Globb0 BTC charts

[Globb0]

OK as this thread for BTC charts as I learn about charting and trends I will add more details.

All feedback and observations are welcomed I'm learning.

Here is my daily based BTC chat with resistance and support imposed in yellow.

A healthy looking (slightly)  ascending triangle?





Zooming in on the hourly



We are at top edge within the triangle.

Breakout from here up?

[Quidat]

We are at top edge within the triangle.

Breakout from here up?

For 1D TF then i can say that it will most likely to have a breakout but if we do try to look for some confirmation on 1h TH then it would still play out into these levels
either it would breakout or would just bounce down when it do hit up that resistance.

For shorting or active trade then i would wait a little bit before making an entry but well it depends on you though.

[Globb0]

Yes I am looking for any confirmation to happen on the 1d candles chart and they must be closed for that day.

Thanks for the response.

[Tytanowy Janusz]

Such triangles very often break out in fake direction and return with huge strength. That's why i don't like to trade based on this formation.

We need to remember that BTC looks very bullish fundamentally.
1- 1.5 bilion newly printed tethers (+30% supply)
2- halving around the corner
3- helicopter of fiat money - unlimited QE

[Globb0]

Such triangles very often break out in fake direction and return with huge strength. That's why i don't like to trade based on this formation.

We need to remember that BTC looks very bullish fundamentally.
1- 1.5 bilion newly printed tethers (+30% supply)
2- halving around the corner
3- helicopter of fiat money - unlimited QE

Is that not the point of waiting for a 1d candle to close to confirm things?

[Tytanowy Janusz]

Is that not the point of waiting for a 1d candle to close to confirm things?

It works for you? Candle close at random time. Different time on every exchange. There is a chance that you will have perfect buy signal on binance when candle close at 00:00 and perfect sell signal on kraken when candle close at 4:00 (just example). Its not stocks - end of candle is end of day session with fixing (CLOSING AUCTION - last 5-30 min depending on country) where lots of volume is added after it with fixed auctioned price.

In my opinion end of candle does not matter in crypto.

[LFC_Bitcoin]

Nice one Globb0, mate.
I don’t do TA myself but will be interesting to follow your price projections. We’re already starting to rise a little so you’re spot on at the moment (currently observing $7,215).

Will drop by this thread again in a couple of days.

Take care bro!


(Photo credit: Bitstamp)

[VB1001]

His triangle broke as expected hitting 7,464 on Bitstamp, he has now taken a break but will try again towards 7,500 (next step 8,000)

[Globb0]

Is that not the point of waiting for a 1d candle to close to confirm things?

It works for you? Candle close at random time. Different time on every exchange. There is a chance that you will have perfect buy signal on binance when candle close at 00:00 and perfect sell signal on kraken when candle close at 4:00 (just example). Its not stocks - end of candle is end of day session with fixing (CLOSING AUCTION - last 5-30 min depending on country) where lots of volume is added after it with fixed auctioned price.

In my opinion end of candle does not matter in crypto.

Thanks I didn't really think, but you are spot on the world is not 1 day its timezones.

Also the finance market shenanigans happen in the last 30 mins, too true. Does crypto have that? its never really the end (ah is that what you are telling me?)


That daily close bit is the confirmation for me, Im often looking at the hourly but in the context of the daily. Daily will confirm if trend broke or held.

Thanks for the comments. Please DYOR but lets see what was or wasn't an indication as we go on.

Cheers

[Tytanowy Janusz]

That daily close bit is the confirmation for me, Im often looking at the hourly but in the context of the daily. Daily will confirm if trend broke or held.

If it works for you and you are actually earning using that than go for it I never profit using this formation -it always fake me and go opposite direction. If you do earn than I'm not the person that should give you tips:)

I think that this trend line puts current price into another, bigger triangle. Breaking through both may push price very fast.



Cheers

[Globb0]

So, the daily closed above that triangle, trend seems confirmed, still a bit bellow the resistance so no real challenges.




Zooming to the hourly, OK, here a new little support level. 

[Wind_FURY]

Subscribed!

Plus OP, your title should also include, "Globb0 BTC charts, AND complimentary funny Starwars memes".

[exstasie]

Nice, love to see threads like this.

It's looking more like a wedge than a triangle to me. No matter though, BTC likes to break upwards from bearish wedges. Stocks had a major upside breakout today which supports the bull case for BTC too.

That sell zone in the low $8,000s looks tasty. I'm eyeing it as well. Lots of good pivot resistance there, as well as the 200-day MA.

[Globb0]

Subscribed!

Plus OP, your title should also include, "Globb0 BTC charts, AND complimentary funny Starwars memes".

Thanks   

[buwaytress]

Mo TA mo happy, I say;) I've always said I read TA occasionally and only for the ones I actually find interesting, after all, it's entertainment we're all after, plus the bit of learning.

Are you putting any trades on your charts, Globb0? I find if you put something on it, even if a token sum, psychologically makes you a bit more diligent when putting strats together.

Couple more hours to ensure the day's high so far is tested in the same timezone *7465*.

That's where I'm thinking people are going to make their minds up.

[JL0]

Do you think we can break up to the daily SMA 200 (~8500) ? Thank you for your  TA

[Globb0]

Hourly is well past the triangle now and I added the suggested line for the bigger triangle too.



About to burst through the last little bit of hourly resistance, hmm or maybe not.

There is an uncertainty at this zoom level

[Toxic2040]

Subscribed!

 "Globb0 BTC charts".

Thanks   

[El duderino_]

Thx for sharing your thoughts... my man Globb0 !!! Gonna follow this thread closely

 

[STT]

Nifty, I prefer the dark side charts also.    I have a similar outlook though I think its best to have several takes and see which plays out as most accurate, not be too attached to any one point of view.  I dont have the December lows as a trend, I was thinking that range could relate as prior volume and so some resistance or boundary.   Top price recently have been 50 day but indicators dont cap prices beyond immediate perception.
  Most important is the uptrend line and how that plays out vs any delay in progress upwards.   Its a similar recovery that we saw through January though from a much lower point.