BTC pattern and position tracking
Been surfing trading view these past few days as i have been trapped on the futures market since Dec 4th , as i wasn't prepared enough for the Dump, was so over confident on the market until it struck me like lighten and i have been stuck on the shock, which left me gazing at the charts all day, finally found something worth while on trading view that gives me hope of recovery in the market at least in the short run so i can exist my positions with minimal loss.
This chart is an attempt to track where BTC is located on its current oscillation. This means BTC always oscillates up and down and this letters and numbers MARK at which position of the ARC the price is located. This follows the Wyckoff formation but I used only letters and numbers to reduce text bloating on screen.
VIOLET NUMBERS resistance peaks with A, B and C being the highest prices BLUE NUMBERS support dips with 4, 5, 6 and 7 being the lowest prices
These represent the ordered evolution or advancement of the pattern formation.
The aprox date is for the "7" mark.
I was tracking this chart for some time until I could confirm the last "E" mark before publishing.
MAGENTA CHANNEL
The chart is presented over a LOG price scale. For its creation we use 3 "curved line boundaries" that cover the center, upper and lower limits for potential movement. Even if this not an attempt to forecast a trend or future scenario, it allows to have an easy to read view of probable limits and oscillation parameters.
Just sharing my personal charts for learning purposes only. This is not an investment recommendation.
Comment: For some reason the last "A" mark got displaced. Anyway marks shouldn't be used as strict position locations. It may probably be located around mid F
Original author: heroselohim https://www.tradingview.com/u/heroselohim/
Posted Using LeoFinance Beta
