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BTC Update! Zone support & up we go BUT what is bigger picture?Alright. Lets jump off last chart where we had finally broken through the resistance zone and we were looking to ideally hold EMA support or at minimum stay above our zone we have kept outlined since October. Bulls briefly lost EMA support but did managed to hold the top of our zone and find support. This has now led to our next leg up which on our 4 hour and Daily chart now has things trending in the right direction. A lot will get very excited for these times and it is the first steps of shifting trend but we also must zoom out and see bigger picture. Below is our weekly chart which has not changed its trend yet. We are still in a downtrend with lower highs and lower lows. Anything under $10,540 is still a lower high for weekly chart. In my opinion that is a bit too far away for bulls to make a straight run at it and they will gas out before then. More realistic option is for a top below $10,540 which gives a lower high but then form a higher low compared to $6430 and then shoot for a higher high (above wherever we top out at on this run). That will get weekly chart shifting. If bulls fail and get a lower high compared to $10,540 and then sink back to lower lows then the weekly chart stays in the same trend it has been in since the summer, which is bearish. Those using the zone I have outlined since October should be trading very well as it has held as support and resistance as needed and made for low risk entries and exits multiple times now. So bulls can be excited for current situation on 4 hour and daily but keep a watch on the bigger picture of weekly chart next. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
Bitcoin 7 Zone TheoryHello all, today I would like to demonstrate a theory that was hypothesized by one of the greatest traders to ever live, W.D. Gann. This theory is called "The Seven Zones of Activity" in each stage Gann explains what he is looking for, and how the market reacts. Gann describes his "Normal Zone" as a line, that, when price is near that line, it sees little fluctuation, as it is at equilibrium. He explains that very long periods of distribution or accumulation can occur when price is at this "line". For my choice, i decided to use the 20 Week MA. As price saw an extended period of accumulation during the 2017 bull run, and an extended period of distribution during the 2018 Bear Market, both along the 20 Week MA. Therefore, my theory is that we could validly argue this line is now our "Equilibrium". Going forward, we have 3 zones above the line, with the highest zone being distribution. As well as 3 (theoretical) zones below the line, with the lowest being Accumulation. There are no rules as to how long each zone may take, or if they must be equal to each other, so this chart is based off the theory that the 200 Week MA is our "Bottom", similar to the previous bull-run. Feel free to implement this theory into your own analysis, with your own "Bottom", as the next two zones are purely speculation as to the price ranges they will have, and the length of time they will extend. If nothing else, I leave you with this quote; "Remember, it is always darkest just before dawn, and it is always brightest at noontime, just before the sun begins to recede." - W.D. Gann If you enjoyed this analysis, and/or like cookies, give me a like and follow for more content. :)
BITSTAMP:BTCUSD
by CookieMonsta