BTCUSDT...channel strategy study
Updated
hey traders me again. i know most of you've been bored with Elliot waves, flags, pennants, wedges etc. same as me. So i decided to try channel based analysis except the only one pattern H&S.
you can see all the channels on the chart. let me explain my idea
CH-1 is the main bearish channel and price is quitting from bearish pressure with the CH-2 and CH-3. CH-4 and CH-5 are the subchannels of the CH-2 and BTC is swinging to bullish market with them slowly. The channel breakouts and pullbacks can be seen clearly. The another point is the H&S point is in the making and if it will, the target is the red dotted line at the top. Any of you can think that there may be a lot of channels and yes but i drew which i considered necessary. I assumed the bounce line 8k which is most likely for EW analysis but it may be 8200 or 8300. Configuration of the CH-5 can vary depending on the bounce line but the aim is reaching the target.
comments and likes are welcome
you can see all the channels on the chart. let me explain my idea
CH-1 is the main bearish channel and price is quitting from bearish pressure with the CH-2 and CH-3. CH-4 and CH-5 are the subchannels of the CH-2 and BTC is swinging to bullish market with them slowly. The channel breakouts and pullbacks can be seen clearly. The another point is the H&S point is in the making and if it will, the target is the red dotted line at the top. Any of you can think that there may be a lot of channels and yes but i drew which i considered necessary. I assumed the bounce line 8k which is most likely for EW analysis but it may be 8200 or 8300. Configuration of the CH-5 can vary depending on the bounce line but the aim is reaching the target.
comments and likes are welcome
Note
there is hidden bearish div. clearly it seems we'll go downNote
to me its a B wave and C wave is on the way and its target is at least 8400 good luck traders im still in short positionNote
Note
Note
you can see ABC correction plan. maybe:)Note
Note
Note
hey traders i would like to remind you that the price hit CH4's upper line and can't break it'll try again watch itNote
i think btc will rise again. i expect price to break the CH4...Note
to me price's about to break outNote
break outNote
what a wonderfull butterfly.
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.