I'm Bullish for the Fall, HBU? (View Text for Explanation)
You're probably wondering what the hell you are looking at right now - here's a guide to help you navigate this chart. Upon viewing this, let me know whether you are of the bullish or bearish bias of this model -
Green Curve Structure:
This represents Bull Cycle Trajectory, which consists of two connected parameters:
- Curved Support - Parabolic path with multiple touch points throughout the cycle
- Linear Resistance - Rough idea based off ATH made where we COULD find resistance in a parabolic continuation to new highs
Red Curved Structure:
This represents potential boundaries that could lead an exit from the parabolic move, into a prolonged bear market. This structure includes:
- Linear Support - The support trend line which has acted as previous resistance (prior to the explosion through it which led to all time highs. Once breaking through this line, it re-tested it perfectly as support, and then spiked to new highs. The dump which followed the ATH, has been supported multiple times by this downwards sloping line of support.
- Curved Resistance - The curved resistance acted as strong resistance, which denied ETH’s attempt to create higher highs. After getting rejected, ETH dropped nearly 65%, before finding support on it’s linear support line.
Solid Blue Line (Bull-Line):
Throughout the ups and downs of this cycle, ETH has remained above this line when bullish, and has turned extremely bearish when struggling to hold it as support. Currently, we have broken back above the bull-line, and have been testing it ever since getting back above it. If ETH fails to hold this line, the real test will come somewhere in between the bull line acting as resistance, and the Curved Support line (green) acting as our last major support.
Dotted Light Blue Line (0.786):
From the ATH, to the swing low that followed it, we managed to soar through fib levels with little resistance. Since approaching the .618 fib, we had been range bound between the .5 and .618. Today (August 31st) marked the first day in which we have been able to break through the .618, but haven’t yet confirmed a close above it. If we are able to close the daily candle abov the .618 theres a strong likelihood that we will go and test the .786. As you can see, this is the last significant level of resistance until the 1.1 fib, so this will be a major test. If we can break through and close above the .786, our attention should be on breaking the ATH, which if broken, would launch us fully into the green curve structure, i.e, price discovery.
If you want to talk more about my model, and/or simply enjoyed this fun idea, I'd urge you like and follow for more like this!
As always, this is merely an idea, and not intended in anyway to be financial advice.
Green Curve Structure:
This represents Bull Cycle Trajectory, which consists of two connected parameters:
- Curved Support - Parabolic path with multiple touch points throughout the cycle
- Linear Resistance - Rough idea based off ATH made where we COULD find resistance in a parabolic continuation to new highs
Red Curved Structure:
This represents potential boundaries that could lead an exit from the parabolic move, into a prolonged bear market. This structure includes:
- Linear Support - The support trend line which has acted as previous resistance (prior to the explosion through it which led to all time highs. Once breaking through this line, it re-tested it perfectly as support, and then spiked to new highs. The dump which followed the ATH, has been supported multiple times by this downwards sloping line of support.
- Curved Resistance - The curved resistance acted as strong resistance, which denied ETH’s attempt to create higher highs. After getting rejected, ETH dropped nearly 65%, before finding support on it’s linear support line.
Solid Blue Line (Bull-Line):
Throughout the ups and downs of this cycle, ETH has remained above this line when bullish, and has turned extremely bearish when struggling to hold it as support. Currently, we have broken back above the bull-line, and have been testing it ever since getting back above it. If ETH fails to hold this line, the real test will come somewhere in between the bull line acting as resistance, and the Curved Support line (green) acting as our last major support.
Dotted Light Blue Line (0.786):
From the ATH, to the swing low that followed it, we managed to soar through fib levels with little resistance. Since approaching the .618 fib, we had been range bound between the .5 and .618. Today (August 31st) marked the first day in which we have been able to break through the .618, but haven’t yet confirmed a close above it. If we are able to close the daily candle abov the .618 theres a strong likelihood that we will go and test the .786. As you can see, this is the last significant level of resistance until the 1.1 fib, so this will be a major test. If we can break through and close above the .786, our attention should be on breaking the ATH, which if broken, would launch us fully into the green curve structure, i.e, price discovery.
If you want to talk more about my model, and/or simply enjoyed this fun idea, I'd urge you like and follow for more like this!
As always, this is merely an idea, and not intended in anyway to be financial advice.
Comment:
Eth is testing resistance as we speak!