BITCOIN: EXPLORING 2 SCENARIOS (FEEDBACK WANTED)
GOOD MORNING!
The weekend is always the best time for big moves in crypto, since the 9-5ers are only watching their portfolios with sidelong glances. I'm guessing one of two formations will play out this weekend.
I've included in the chart both a layout for a iH&S move, which many people are advocating, though I find hard to swallow.
Also included is a move down to my original H&S calculation of $3785 from the H&S experienced at the Dec 6 top. This is an ABC pattern.
As I have only been trading for about 4-5 months now, I'm interested to see what I've done wrong in these charts and calculations, and how I could improve. My favored strategies are Technical in nature - I like to react to what has happened using statistically validated extrapolations on well explored patters (breakouts, inside bars, reversal candles, trend lines, parallel channels, wedges, etc.) rather than speculative predictions like Elliot Wave (though I do find it interesting).
Hopefully I've created a balanced mid/long term movement chart, but many disagree. I want to hear an analysis of the technique, not necessarily whether you agree with my predictions or not.
Much appreciated!
Hank
_____________Below is my opinion on why the market is consolidating the way it is. If you just want to provide feedback on my chart, you can stop reading now._____________________
Due to the harsh sentiment surrounding crypto presently. Things have begun to improve with South Korean recapitulation and SEC CFTC hands-off outlook...
...but as they say in war, the blow has been dealt. Damage done.
On the positive side, we haven't heard any people or orginazaions taking up legal action due to the loss of capital, therefore all these ideas that "people lost money and will never enter the market again" may be untrue. I think most Crypto Heads did a very good job stressing that only expendable income should be spent on crypto. People mostly seemed to understand it was a risky investment, and if they lost money, they're not whining. A few may have been roped in by scams, but again, I think that the shame of admitting you fell for it is bad enough to keep skin in the game.
Besides, people don't just stop gambling once they get the taste, do they?
________________________________________________________________________________________________________________________________________________
The weekend is always the best time for big moves in crypto, since the 9-5ers are only watching their portfolios with sidelong glances. I'm guessing one of two formations will play out this weekend.
I've included in the chart both a layout for a iH&S move, which many people are advocating, though I find hard to swallow.
Also included is a move down to my original H&S calculation of $3785 from the H&S experienced at the Dec 6 top. This is an ABC pattern.
As I have only been trading for about 4-5 months now, I'm interested to see what I've done wrong in these charts and calculations, and how I could improve. My favored strategies are Technical in nature - I like to react to what has happened using statistically validated extrapolations on well explored patters (breakouts, inside bars, reversal candles, trend lines, parallel channels, wedges, etc.) rather than speculative predictions like Elliot Wave (though I do find it interesting).
Hopefully I've created a balanced mid/long term movement chart, but many disagree. I want to hear an analysis of the technique, not necessarily whether you agree with my predictions or not.
Much appreciated!
Hank
_____________Below is my opinion on why the market is consolidating the way it is. If you just want to provide feedback on my chart, you can stop reading now._____________________
Due to the harsh sentiment surrounding crypto presently. Things have begun to improve with South Korean recapitulation and SEC CFTC hands-off outlook...
...but as they say in war, the blow has been dealt. Damage done.
On the positive side, we haven't heard any people or orginazaions taking up legal action due to the loss of capital, therefore all these ideas that "people lost money and will never enter the market again" may be untrue. I think most Crypto Heads did a very good job stressing that only expendable income should be spent on crypto. People mostly seemed to understand it was a risky investment, and if they lost money, they're not whining. A few may have been roped in by scams, but again, I think that the shame of admitting you fell for it is bad enough to keep skin in the game.
Besides, people don't just stop gambling once they get the taste, do they?
________________________________________________________________________________________________________________________________________________
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