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Price channels are a wonderful thing, the show true support and resistance, and fence in market noise.
Previous Post: Bitcoin 2019 fractal with Gold 2013 , Bitcoin Wyckoff Accumulation Pattern
A sudden and sharp test of the downside was expected (see post 14 Aug 2019).
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In Wyckoff logic terms the current (2019-09-24) sharp attack (10% drop) on price support lines still may qualify as a high volume spring, and of course will require further testing to prove it is not a dramatic sell off. We will wait and see.
Yes risks are very present and the not so good news of the go live Bakkt bitcoin futures contract has been used for such an attack on support lines. Yet this is a side note as bitcoin continues to be digital gold, plus for the big boys to get in they must maneuver prices lower to acquire volume to accumulate at discount prices. Mission accomplished!
Channel lines fencing in bitcoin market price action noise.
Short term view
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Longer term view
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of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to secure better timing than most, after all these methods have been used successfully for 70+ years. To help you applying Richard Wyckoff and Richard Ney logic
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NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote…
..”One of the most helpful things that anybody can learn is to give up trying to catch the last eighth – or the first. These two are the most expensive eighths in the world. They have cost stock traders, taken together, enough millions of dollars to build a concrete highway across the continent.”..
Jesse Livermore
..”The first rule is not to lose. The second rule is not to forget the first rule”
Warren Buffett
..“It’s not what you own that will send you bust but what you owe.”..
Anon
Novice Traders trade 5 to 10 times too big. They are taking 5 to 10% risks on a trade they should be taking 1 to 2 percent risks.
Bruce Kovner
..”Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected”..
George Soros
