New idea on OMGETH. This is roughly based on my last post, but this time with much more detail (and usable math, to boot).
I was struggling for hours to pinpoint where the resistance and support lines were coming from in this pattern, and finally discovered that the Fibonacci Fan fits quite perfectly into the pattern, with clear support and resistance tests on the price line.
- Each of the 4 downtrend waves are 5 Fib lines long, and at the end of each of these downtrends, the price violates the 5th line and bounces back (marked in red circles).
- The peaks of each of these downtrends are 2 Fib lines apart (the blue triangles).
- The green box is the target for the next peak.
- The gray box is the target for the lowest point of the 5th downtrend wave.
- Every breakout has a +70 double-peak on the RSI. We currently have a single peak, so a continuation of this pattern would show another peak in the next 48 hrs, roughly.
I will try this on the similar patterns I noticed in BTC next.
Cheers!
-B
*This is not advice to trade.
I was struggling for hours to pinpoint where the resistance and support lines were coming from in this pattern, and finally discovered that the Fibonacci Fan fits quite perfectly into the pattern, with clear support and resistance tests on the price line.
- Each of the 4 downtrend waves are 5 Fib lines long, and at the end of each of these downtrends, the price violates the 5th line and bounces back (marked in red circles).
- The peaks of each of these downtrends are 2 Fib lines apart (the blue triangles).
- The green box is the target for the next peak.
- The gray box is the target for the lowest point of the 5th downtrend wave.
- Every breakout has a +70 double-peak on the RSI. We currently have a single peak, so a continuation of this pattern would show another peak in the next 48 hrs, roughly.
I will try this on the similar patterns I noticed in BTC next.
Cheers!
-B
*This is not advice to trade.