Training Wheels
Updated
Money Man is a novice horse rider (has not fallen the famed 7 times from a real one yet) and believes in practice before amping up the risk. Problem with trading is that you only get the feel of the horse once you are on the real thing. That feel, that emotion, is what gets you hung on the bushes if you are not ready with a plan at all times. At least put some protection on because even the most placid horse can turn wild at any moment.
Levels had to change because of the bounce we have had, but the span on the chart is still so big that there is space for even more pattern forming. Anticipating the pattern forming paid off before, but do not be fooled, Money Man does not have a crystal ball and only speaks as to what he sees as probable. There is also now a great opportunity for trend lines to change and that is why he added the curve for now. It is a longer shot as the bottom is not clear enough.
Conclusion: Likelihood is that we wind up within the block, with some space for price to get legs beyond its perimeter. Ask yourself if you can cope with that. Very important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
Lastly: A very big “Thank You” to all those who have supported this effort in the past.
Levels had to change because of the bounce we have had, but the span on the chart is still so big that there is space for even more pattern forming. Anticipating the pattern forming paid off before, but do not be fooled, Money Man does not have a crystal ball and only speaks as to what he sees as probable. There is also now a great opportunity for trend lines to change and that is why he added the curve for now. It is a longer shot as the bottom is not clear enough.
Conclusion: Likelihood is that we wind up within the block, with some space for price to get legs beyond its perimeter. Ask yourself if you can cope with that. Very important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.
Lastly: A very big “Thank You” to all those who have supported this effort in the past.
Note
Previous BTC contribution 
Note
The ETH contribution 
Note
Next BTC contribution 
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.