Actually I think it will be head and shoulders leaving the flag below. Though I do no nothing. I read charts since 2 weeks so ignore me :)
Only for educational use.
Kommentar
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My biggest problem is the reaction to the RSI in combination with the MACD. There is just not enough volume during "shaping time". Only at trigger moments.
It Can be a Rising Wedge (Bear), It can be a head an shoulders, It can form a Cup and Handle.. No body knows the future. Not even Formed Patterns are going to be what they are.
For now I see a Rising Wedge and will break south near the upper resistance, but not touch it. Will Form a 5 wave pattern down, then at the end of that make its upward trend, break the upper trendline and
break out of correction.
Alex-al-Citadel
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@cryptobiting, you are absolutely right. It is just forming. Though a am "playing" with charts since two weeks and I want to recheck my own thoughts. Publishing prevents that I lye to myself. I habe to learn all the "shapes" in the future more deeply. But at the moment it could be interesting for you how one feels who believes in the tech.
Alex-al-Citadel
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And the keyboard of my Notebook seems still to "hang". Also a expensive problem. Relatively.
cryptobiting
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@akabtc, Keep playing with the shapes. Zoom in for day trading and zoom out for over all trend. If you have a lot of time then it can be rewarding to watch and get a feel.
Practice using the RSI and MACD to help with direction and velocity.
Alex-al-Citadel
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@cryptobiting, MACD and RSI is what I use (ok, look at - sometimes with no clue) :) Though I would be happy to know what unit-lengths you use. Honestly - I thought I would use Tradingview to track my in ivestments. But now I am so sold to TA (In areas I have "real world" knowledge). I am a good learner. Thanks.
Alex-al-Citadel
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@cryptobiting, Could you actually draw a chart so I get what you want to express? I am missing time in your thoughts and as i said, i want to learn.
cryptobiting
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@akabtc, Right now the trend is down and testing the support lines, RSI was under 30 @ Sub 8K this morning which means that BTC was Oversold. When BTC is oversold and RSI is under 30, the price that shows on the graph is artificial (incorrect) and will correct itself right after, so you will see price bounce back in an ABC correction right after the low and will go up roughly 61.8% (Fibonacci), just like what happened today. And then a downward trend started again, and so we test the support lines again and hopefully it bounces hard and doesnt pass into the 6K range or lower. As much as we want cheaper Bitcoins, Cheap Bitcoins also bring down Alt Coin Prices. BTC and ETH are paired with most Alt Coins in the market and are bringing prices down. Also BTC is relatively still new and blockchain tech is only beginning so in the big picture this is still the beginning.
For now I see a Rising Wedge and will break south near the upper resistance, but not touch it. Will Form a 5 wave pattern down, then at the end of that make its upward trend, break the upper trendline and
break out of correction.