Double Cloud Projection BTC

thatguyjoe (51)in #blog • 6 years ago (edited)

https://www.tradingview.com/chart/BTCUSD/KKCm8aYJ-Double-Cloud-for-Confirmation/

Been following it for a few days in my channel on TG, t.me/cryptohights and just now decided to publish it.

Seeing how it plays out.

See a Giant bear Flag forming on Daily, 6, and 4hr.
We are forming a Wedge between two downtrend lines, note the two pictures here. I noticed the consolidation the 4 hour, and went to a lower TF to check it out.

Yellow circle has been a pretty solid support // resistance when playing it.

he Fib from ATH and Local high are very similar so i see that range as the end of 4th wave starting our 5th wave down.
Trend lines are from local highs and lows as well as ATH just as reference points, to see the channels we will play until confirmation of if count is correct, or wrong.

Most of these sideways periods are the dumb zone to trade in, so I will not be trading here without confirmation of where we are headed on the short term and long term.

Notes: Exiting normal cloud did result in a solid breakout,taking note of that has been crucial in playing this range.

Yellow is the main support fib and from the downtrend line from wave 2 is in blue large.
I likely willscatter a buy or two there so i can sleep incase it retests support.
With decent volume we could break up, and close wave 4 a little later than i thought.

Thatbeing said, I would say I would be wrong the moment we get confirmation above the secondcloud and have to re evaluate my position.

The trend line from the current bottom and the downtrend from the Wave 1 started cross exactly at the daily close.
So that should be interesting if it plays a role.

Good luck and happy trading.
*note this is not any advice of when to trade, just what I am doing, and hopefully bringing value to people who have not cloud traded!

I also Use a dynamic volume comparing spikes in volume to previous candles, to help know when there is large market buys or sells as well as what scale they are on: IE Spooking to Cause a run, or actually a full blown dump or pump.