term immediate satisfaction require attention in order to thrive, as there long term yields no return.
Thank you for your time, if you have any coins i must do some TA feel free to let me know.
1) Double bottom: the price is sitting right on the resistance level seen as the white line on the chart. It was expected that the price would struggle to break as this level has seen to be a strong support and resistance level in the past few days. How ever if we break this level we are not safe yet as we will still be within the pocket which seems stressful but is much more bullish than one would anticipate.
2) Golden pocket: As explained previously the price consolidating within this range can be seen as a spring effect, which can be both bullish or bearish, depending on where the price explodes to. If the price breaks to the bulls, the current resistance of the pocket will become support and the downward trending channel's resistance will force the price into decision which again will result in a strong move to the chosen direction.
don't forget once again that the narrative is shifting more and more everyday as you are seeing more positive news articles and videos being released in order to reverse all the fear among those who are not knowledgeable of the fluctuations of the market within cycles like the current one we are in. Fear is all determined by your time preference, as you will be more fearful if you plan to hold for a short term and see the price dumping, other than holding for the long term where you will be excited when the price retraces as you can trade the move as well as buy up the dip, for a long term trader the real money is made when there is blood in the street. Most people don't see it this way as they are programmed for instant gratification rather than delayed gratification.
The concept of delayed gratification is something every trader must live by when it comes to your portfolio. A simple will to explain the concept is to classify yourself into 1 of 2 groups. You are given a piece of candy and told you would receive a second one if you wait a couple minutes. the first group of people (most commonly) would eat the piece of candy without any thought of the compounded future satisfaction in order to get that satisfaction sooner although it is less. The second group (the trader) will wait and delay the urge to give in to temptation in order to receive 2 pieces and receive even greater satisfaction than group 1, even though group 1 felt that satisfaction first.
One thing to understand is that life is not a race but a marathon. Just because you finish first doesn't mean you are the best, Those who work longer and harder and don't try take short cuts are usually the ones who win in the end but aren't given the recognition they deserve as people only appreciate something if it supplies instant satisfaction. On the other hand those who take short cuts and obtain short term immediate satisfaction require attention in order to thrive, as there long term yields no return.
Thank you for your time, if you have any coins i must do some TA feel free to let me know.