Greetings fellow traders,
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
Today's Note:
Couldn't comeback at a worst time. Although, it's good to be back. At least I'm before the halving of 2020. However, in short, I've most recently lost someone very dear to me. I pretty much owe my life to this person. Hence the reason I suddenly took the time off, had to get myself back together again. One of my most, if not, the most important rule when trading: "Never trade when you're emotional and don't even look at the charts to avoid the temptation". Needless to say, I'm glad I did.
I'm going to start with a warming up by doing some basic technical analysis. By starting off with one my favorite methods of analyzing the charts, Pattern Formations:
Quite happy to see The Apha(ST) pattern formation is still in tact. Not saying it's not possible to break through the resistance any time soon. But, we're currently seeing multiple rejections at the current price action levels.
Most prominent mid term pattern formation is looking like a Falling Broadening Wedge or a Descending Channel and it might confirm the resistance for the first time. It did went through for a few days, however this might be just standard deviations. Well, I don't have to explain what happens when the first confirmation of a resistance do happen. You probably guessed it right, 2nd confirmation and retest of the support. Since the trends and patterns intertwine, the possibility of going towards $5K USD regions is highly probable.
Anyway, the most prominent short term pattern formation is a Rising Broadening Wedge and it's bullish for quite some time now. However, breakout's probabilities is highest to the downside. Apparently, breakout does not always have to mean a big fat sticking candle, but they can represent as trend reversals as well. In addition, it's looking like it has already has broken through the support of this pattern, followed with a bullish pattern. Actually a falling wedge, but it is only a small one.
People might be like, the trend is your friend!! But which trend? If my analysis is correct, it should go down from here. However, this is still bitcoin. Anything can happen. Look for instance at China, it was on the brink of a revolution. Citizens were demanding democracy from their governments for a while people thought it was actually going to happen. But then the virus came... Coincidence? For you to decide. However, whatever outcome you may decide. This will determine a crucial variable in your fundamental analysis of the bitcoin markets. Keep in mind, there are no journalists in the world that is in China who can truly update us. All you can actually do is calculate ahead as far as you can. My conclusion or at least my thoughts on this? Where there is smoke, there is fire... Why is this relevant? Perhaps I'll explain it on the next TA. Because I'm not sure if I'm violating any terms of conditions using this platform by doing so.
Moving on! Next analysis I will be analyzing the markets focusing more on EMI 1 & 2.
To be concluded...
Tip's/FYI:
Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and/or techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my TA. Hopefully others will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.
If you don't want to miss out on any of my technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!
In case you're wondering which indicator I'm using. She's called EMI, short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
- Dashed lines; Possible forming patterns
- Solid lines; Confirmed patterns / Support or Resistance
- Dotted lines; Possible price-action trajectories / wave trend
- Lighten colors = Support | Darken colors = Resistance
Today's Note:
Couldn't comeback at a worst time. Although, it's good to be back. At least I'm before the halving of 2020. However, in short, I've most recently lost someone very dear to me. I pretty much owe my life to this person. Hence the reason I suddenly took the time off, had to get myself back together again. One of my most, if not, the most important rule when trading: "Never trade when you're emotional and don't even look at the charts to avoid the temptation". Needless to say, I'm glad I did.
I'm going to start with a warming up by doing some basic technical analysis. By starting off with one my favorite methods of analyzing the charts, Pattern Formations:
Quite happy to see The Apha(ST) pattern formation is still in tact. Not saying it's not possible to break through the resistance any time soon. But, we're currently seeing multiple rejections at the current price action levels.
Most prominent mid term pattern formation is looking like a Falling Broadening Wedge or a Descending Channel and it might confirm the resistance for the first time. It did went through for a few days, however this might be just standard deviations. Well, I don't have to explain what happens when the first confirmation of a resistance do happen. You probably guessed it right, 2nd confirmation and retest of the support. Since the trends and patterns intertwine, the possibility of going towards $5K USD regions is highly probable.
Anyway, the most prominent short term pattern formation is a Rising Broadening Wedge and it's bullish for quite some time now. However, breakout's probabilities is highest to the downside. Apparently, breakout does not always have to mean a big fat sticking candle, but they can represent as trend reversals as well. In addition, it's looking like it has already has broken through the support of this pattern, followed with a bullish pattern. Actually a falling wedge, but it is only a small one.
People might be like, the trend is your friend!! But which trend? If my analysis is correct, it should go down from here. However, this is still bitcoin. Anything can happen. Look for instance at China, it was on the brink of a revolution. Citizens were demanding democracy from their governments for a while people thought it was actually going to happen. But then the virus came... Coincidence? For you to decide. However, whatever outcome you may decide. This will determine a crucial variable in your fundamental analysis of the bitcoin markets. Keep in mind, there are no journalists in the world that is in China who can truly update us. All you can actually do is calculate ahead as far as you can. My conclusion or at least my thoughts on this? Where there is smoke, there is fire... Why is this relevant? Perhaps I'll explain it on the next TA. Because I'm not sure if I'm violating any terms of conditions using this platform by doing so.
Moving on! Next analysis I will be analyzing the markets focusing more on EMI 1 & 2.
To be concluded...
Tip's/FYI:
- People = Psychology > Patterns > Indicators > Fundamentals. Nonetheless, all is crucial. Psychology? When you observe a chart. Ask yourself who's the most in pain? Bears or Bulls?
- Watch & learn from experienced traders and discover your style of TA. Hence develop this, imitating will only get you as far.
- The most accurate trend indicator when using logarithmic, are the; Relative-, Exponential-, Weighted-, Simple- and regular Moving Averages. At least use Heikin Ashi candles if you don't like MA's and vice versa or using both might be even better. The algorithms of these indicators adepts to logarithmic variables visually. Linear tools and pattern formations obviously do not for that matter. Since it doesn't concern logarithmic variables.
- The trend is your friend!
- Pattern Formations is the most accurate method, when it comes to observing the behavior of buyers and sellers. If you don't understand this, don't be lazy and google. Learn this as basics, pattern formations are ideal to combine with other methods.
- Why I use the body instead of wicks when drawing patterns? Because I like to(and you should also) switch up between lines and candles and I hate to constantly change the properties... If you're an experienced analyst, you'll know this is a pain in the a... Nevertheless crucial. Figuring this out and looking at the charts with different perspectives, will give you more confidence finding the possible trends regardless of the method.
Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and/or techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my TA. Hopefully others will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.
If you don't want to miss out on any of my technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!
In case you're wondering which indicator I'm using. She's called EMI, short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
