Purple Places of Peace & Prosperity or Pain, Pennance & Payment
Updated
Depending on how you view it, whether you're looking for bitcoin to pump or dump, we are very much at a point of high volatility, where the price is likely to move 10% or so in either direction, maybe in the next day or two.
The boxes on my chart are areas for order blocks in the current trading, around the horizontal support & resistance lines.
If bitcoin moves up above the purple place of peace & prosperity above current price action around 8950, i'm targetting 9200ish for the next level up.
if it breaks down below the purple place of pain, pennance and payment, around 8550, i'm targeting a drop to around 8200 - 8100.
The TA for this specific analysis was from my own charting and watching various TAs on crypto youtube, most notably: Krown's Crypto Cave, whose analysis is eerily similar to mine about today's price action. Well, his is indeed much more in-depth than mine, however the conclusions are similar. See his video on youtube for March 4, 2020 to get his full analysis.
I normally see things quite differently from Krown on the short term, not on purpose, probably just because I'm not a highly experienced professional trader as he is. This post is just for my own archival use as a reference in the future, to track progress, etc. and to provide you, dear Reader, with some transparency about my technical analysis.
The boxes on my chart are areas for order blocks in the current trading, around the horizontal support & resistance lines.
If bitcoin moves up above the purple place of peace & prosperity above current price action around 8950, i'm targetting 9200ish for the next level up.
if it breaks down below the purple place of pain, pennance and payment, around 8550, i'm targeting a drop to around 8200 - 8100.
The TA for this specific analysis was from my own charting and watching various TAs on crypto youtube, most notably: Krown's Crypto Cave, whose analysis is eerily similar to mine about today's price action. Well, his is indeed much more in-depth than mine, however the conclusions are similar. See his video on youtube for March 4, 2020 to get his full analysis.
I normally see things quite differently from Krown on the short term, not on purpose, probably just because I'm not a highly experienced professional trader as he is. This post is just for my own archival use as a reference in the future, to track progress, etc. and to provide you, dear Reader, with some transparency about my technical analysis.
Note
FYI, I no longer follow Krown's TA videos, nor do I do "TA" myself. The reason for that, is simple: Traditional TA does not work consistently enough, because its top indicators are built with low quality, if not entirely bad, mathematics. I trade volatility.
I get those best of Class volatility Indicators right here for free on TradingView, from balipour .
By the way, he and Pig have created and given out more than 6 world class trading indicators that simply never existed on TV before.
Variance Ratio Test (VRT)
Durbin Watson Test (DWT)
Hurst Exponent (HE)
Historical Volatility Percentile (HVP)
Correlation Coefficient (CC)
Expected Moves Test (EM Test)
Relative Strength Index + Exponential Moving Average (RSI + EMA)
... And yes, there's more!
Go ahead, check them out on Bali's TradingView scripts page. They are Original. They are FREE! They are built with Better Mathematics! And, their Durbin Watson Test (DWT) indicator has even recently won the Editor's Choice Award from the editors right here, on TradingView.
Disclaimer
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