Trying to look at use cases for Fib and retracement over the last few days.
I've noticed regular investments every 6 hours or so - coming in burst of 3 then some consolidation before march onwards.
I tested out the Fib to understand how deep the retracements are - typically 38% from low start of move to high point.
Expecting a small drop to 11,212 before...
I think there is more hype appearing around BTC going up and positive signs are appearing (you might suggest a bull flag is appearing to blast us through to 12k?
However ,this market might just drift for a while while it builds a solid base. Perhaps it pushed to 12k too quickly previously?
Plenty of PnD to be getting caught with in the mean...
- A new month but BTC has made it across the channel but I have not seen much in the way of new volume coming in.
- Big sell walls ahead.
- RSI looking oversold on 1, 2, 4, day periods.
- Some FUD
- No obvious lumpy investments
... That does not sound very 'Neutral' does it?
Positives! Global Job Coin just moon'd - crashing in the next 5 minutes ;)
Disclaimer - the charting is mainly lifted off Bitraged (check them out on Youtube and subscribe - best advice on YT!!). Also note that they don't suggest it is going up - in-fact they are naturally cautious about this and highlight the potential to drop considerably!!!
Despite RSI I'm expecting BTC to break the channel but volume looks low - watching to see if...
Ok, I'm a newbie but I'm starting to believe in the charting.
It's not the fact that I feel my analysis is perfect - more the fact that I didn't hyperventilate as the market went off without me!! Despite the rise today I've held my ground on my expected target based on my analysis, not tried to trade the long and not bought in at the top :)
Feel I might...
I have been looking at the big picture and I'm not convinced we'll see a sub 6,000 BTC. At least not yet (?)
- Another ballsy hypothesis but this time I have done some basic maths and used basic trading principles around R/S and history (hurrah, must be right then :).
- Based on the fact that this last few weeks mimics the December boom I plotted the December...