BitcoinLong
Bitcoin BTC- Bump & Run Reversal Confirmed
Borrowing this from a smarter guy who pointed it out on twitter. Credit goes to Charles Edwards @ caprioleio .
But no reason i can't share this wonderful confirmation. However this is for my own personal reference's. i am not a financial advisor and this is not advice.
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OK- After analyzing this myself and confirming the technical measurements required of this pattern. ie-
30% lead-in trend line (check)
45-65% bump trend line (check)
Bump size 2x the lead-in size (check)
typically includes a short double-bottom/top (check)
breaks through and retests original lead-in trend line (check)
If it looks like a duck and walks like a duck....
I was also pleased to identify that there was resistance at this lead-in line before it flipped and confirmed support. In other words, i was wondering whether this could just be coincidence that the trend-line was a consideration (ie that this was a bump and run). But the fact that btc struggled for a few hours right along that 30% lead-in trend line gives me alot of confidence that it was the lead-in trend line that was causing the resistance (and subsequently now the support).
Reversal patterns aren't great indicators for providing PT. And BTC sure did leave a mess in the wake of its drop this time. Its going to be a choppy recovery back to 62K, but this gives me a TON of confidence that there isn't the same amount of downside risk i had previously thought.
Don't forget to like, follow, etc. i'm on twitter too.
But no reason i can't share this wonderful confirmation. However this is for my own personal reference's. i am not a financial advisor and this is not advice.
________________
OK- After analyzing this myself and confirming the technical measurements required of this pattern. ie-
30% lead-in trend line (check)
45-65% bump trend line (check)
Bump size 2x the lead-in size (check)
typically includes a short double-bottom/top (check)
breaks through and retests original lead-in trend line (check)
If it looks like a duck and walks like a duck....
I was also pleased to identify that there was resistance at this lead-in line before it flipped and confirmed support. In other words, i was wondering whether this could just be coincidence that the trend-line was a consideration (ie that this was a bump and run). But the fact that btc struggled for a few hours right along that 30% lead-in trend line gives me alot of confidence that it was the lead-in trend line that was causing the resistance (and subsequently now the support).
Reversal patterns aren't great indicators for providing PT. And BTC sure did leave a mess in the wake of its drop this time. Its going to be a choppy recovery back to 62K, but this gives me a TON of confidence that there isn't the same amount of downside risk i had previously thought.
Don't forget to like, follow, etc. i'm on twitter too.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.