$BTCUSD - Chart Link- nearly 2 weeks ago after
that big sell off in Bitcoin Steve drew this coil, and so far price
has followed the coil almost perfectly stalling out at the
downtrend line of the coil and 9 EMA, 200 SMA).
I find that these cryptos follow traditional TA very well
(flags, coils, etc) in fact maybe even more so than the general
market because of all the inexperienced new trades and emotion,
which is what TA tries to quantify
I find that crypto traders are a bit arrogant and naive thinking
that crypto is new and does it's own thing ..... just because this
cryto stuff is new don't think that it doesn't follow traditional
TA, I'd say it follows it more so.
Agreed. I also wonder if the adherence to TA concepts is
because crypto is more of a pure market, actual price discovery
without the manipulation/Fed interfernece that affects so many
other stocks.
$BTCUSD - Chart Link- I added some labeling to
Bitcoin, so far it's following that coil Steve drew, the bullish
view would be some sort of abcde inside the coil with the last move
down a wave c, need a wave d and e to complete
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Bitcoin continues to play out
Posted by matt on 29th of May 2021 at 03:10 pm
$BTCUSD - Chart Link- nearly 2 weeks ago after that big sell off in Bitcoin Steve drew this coil, and so far price has followed the coil almost perfectly stalling out at the downtrend line of the coil and 9 EMA, 200 SMA).
I find that these cryptos follow traditional TA very well (flags, coils, etc) in fact maybe even more so than the general market because of all the inexperienced new trades and emotion, which is what TA tries to quantify
I find that crypto traders are a bit arrogant and naive thinking that crypto is new and does it's own thing ..... just because this cryto stuff is new don't think that it doesn't follow traditional TA, I'd say it follows it more so.
Agreed. I also wonder if
Posted by rjdst on 30th of May 2021 at 03:32 pm
Agreed. I also wonder if the adherence to TA concepts is because crypto is more of a pure market, actual price discovery without the manipulation/Fed interfernece that affects so many other stocks.
Update: Bitcoin continues to play out
Posted by matt on 30th of May 2021 at 12:26 pm
$BTCUSD - Chart Link- I added some labeling to Bitcoin, so far it's following that coil Steve drew, the bullish view would be some sort of abcde inside the coil with the last move down a wave c, need a wave d and e to complete