Bitcoin and battleplanning with Channels.
I have said this many times: never draw a trendline when you can draw a channel. Also I have said that symmetrical triangles break down or up into wedges or ascending/descending triangles. Now you might glibly say "This_Guhy said it might go up, or it might to down, wow, so brave"
But it isn't that it goes up or down but how it goes up or down with some targets so you can set some orders to get taken in or stopped out. This is less important for investors because they have less risk of getting squeezed out of their positions but even investors can be interested in buying what they think is the point of no return. Traders can set up straddles or more complexly layered trades.
The macro trend is clearly bullish . We have top coins hitting all time highs or going 10-20X over the last year so the circumstances are very bullish . But that doesn't mean that every symmetrical triangle won't turn into a falling wedge , BTFO'ing the recklessly long or over-margined. It also doesn't mean that the price action won't formed "busted" falling wedges which would have price action dipping below the red channel before blasting to the upside.
This is your launch pad for further battle planning. Falling wedges fit neatly into Elliot waves and fib extensions, as do ascending triangles as continuation patterns. There are retests of trendlines possible all over the place. You will be more prepared for future support and resistance if you battle plan as such. Every symmetrical triangle is best drawn as two possible channels.
But it isn't that it goes up or down but how it goes up or down with some targets so you can set some orders to get taken in or stopped out. This is less important for investors because they have less risk of getting squeezed out of their positions but even investors can be interested in buying what they think is the point of no return. Traders can set up straddles or more complexly layered trades.
The macro trend is clearly bullish . We have top coins hitting all time highs or going 10-20X over the last year so the circumstances are very bullish . But that doesn't mean that every symmetrical triangle won't turn into a falling wedge , BTFO'ing the recklessly long or over-margined. It also doesn't mean that the price action won't formed "busted" falling wedges which would have price action dipping below the red channel before blasting to the upside.
This is your launch pad for further battle planning. Falling wedges fit neatly into Elliot waves and fib extensions, as do ascending triangles as continuation patterns. There are retests of trendlines possible all over the place. You will be more prepared for future support and resistance if you battle plan as such. Every symmetrical triangle is best drawn as two possible channels.
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