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While being bored from the sideway movement, I decided to start this thread.
It is TA based on Point & Figure method.
You can learn the basics here:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:pnf_charts:pnf_basicsSo on Bitfinex buy signal is at 252, sell signal at 224 (HL, Traditional, Box size 4$, Reversal 3):
Bullish support 228-236, bearish resistance 240-248.
Important thing to notice is the thick red Bearish Resistance line, from the last ATH (at about 1200$) - this is the resistance we keep failing to break.
If we break it, technically we won't be in bear market until a new bearish resistance line forms which we won't be able to penetrate.
Often, when this line is penetrated a bull market starts.
Bullish support lines are the green ones, the thick green gave us the last double top break after the previous double bottom break.
Yellow line is SMA of 10 columns. The middle of the column is where to focus relative to this line. So, the last red Os column not below the MA yet.
As you can all see the triangle has to break sooner or later!
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