The mighty DOWN THEORY application in determining the trend condition/status of this instrument BTCUSD is for EDUCATIONAL PURPOSES ONLY. It ( DOW THEORY) is not intended for timing must also be said.It alerts us to a change in trend. I have marked the important changes on the chart where trend change in INTERMEDIATE TERM had taken effect.Advances are marked in Blue and Declines in Red as can be seen.
1) Current Intermediate term trend is UP as marked. This was confirmed with a bar on 02 April.
2) This bar made on 02 April is very important in the short term ( approx. 5 periods/days) to watch.A close below this level if and when on hand would confirm a short term reversal.Suggesting a RETEST of the INTERMEDIATE TERM SUPPORT LEVEL as marked on the chart.
3)Otherwise in the short term bias is to the UPSIDE until proven otherwise.
Am I going to try and forecast where the price action may or may not go or what may or may not happen ? NO. I let the price action and the trend guide me on this front.
I hope this helps.
1) Current Intermediate term trend is UP as marked. This was confirmed with a bar on 02 April.
2) This bar made on 02 April is very important in the short term ( approx. 5 periods/days) to watch.A close below this level if and when on hand would confirm a short term reversal.Suggesting a RETEST of the INTERMEDIATE TERM SUPPORT LEVEL as marked on the chart.
3)Otherwise in the short term bias is to the UPSIDE until proven otherwise.
Am I going to try and forecast where the price action may or may not go or what may or may not happen ? NO. I let the price action and the trend guide me on this front.
I hope this helps.
No fancy schematics/forecasts but rather real time analysis in determining the trend has proven to be the most important analysis f all time. This is DOW THEORY