Bitcoin - Daily My Thoughts - Short Term
Hello everyone, Andrew here... I haven't been able to post a follow up video due to my location and internet connection. This is another idea using a parabolic arc pattern possibility.
The Parabolic Pattern are bearish patterns and 62% to 72% of the arc height. The pattern is a long-term pattern and based on volatile events like this one. The Parabolic arc is a reliable pattern. At this point the pattern can play out at any time. The pattern has not confirmed, so there's a chance it fails. Once we get a pull back breaking the mid point, good chance we are in the bearish short term pattern and a good time to Short. BUT, wait for the pull back to confirm this pattern first. Again Bitcoin right now is crazy volatile so things can happen quick and requires close attention and settings. The Short indicator I show is only if we reverse in the next candle, If we reaches the top of the parabolic arc at around 20,300, then your Short open would be around approx 17,860.
If you are looking to buy Bitcoin, I would wait for the pull back. If you are in for the long run, ignore this pattern because of its volatility and doesn't take us out of the long term bull run.
Good luck.
PS: you may need to adjust the curve by adjusting the price column.
The Parabolic Pattern are bearish patterns and 62% to 72% of the arc height. The pattern is a long-term pattern and based on volatile events like this one. The Parabolic arc is a reliable pattern. At this point the pattern can play out at any time. The pattern has not confirmed, so there's a chance it fails. Once we get a pull back breaking the mid point, good chance we are in the bearish short term pattern and a good time to Short. BUT, wait for the pull back to confirm this pattern first. Again Bitcoin right now is crazy volatile so things can happen quick and requires close attention and settings. The Short indicator I show is only if we reverse in the next candle, If we reaches the top of the parabolic arc at around 20,300, then your Short open would be around approx 17,860.
If you are looking to buy Bitcoin, I would wait for the pull back. If you are in for the long run, ignore this pattern because of its volatility and doesn't take us out of the long term bull run.
Good luck.
PS: you may need to adjust the curve by adjusting the price column.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.