One of the things I struggle to understand regarding continuing down is that why should it? Why should it complete the bear cycle? I think the environment has started to change at a point coincidental to a point where there is a case that the long term falling wedge has been broken and therefore closed..
From my limited trading knowledge and vastly in-superior to somes' TA, I feel like I'm begining to form more of an opinion on this market.
The market is controlled by various large investors who share some sort of collusion to where and how this market develops. This may seem a bit of a 'conspiracy theory' view but my reasons are basically this is not an established market. This is a brand new market with a huge potential and is being nurtured. Therefore I think it is essential to include Sentiment within TA.
After watching DanV's latest video, I understand why he feels that the long term resistance line is broken. I don't normally draw trend lines using wicks because I think it sometimes can be misleading i.e. maybe the order book had relatively little orders and the wick was able to break through them with ease... This may be an amateur view however.
After drawing a new upper resistance line following DanV's video however, I noticed a new point on my chart that is relative to right now. It looks like were at another decisive point where if it manages to pop above it will break the most bearish resistance... Or prove that we are moving lower.
However, my current opinion is that we have left a negative sentiment cycle and entered positive. Also we have broken one key long term resistance. So these two coupled together make a good case for the next move up. If we break this 550 area I would be even more encouraged.
I think I will wait this out now for confirmation, we shouldn't be far away surely.
From my limited trading knowledge and vastly in-superior to somes' TA, I feel like I'm begining to form more of an opinion on this market.
The market is controlled by various large investors who share some sort of collusion to where and how this market develops. This may seem a bit of a 'conspiracy theory' view but my reasons are basically this is not an established market. This is a brand new market with a huge potential and is being nurtured. Therefore I think it is essential to include Sentiment within TA.
After watching DanV's latest video, I understand why he feels that the long term resistance line is broken. I don't normally draw trend lines using wicks because I think it sometimes can be misleading i.e. maybe the order book had relatively little orders and the wick was able to break through them with ease... This may be an amateur view however.
After drawing a new upper resistance line following DanV's video however, I noticed a new point on my chart that is relative to right now. It looks like were at another decisive point where if it manages to pop above it will break the most bearish resistance... Or prove that we are moving lower.
However, my current opinion is that we have left a negative sentiment cycle and entered positive. Also we have broken one key long term resistance. So these two coupled together make a good case for the next move up. If we break this 550 area I would be even more encouraged.
I think I will wait this out now for confirmation, we shouldn't be far away surely.
