Exclusive Update, Bitcoin And Solving The Bart Move Puzzle
Updated
As promised i would explain my view on why i assumed today's bear flag was NOT a Bart move.
There is more to is than just these 2 moves, the bigger picture also plays a part, but i won't get into those details because it would make things too complicated.
1: The spread between high and low
2: A drop and quick move above the previous high
3: Difference in buying volume
4: Bull flag and follow through, on the right a failed one
5: Similar move also similar volume
6: What is the difference here?
7: Left is a triangle shape, right is a bear flag shape
1: First of all, number 1 was the most obvious from the start. Don't mean it already said it would not be another Bart move, but it was an obvious difference, as i also mentioned in my
Bitcoin' analysis. On the left it's 150 points and on the right it's 70 points. The one on the left is enough to create liquidations or stops getting hit on a leveraged exchange like
Bitmex' which creates fuel to do what they want.
2: A second big clue is number 2, a quick drop and a big move up just as fast and went even above the high of the previous few candles.
3: The high buying volume on number 2, most probably even just bots who are programmed to buy within a certain price range. The high volume shows the order book was filled with
sell orders, so perfect opportunity to get a big amount of long positions in.
4: During this drop and bounce up, we can see a small bull flag on the left with follow through reaching the target of that bull flag. First though would be, hmmmm this is a bullish
sign. That is true as well, but look at the one on the right, what do you see? We see similar buying volume but no follow through in price? This i want you to answer yourself in the
comment section.
5: Explained at point 4
6: Here is where we continued to drop today and bounced up again at the Bart move on the left. This one is not easy to judge, there is a difference in volume here but not significant.
On the right it obviously just continued to drop while on the left there was support at that low.
7: The whole pattern on the left has the shape of a triangle while on the right it was simply a bear flag.
The orange part was an extra bonus, does not have much to do with the Bart pattern.
Now who ever these people are, if it's on entity or simply just several traders who use the similar bots, i don't know. But to make it easy, i always look at the market as if it's me against one big whale. Now the blue circles, you have to see those as if the bots are eating up all the sell orders on the way until a maximum level. Now if their bags or not filled up enough, they simply stop the price there with sell orders or simply just sell walls, unless the rest of the market pushes the price down. So they try to eat up all the sell orders as fast as they can before someone else does it and hit the break at a certain point. Just think of it in that way, makes it easier to comprehend/visualize.
Please don't forget to give a like if you appreciate this :)
Current Bitcoin analysis:
There is more to is than just these 2 moves, the bigger picture also plays a part, but i won't get into those details because it would make things too complicated.
1: The spread between high and low
2: A drop and quick move above the previous high
3: Difference in buying volume
4: Bull flag and follow through, on the right a failed one
5: Similar move also similar volume
6: What is the difference here?
7: Left is a triangle shape, right is a bear flag shape
1: First of all, number 1 was the most obvious from the start. Don't mean it already said it would not be another Bart move, but it was an obvious difference, as i also mentioned in my
Bitcoin' analysis. On the left it's 150 points and on the right it's 70 points. The one on the left is enough to create liquidations or stops getting hit on a leveraged exchange like
Bitmex' which creates fuel to do what they want.
2: A second big clue is number 2, a quick drop and a big move up just as fast and went even above the high of the previous few candles.
3: The high buying volume on number 2, most probably even just bots who are programmed to buy within a certain price range. The high volume shows the order book was filled with
sell orders, so perfect opportunity to get a big amount of long positions in.
4: During this drop and bounce up, we can see a small bull flag on the left with follow through reaching the target of that bull flag. First though would be, hmmmm this is a bullish
sign. That is true as well, but look at the one on the right, what do you see? We see similar buying volume but no follow through in price? This i want you to answer yourself in the
comment section.
5: Explained at point 4
6: Here is where we continued to drop today and bounced up again at the Bart move on the left. This one is not easy to judge, there is a difference in volume here but not significant.
On the right it obviously just continued to drop while on the left there was support at that low.
7: The whole pattern on the left has the shape of a triangle while on the right it was simply a bear flag.
The orange part was an extra bonus, does not have much to do with the Bart pattern.
Now who ever these people are, if it's on entity or simply just several traders who use the similar bots, i don't know. But to make it easy, i always look at the market as if it's me against one big whale. Now the blue circles, you have to see those as if the bots are eating up all the sell orders on the way until a maximum level. Now if their bags or not filled up enough, they simply stop the price there with sell orders or simply just sell walls, unless the rest of the market pushes the price down. So they try to eat up all the sell orders as fast as they can before someone else does it and hit the break at a certain point. Just think of it in that way, makes it easier to comprehend/visualize.
Please don't forget to give a like if you appreciate this :)
Current Bitcoin analysis:
Note
The 5 min chart, makes the picture a bit more clearer showing more detail. Note
The difference i also mentioned, the triangle and the bear flagNote
When looking at today's Bart move, it has a different shape than the previous one. Just that blue trend line giving a clue. That yellow circle, showing the high buy volume also gives a clue. But this was a tough on getting in at the low, since it was almost in crash mode.
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