Lot of people talking about the potential descending channel that BTC has been respected along the upper trendline.
BTC has also made a significant number of large moves surrounding the parabolic trendlines that have served as the foundation for this whole movement up from 3k and the subsequent corrections that have come into play.
Although I am still bearish as I believe theres a good chance this channel may play out leading to a deeper retracment before continuing the bullrun, a good trader does everything possible to remove bias and so I've made it a point to illustrate what I believe a bullish move from this point might look like.
Now, as everyone knows, or should know, trading is not about predicting the future. Its much like being an attorney in a court of law and you are searching for "evidence" in the form of confluent factors to build your case on. While I have no inkling as to whether this will play out in this fashion, I am trying to illustrate a few known commonalities between the current circumstances and previous trends.
So assuming we break bullish I think wave 1 and 2 of primary wave 1 have already been underway. I assume also, that the top TL that has been respected will more than likely be retested after a bullish move which would potentially account for the larger primary wave 2 retrace as large moves are often reflected on larger time frames. Meaning, if I see a breakout from a structure that BTC has been adhering to for the last couple months I dont expect the retest of that breakout to take place on the 15 min chart. I expect it to be reflected on the 4hr chart, the daily, or even the weekly.
As always, I am always open to critiquing. I have been trading for a few years now and the thing I pride myself on more than any single call, or profit, or win, is remaining open to learn new things. So if youve got something new... please, teach me.
BTC has also made a significant number of large moves surrounding the parabolic trendlines that have served as the foundation for this whole movement up from 3k and the subsequent corrections that have come into play.
Although I am still bearish as I believe theres a good chance this channel may play out leading to a deeper retracment before continuing the bullrun, a good trader does everything possible to remove bias and so I've made it a point to illustrate what I believe a bullish move from this point might look like.
Now, as everyone knows, or should know, trading is not about predicting the future. Its much like being an attorney in a court of law and you are searching for "evidence" in the form of confluent factors to build your case on. While I have no inkling as to whether this will play out in this fashion, I am trying to illustrate a few known commonalities between the current circumstances and previous trends.
So assuming we break bullish I think wave 1 and 2 of primary wave 1 have already been underway. I assume also, that the top TL that has been respected will more than likely be retested after a bullish move which would potentially account for the larger primary wave 2 retrace as large moves are often reflected on larger time frames. Meaning, if I see a breakout from a structure that BTC has been adhering to for the last couple months I dont expect the retest of that breakout to take place on the 15 min chart. I expect it to be reflected on the 4hr chart, the daily, or even the weekly.
As always, I am always open to critiquing. I have been trading for a few years now and the thing I pride myself on more than any single call, or profit, or win, is remaining open to learn new things. So if youve got something new... please, teach me.