$BTC $USD Demark Indicator, 8 candles, consolidation, fibs
$BTC $USD Demark Indicator, 8 candles, consolidation, fibs
Ok, the channel in my last BTC chart did not do very well. The floor was too weak. So I have removed the floor. Let us look at things with the Demark indicator and fib levels. As you can see, the candles are bounce between 61.8% level and 38.2% level. This looks very much like consolidation. So a bit of horizontal movement. When we add the Demark indicator into the mix we see that in many instances we fail to achieve a 9 candle and the price reverses on an 8 candle. This would indicate to me that people are preempting the reversal but getting in or out on the 8 candle as the know 9 candle is normally the reversal. This would also indicate to me market cautiousness.
Ok, the channel in my last BTC chart did not do very well. The floor was too weak. So I have removed the floor. Let us look at things with the Demark indicator and fib levels. As you can see, the candles are bounce between 61.8% level and 38.2% level. This looks very much like consolidation. So a bit of horizontal movement. When we add the Demark indicator into the mix we see that in many instances we fail to achieve a 9 candle and the price reverses on an 8 candle. This would indicate to me that people are preempting the reversal but getting in or out on the 8 candle as the know 9 candle is normally the reversal. This would also indicate to me market cautiousness.