Gann - Part 2: The Great Wick of China
Updated
Well folks, that happened.
I will forever call Oct 25 the Great Wick of China.
The 3rd largest 24h percentage gain in all of BTC history.
Sadly I was unable to get to checking the markets due to work and not only missed out on the potential gains, but had some fair losses.
It's moments like these that make you get better at TA or make you walk away from trading with a bad taste in your mouth.
THAT BEING SAID, there was absolutely 0 ways to TA or predict that move AT ALL, I've checked literally everywhere and the only way I've found that you could've riden the wave is trading on the 1 to 5 minute timeframes using a TD sequential system with Lucid SAR as your stoploss.
My previous chart did not take into consideration the previous ATH for a descending wedge like the one we're currently into and now TGWoC gives us a second touch on that wedge.
I'd say it's too early to breakout of it, but after a move like that the market needs to figure out where the hell it's going and I'm not going to touch anything until it does.
The quickest way to lose money is to try and make a trade when literally anything can go wrong and no clear patterns are formed yet.
Right now we're hanging on the 0.382 Fib at ~9620 and trying to figure out where we're going.
If we can close above the previous month-long resistance at ~9.4k-9.5k then I will shift my long term outlook from bearish to neutral while we probably go sideways for a while
I'll do some directional analysis in a few days when there's actually something to check out.
Cheers my dudes
I will forever call Oct 25 the Great Wick of China.
The 3rd largest 24h percentage gain in all of BTC history.
Sadly I was unable to get to checking the markets due to work and not only missed out on the potential gains, but had some fair losses.
It's moments like these that make you get better at TA or make you walk away from trading with a bad taste in your mouth.
THAT BEING SAID, there was absolutely 0 ways to TA or predict that move AT ALL, I've checked literally everywhere and the only way I've found that you could've riden the wave is trading on the 1 to 5 minute timeframes using a TD sequential system with Lucid SAR as your stoploss.
My previous chart did not take into consideration the previous ATH for a descending wedge like the one we're currently into and now TGWoC gives us a second touch on that wedge.
I'd say it's too early to breakout of it, but after a move like that the market needs to figure out where the hell it's going and I'm not going to touch anything until it does.
The quickest way to lose money is to try and make a trade when literally anything can go wrong and no clear patterns are formed yet.
Right now we're hanging on the 0.382 Fib at ~9620 and trying to figure out where we're going.
If we can close above the previous month-long resistance at ~9.4k-9.5k then I will shift my long term outlook from bearish to neutral while we probably go sideways for a while
I'll do some directional analysis in a few days when there's actually something to check out.
Cheers my dudes
Note
Expecting a touch around 8k to retest the wedge boundary as support before going into the next bull run that will put bitcoin everywhere.Target for the new ATH topping out is between 125k and 175k by Q4 2021.
Until then buy and HODL like never before
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