Bitcoin Falling Window = 3K?

Candlestick patterns originated in the West like this:

Steve Nison was consulting for one of the biggest firms at the time. In the other room he heard a Japanese analyst practical yell in excitement: "We have a rising window!" Steve went in to see what it was all about and the analyst was holding a huge book with candlestick charts which they and Japan would mail back and forth to each other every week. Everything we know about candlestick charts originates with this "Rising Window".

Here on 1H BTCUSDT we have a GAP UP in price. This means that demand was so large that the candle gapped above even the previous high of the candle. This is extremely bullish, so much so that the window becomes some of the strongest support you can find in trading. The smaller the window, the more accurate and strong the support. The bottom end of the window is the strongest part of it. What I illustrate in the image is that the rising window support did not hold - e.g. extremely bearish behavior.

In Forex, Rising/Falling Windows should be extremely rare, on time frames like 1H with a heavily traded currency pair like BTCUSDT.

Maybe this is even a case for a test of 3K...

Note

zerocashcool

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.

zerocashcool