BTC/USD: An amateur prediction/projection. (Jump ~June 14th)
Updated
First post!
I'm a complete newb to trading & analysis, so please point out anything that looks stupid.
I've compared this pattern to multiple points in time and they nearly always have this oscillating zig-zag pattern before an uptrend. I looked at several points and traced them and I was suprised to find that where the projected lines of support & resistance cross is where the change in trend occurs - sometimes quite dramatically.
The zig-zag pattern looks to be a good source for support & resistance bands.
The head & shoulders pattern directly preceding the zig-zag appears to project a positive change in direction.
I've been looking at sound waveforms for over 30 years and notice that many patterns look like ASDR envelopes of sounds.
The oscillating zig-zag reminds me of a percussion cymbal, where it tapers down at a constant rate. It's after that waveform has calmed/smoothed-out do we see another strike and the price changes course again.
I'm a complete newb to trading & analysis, so please point out anything that looks stupid.
I've compared this pattern to multiple points in time and they nearly always have this oscillating zig-zag pattern before an uptrend. I looked at several points and traced them and I was suprised to find that where the projected lines of support & resistance cross is where the change in trend occurs - sometimes quite dramatically.
The zig-zag pattern looks to be a good source for support & resistance bands.
The head & shoulders pattern directly preceding the zig-zag appears to project a positive change in direction.
I've been looking at sound waveforms for over 30 years and notice that many patterns look like ASDR envelopes of sounds.
The oscillating zig-zag reminds me of a percussion cymbal, where it tapers down at a constant rate. It's after that waveform has calmed/smoothed-out do we see another strike and the price changes course again.
Note
The zig-zag is apparent only in 1D view, not in this view.I think this pattern is more accurately described as a convergence of support & resistance oscillations. At a guess I think it's an indication that the bear/bull tug of war is coming to a stalemate. Possibly because a squeeze is coming to an end and investors are taking a wait and see approach?
There appears to be a head & shoulders pattern inside the oscillation, not before it as I posted. Too bad you can't edit a post within 30mins!
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