Continued Thoughts on How I'm Charting
Updated
So, 2nd chart, Slowly I'm figuring out what chart lines look good and where, I'm not going to post my more complex thoughts til I get them more established in my head.
What Are we looking at.. I don't doubt that the Green wedge (triangle) is wishful thinking, I'm probably down 30% in my portfolio doing this "research", if it comes back to 10k, I'll be happy, but I doubt it, Right now I'm just figuring out how Bitcoin works and learning the ropes..
The Orange Wedge is based on what I percieve at the average of several posters who are posting for a price of 4887 bottom, so I extrapolated that to get a 6000 years end "normal", exlcuding any market manipulation and a calming of the waters, I think this would be plausible, but doubtful in reality.
The Red Wedge is more an understanding of the Worst Case Scenario, Several key players are quoting a 3k real price by years end, so I mapped it out to see what that would look like and its pluasible edges.
The Blue Wedge Sets, I should have made their lines a little more transparent, maybe next time.. but its very interesting to see several of them converge. I don;t know the ling yet, but for those (like me) who have yet to figure it out, I drew a line from the highest highs to the latest high, and the lowest lows to the latest low to create a set of wedges. This, is if I understand correctly, where people casually watching the price are going to say "Hey the price is low now, are we all going to buy? or is it going to crash and we need to sell out to not lose everything? Since Several wedges all come in at July 4th.. Coincidence? But there are also the 1st Sept, 20th Sept and 1st Nov Wed ends to consider as outliers.
Lastly, At the Bottom, Just playing around but by putting together some RSI and EMA(matched to RSI) lines with crazy low numbers, I saw this repeated W happening.. If I can match it to any kind of price movement, maybe there is something in there.
What Are we looking at.. I don't doubt that the Green wedge (triangle) is wishful thinking, I'm probably down 30% in my portfolio doing this "research", if it comes back to 10k, I'll be happy, but I doubt it, Right now I'm just figuring out how Bitcoin works and learning the ropes..
The Orange Wedge is based on what I percieve at the average of several posters who are posting for a price of 4887 bottom, so I extrapolated that to get a 6000 years end "normal", exlcuding any market manipulation and a calming of the waters, I think this would be plausible, but doubtful in reality.
The Red Wedge is more an understanding of the Worst Case Scenario, Several key players are quoting a 3k real price by years end, so I mapped it out to see what that would look like and its pluasible edges.
The Blue Wedge Sets, I should have made their lines a little more transparent, maybe next time.. but its very interesting to see several of them converge. I don;t know the ling yet, but for those (like me) who have yet to figure it out, I drew a line from the highest highs to the latest high, and the lowest lows to the latest low to create a set of wedges. This, is if I understand correctly, where people casually watching the price are going to say "Hey the price is low now, are we all going to buy? or is it going to crash and we need to sell out to not lose everything? Since Several wedges all come in at July 4th.. Coincidence? But there are also the 1st Sept, 20th Sept and 1st Nov Wed ends to consider as outliers.
Lastly, At the Bottom, Just playing around but by putting together some RSI and EMA(matched to RSI) lines with crazy low numbers, I saw this repeated W happening.. If I can match it to any kind of price movement, maybe there is something in there.
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Apologies, When Publishing, the RSI line disappeared, as did my W indicators..Disclaimer
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