TR - Trading ranges are places where the previous trend (up or down) has been halted and there is relative equilibrium between . Institutions and other large professional interests prepare for their next bull (or bear) campaign as they accumulate (or distribute) shares within the TR
PS—preliminary support, where substantial buying begins to provide pronounced support after a prolonged down-move. increases and price spread widens, signaling that the down-move may be approaching its end.
SC—selling climax, the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom. Often price will close well off the low in a SC, reflecting the buying by these large interests.
AR—automatic rally, which occurs because intense selling pressure has greatly diminished. A wave of buying easily pushes prices up; this is further fueled by short covering. The high of this rally will help define the upper boundary of an accumulation TR.
ST—secondary test, in which price revisits the area of the SC to test the supply/demand balance at these levels. If a bottom is to be confirmed, and price spread should be significantly diminished as the market approaches support in the area of the SC. It is common to have multiple STs after a SC.
SOS—sign of strength a price advance on increasing spread and relatively higher . Often a SOS takes place after a spring, validating the analyst’s interpretation of that prior action.
Now paying close attention.
Spoofy showing a 5k btc sell wall on bitfinex and market dumping fast.
Be careful, trade safe.
This could be a nice place to buy some corn if you are not in from 7k
Now looking forward to see what happes here at this level. If we break it my bet is on 11.5k for the next and final target befor doom and gloom.
I now share charts and ideas there, you can follow me in @meridiocrypto - nailing it lately :P
Markets are cycles, and after a massive overvaluation people is now just starting to open their eyes. Until we reach objectively undervalued levels and herd refuses to see it, we can't reverse.
But that's just my opinion :)
Nevertheless, I think the brandnew institutional money rails will play an important role in absorbing panic, and that is why I think we won't dump below 3k.
But IMVHO there is no way 6k was the bottom, not because of the price level but because when it happened. A three year bubble can't consolidate in 3 months.