I did some other charts which were looking positive till the above signal was confirmed and I wondered how best it could interpreted (what tools to use) and traded.
with the following comment:
Bull pushing higher and WOW if they can only break new highs would be fantastic. Here's a worry but bear in mind that it's only experimental. If all patterns are just consolidation areas in a much larger picture then at some point all patterns break up - break out of a box. This study is not intended to supersede any previous study. Bitcoin -0.16% still looks 50/50 ew and currently with a bullish bias. Needs to break into new highs for loads of reasons as everything else appears to be pointing down.
#bitcoin TO THE MOON exclusive here's a new BULL side argument
Note: All studies 50/50 till they break out of some box.
$6,921.4 is a 61.8 retrace. I've gone for a bit lower.
You will find all of my bull and bear arguments in my post 24th September "#bitcoin bull bear watch don't get caught out".
Has bitcoin bottomed?
I think we could be about to find out today unless price rises back up, or, need review.
I have boxed in some primary areas of interest to me for comparing recent past, and added below extra photo's for comparison with previous examples.
Here's my latest observation, and below comparing December's example. 50/50 price finds support and my to the moon charts/arguments remain intact. Some of my bearish charts/arguments still have 50/50 chance too.
Here is the daily chart of gold 2.50% 2.09% and bitcoin -4.80% -4.83% . Notice my use of Aroon 1 (blue) 11 (brown). Notice the correlation with Bitcoin -4.80% -4.83% when brown Aroon hits 100. Have boxed in volatility to nearest Blue Aroon at 100. The Aroon is done using the Gold 2.50% 2.09% chart. I've superimposed the brown Aroon on bitcoin -4.80% for better clarity.
Note that move could also be short lived to just one day, or, none at all. 3rd March didn't work well at all. Looks quite good at catching bitcoin -4.80% at point of rebound. All ideas 50/50
Just for fun it's not often that Bollinger band width has been so narrow and had wondered how to get a look in and compare with the past. I picked all the points with narrow bandwidth lower than today. I then chose a 78 day MA because it was closest to the top band of the Bollinger and looked back to find the closest match. Below are my results.
While waiting for the market to confirm some new fractals I thought to keep busy. Here is a follow up on my above study of Bollinger band width which had become so narrow. I found two best fits (using "psychological" profiling) in the above study and wondered whether could take it up another notch. I decided to use Stoch (K at 200) and Stoch RSI (RSI and Stoch both at 200) to log scale and WOW did I get a surprising result. Enjoy. Remember always 50/50 no matter how convincing.
(NOTE: When I did the FIB's I did not use the 2014 Low - didn't think it would make much difference and was such a one off event)