Loading ...Breakdown, Backtest, and Breech
I am calling this chart the Bitcoin BBB. Not Build back Better of course, but breakdown, backtest and breech. What has happened here since Monday is that Bitcoins price broke below the rising (bull) price channel followed by backtesting the prior support line today then suddenly plunging below the neckline of the pattern just a short while ago. Its like a dance step and it was predictable to some extent. Now that price has indicated the coming direction will be lower we should be on the lookout for just how far the decline will take us. I have no forecast yet but technical conditions have been met to turn this chart from one that was clearly in an ascending formation to one that is telling us a fall will come first.
nice chart
This is how I like them best. Sweet, simple and directly to the point. Hope it helps you if you are trading. I draw for myself this way. Often a dozen charts each day. They usually keep me on the right side of the trade when I can simplify the moves down to the key technical markers. I add a little color to help me stay awake late at night and then if the chart Gods are on my side I will get in a trade that makes sense. But this one is not a trading chart since its a daily level. This one is merely an examination of the basic chart structure so I can avoid obvious pitfalls in my own thinking and assumptions.
My kind of chart
Sweet, simple
Thanks Fully!
I posted my trade strategy up above if you want to give it a whirl and make a few dollars.