hkh222
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Feb 6k low overlapped chart, working good so far!

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
3182 18 44
I posted this in my previous idea update if you have been following me.



Price action from Feb 6k low onward is overlapped. I scaled it down both in time and price. This implies that market is weaker compared to that time. Also, we are in a different stage of the market. The first stage started Nov 13 2017 and ended March 30th. Followed by a transitional/reversal symmetrical triangle. See this idea for more details:

It is very likely that we see a totally unique price action from now on.

FYI: I am not a pro chartist. Quite new to this market. Posting ideas to get feedback.

評論: So far this has been the most accurate chart overlay I have drawn. Just wanted to mention that the price action is (open+close+high+low)/4

Bear in mind that BTC might deviate from the pattern at any time. So trade with caution and don't follow the pattern blindly.
評論: Closed my longs at 8400 and went short with a small position. Will close the shorts around 8050 and re-open longs.
評論: Please please don't take my charts seriously. I know almost nothing about TA. These ideas are for getting feedback from you and to learn not to teach.
評論: This chart is still working. I don't believe it myself. It seems a drop is coming. This green box is a historic support area. It should keep it from falling or it will be ugly.
評論: This is going too easy so far. Hope you made some profits. As expected, we dropped again. The black line that was a support line, now it is a resistance line.



Per our magical chart, we should drop one more time. I closed my short position from 8.4k and opened a small long position. Per each 1% drop, I will double the position as far down as 7650.
評論: As you can see in the chart, 8050 is a very strong historical support. It may still break.
評論: We should not drop much more than this for this pattern to stay valid.
評論: My followers doubled since yesterday. Thanks for that.
Please like if you like the chart. It worked so far and I think that is enough for getting a like.

I did not expect the chart to work this far.
評論: Just wanted to remind you that there is a feature in the drawing toolbar called "bars pattern" to copy a previous price action. You can scale it after copying.

https://i.imgur.com/hK5EbLn.png
評論: A drop here would signal the termination of the pattern.
評論: 8050 should hold or we are all doomed!!!
評論: So, the magic chart is now dead. RIP :'(

Hope it was useful when it was alive.
評論: Shorts in Bitfinex increased by about 7% since last drop. We will probably drop 300-400$ and shorts will go up by a few more % points. This is a good opportunity for operators for a short squeeze. It will create a good momentum and it is likely that we revisit 8.4k.

This is just my 2 cents. Don't trade based on it.
評論: Most of the buys were due to short squeeze. Shorts are down by 5%. We are at this very strong resistance again (Fib 61.8%). Let's see if we can break it this time.
評論: Previous resistance (Fib 61.8%) is now acting as a support. The BTC is unable to lift from its local uptrend line. This is a sign of weakness.

I think most people are confused with the current price action. This is totally expected. Bitcoin has entered a new stage after the last weeks symmetrical triangle. As I explained earlier, this price action will be very unique. It's an uncharted territory for BTC since it's ATH. We are close to a very important resistance down trend line. Read my last TA about possible upcoming scenarios.
評論: Here is the link for my latest TA. Please give feedback and like if you like it,

Let's hope we don't break it. I want the price to drop.
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R.I.P. My magic chart.. loved ya
+1 回覆
spooky
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how the heck are you drawing out what btc does before it does it?
+1 回覆
hkh222 samiswilf
@samiswilf, it really was a coincidence. I did it based on my gut feeling. If you look at my previous ideas, they usually work for a short period of time then deviate. This time it was exceptionally good.
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@hkh222, great work
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hkh222 goodwilson
@goodwilson, thanks
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hkh222 samiswilf
@samiswilf, Or, maybe I am one of "them"
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@hkh222, hehe
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@hkh222, hahah
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