chris-abc

1st ever idea. Interesting observation on a repeating pattern

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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I am just an amature so i apologise if i dont get the jargon right or if this type of analyse as a name.
I just thoiught i would share this as i have not seen anyone show anything similar. I have noticed for some time each drop has a curved shape to it, like it is going to form a rounded bottom, but it never completes and breaks down to form another iincomplete rounded botttom on a smaller time from, then the same happens, so on and so on. This can be tracked all the way downt the time frames, i now see on the smaller time frames the pattern is getting to about 70% complete which could possible suggest we are very soon going to change direction if it holds true to convert to the longer time frames. This would fit with the above, but i think it might be a much more gradual change of direction than what seems to be the general thought of us seeing a huge bounce.
So my prediction is short for short term to about 5500-5600, then long positions after that

Of course all this may well be wrong, i am just an ameture with no technical analyse training
Comment: Slight alternative but same idea
Comment: This scenario is still very much in play in my view,, we popped up through the curved resistance line and are now inside a D formation of support resistance, I think now if we break below the D we will continue down to at least 5500-5600 or even 5200, if we break top side of the D formation then we can look long with a targer of 9-10,000. But while inside this D formation i think no trade is sensible. I do however favour long if i were to choose since when i look down in the smaller time frames, i find these curved structures seem to complete on the third phase for a mini rally so i see no reason why that rule would not apply for the larger time interval. A good risk reward ratio trade would to find an entry around 6200 with a target of 9000 and a stop at 6000. I will trade long there myself with a small trade.
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