Possible extremely rare pattern, do not trade this pattern there are better opportunities out there.
The running flat is a 3-3-5 pattern in which wave B ends far beyond the start of a bear market. The following five waves fail to reach the ending of corrective A wave.
- Here we see a triangle I've been trading successfully; I gambled on it being symmetrical to the triangle on the left, so far it is.
If ATH levels are a result of B waves instead of a bull market, and price insists on staying within this triangle; then we must have a running flat on our hands.
- Both volume and RSI confirm that we have been in a long stretched bear market all along. And so does the extent to which price has retraced from the B move, which is well beyond 0,79 retracement already.
- Other alt/BTC pairs such as ETH/BTC also show to have been merely in relief all along.
Ideally, we would see the price bounce here with low- and at 5 with high volume. If we bounce here (3) with sizable volume, however, the bottom might as well be in as this count is EW abuse indeed.
The running flat is a 3-3-5 pattern in which wave B ends far beyond the start of a bear market. The following five waves fail to reach the ending of corrective A wave.
- Here we see a triangle I've been trading successfully; I gambled on it being symmetrical to the triangle on the left, so far it is.
If ATH levels are a result of B waves instead of a bull market, and price insists on staying within this triangle; then we must have a running flat on our hands.
- Both volume and RSI confirm that we have been in a long stretched bear market all along. And so does the extent to which price has retraced from the B move, which is well beyond 0,79 retracement already.
- Other alt/BTC pairs such as ETH/BTC also show to have been merely in relief all along.
Ideally, we would see the price bounce here with low- and at 5 with high volume. If we bounce here (3) with sizable volume, however, the bottom might as well be in as this count is EW abuse indeed.
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Hmmm... Note
Daily close looks ok, congrats if you bought; great risk-reward IMO.
Not entirely convinced yet as bears managed to send it impulsing it out of the triangle. If price surges back into the triangle swiftly, or at least before the next monthly candle, it'd be a bull wick and thus (another) opportunity to enter.
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Now as good a place as any to sell longs and wait for it to return into the triangle for confirmation.
Possible bearish continuation as shown on daily RSI.
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Great, looks like a bull flag, should have reentered around here if you sold the 0.618.
Green rockets are alternative entries, stop at new lows.
- Breaking out of the triangle then dumpling straight onto, or even below the apex, would be beautiful. The apex is still two months out, patience.
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Longer term.. patience till October max the 15th of October.
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That sell worked out, however, it really seems to respect this triangle.
Bear flagging?, well, it didn't it didn't make new lows like ETH/BTC did and stays within the triangle on the daily.
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Little reminder.- Breaking out of the triangle then dumpling straight onto, or even below the apex, would be beautiful. The apex is still two months out, patience.
Let's go
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Accumulation zone around Apex levels, patience, lots of patience is required.Note
Chuchu, for now. Note usd chart.
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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.