#Bitcoin plus $8,631 wick today 19th May please

Can't tell the market what to do, or, can you ?

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Market needs the right chart pattern to get there Y/N

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If market doesn't make the wick and closes below $8,412 we could be in trouble that's if you are a bull like me. I've just started out doing the research and not sure how far I'll get with it but the ideas I'm posting at the moment are just the basics of it. The trend lines are pretty common, but I also have a certain way of drawing some to ensure consistency for any type of situation.

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It could be that more than just the wick that the market has to close above $8,470.8. That candle of May 12 is the key but still trying to figure out how best it can be used to pump the market.

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The above chart is edited but the next one will show how I'm identifying the key bars, and explain how I'm thinking of using them.

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UPDATE

I sticking with the above chart for the time being but can give you a flavour of what I'm working on, and will be developing in subsequent postings.

Idea = take two fractals one high one low or one low and one high. Then take distance between them and multiply by two. The bar we need being the same distance from that between the two fractals becomes an important bar, and its relationship to the last fractal bar will dictate the direction of the trend. The how is what I'm trying to perfect.

The shaded box idea came to me because I wanted to study price action as it relates to more than one important bar.

The next bit I call the floating wedges (my own idea), and I'm thinking of combining with other signals for validation.

There are two kinds of floating wedges. Two bear side and two bull side.

For the first floating wedge take two highs or lows (the first being a fractal) and create a ray connecting the two. Then multiply the distance between the two by three and use that point along the ray to connect a line to the nearest or highest high or lowest low between the two highs or lows and you've constructed your first floating wedge.

If price reverses and cuts through your diagonal and validated by supporting signals go with it, and if it falls back through that point and validated by supporting signals then it could be continuing the other way .

The second floating wedge can only be created on retracements. You take a retracement high or low and ceate a horizontal line. You then take the distance between the retracement high or low left along the horizontal line until you hit the first bar or wick. You then multiply that distance by three and use that extended point to the right along the horizontal to connect a line to the nearest or highest high or lowest low above or below your retrace high or low. and you've constructed your second floating wedge.

If price reverses and cuts through your diagonal and validated by supporting signals go with it, and if it falls back through that point and validated by supporting signals then it could be continuing the other way .

I'm going to be experimenting with all the above in subsequent chart postings. Fractals can play an important role in all the set-ups.

Hope the above is clear enough to understand.

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Todays high $8,468 on the chart was enough to pierce the two white diagonal lines on the chart but needs to get back up there. Hopefully will at least close the day above $8,470.8.

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UPDATE COPY OF MY MOST RECENT POST AND CHART

May 20 #Bitcoin missed bullish targets for 19 May where next?

Comment May 20 : Market May 20 appears to be doing what it should have done May 19. Interesting.

Comment: May 20 If I was doing my 2hr Bollinger Chart set at (20, close, 3) the market now has twice pierced the upper Bollinger line often a directional signal. Also if you use those same Bollinger tracks for drawing trend lines, the market has broken through the downward trend line as well. If you throw in a reverse head and shoulder pattern well....... Back to the day chart. Market failed my cycle test but depending how the day ends appears to be to be ticking all the right boxes for bulls. Is it a bull trap - failed the cycle test? If it closes above the green 5 day offset moving average that would be a further plus. Don't have any stats for the cycle test - it's something completely new that I'm working on.

Comment May 20: Daily Stoch RSI (3,3,7,7,close) from May 12 is a very recognisable pattern from oversold to overbought and worth back checking the stats in combination with MACD (6,13,close,31) with bars, and least one average below zero to get odds of how badly this run may end.

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The offset 5 day MA level today May 20 is $8,619 and tomorrow May 21 is $8,516.

UnknownUnicorn2181194

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UnknownUnicorn2181194