Channel draw on btc still valid & ignore moving average crosses
The daily posters on Tradingview, Twitter, Coinbase and YouTube usually have a daily focus which is fine so long as it works for them. I am continuing to try and be a big picture guy and always zoom out or take a step back. And quite frankly, bitcoin is just consolidating in a channel at this point. I am likely to be more interested in bitcoin when I see it start to either break up out of the channel or break down out of the channel. I have a couple of monthly structure I am watching as well to help me steady my hands and likewise remain patient.
When price action goes sideways for so long moving average indicators don't matter. Lots of people have taken notice that the whatever moving average has crossed some other moving average. Doesn't matter, moving averages don't count when price action is ranged bound like this. That advice is one of the first things you will read on any primer for a moving average strategy. They work best in impulsive markets, not sideways/consolidating markets.
My idea is officially tagged neutral because this channel has been kind of neutral. Price could pump out the top from here, or it could go straight down. No telling. But whichever way it moves it will be very impulsive after going sideways for so long. Maybe later this formation will look like a double top. Maybe it resembles my bullish bias for bitcoin in the linked idea. Time will tell I think eventually the hard economic times will shake out everyone who bought more bitcoin than they should have given the circumstances and when enough of them sell part or all of their positions things will start to move as the buyers take over price action.
The technical targets for the channel remain the Hight of the channel.
When price action goes sideways for so long moving average indicators don't matter. Lots of people have taken notice that the whatever moving average has crossed some other moving average. Doesn't matter, moving averages don't count when price action is ranged bound like this. That advice is one of the first things you will read on any primer for a moving average strategy. They work best in impulsive markets, not sideways/consolidating markets.
My idea is officially tagged neutral because this channel has been kind of neutral. Price could pump out the top from here, or it could go straight down. No telling. But whichever way it moves it will be very impulsive after going sideways for so long. Maybe later this formation will look like a double top. Maybe it resembles my bullish bias for bitcoin in the linked idea. Time will tell I think eventually the hard economic times will shake out everyone who bought more bitcoin than they should have given the circumstances and when enough of them sell part or all of their positions things will start to move as the buyers take over price action.
The technical targets for the channel remain the Hight of the channel.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
