BTC still retracing to 61.8 fib to the bottom of a bull flag.

2020년 6월 24일

Hey guys, my very first chart on tradingview!
Im still learning and hopefully this way i can get some insights on my charting.

Looks to me like a retracement to the 61.8 fib line in a still bullish pattern (bullflag) on the 1H chart. It may go and make a inverse head and shoulders pattern on its way to break out to the upside.

What do you guys think about this idea? I am only looking at patterns and resistence right now and not so much at volume, EMA, MA, MACD etc.. is my charting too simple or should i add on more indicators?

Thanks in advance! :)

2020년 6월 24일

노트

2020년 6월 24일

노트

Ok so that didn't go as charted :)

According to chats this happened due to a sell off of the SP 500?
So apparently the BTC chart follows along the lines of the SPX and thus my original framing got invalidated by this sell off.. soooo looking again to make sense of this...
the candle hit the bottom of this rising wedge in the bigger time frames and looks to form a similar pattern (maybe!) as the first wave as seen pointed out with the blue arrow to the left.

Maybe we're following the same pattern in this one also so i have mapped it in with new blue lines and made the old pattern grey.

If you have any insights on this as to why? let me know in the comments :) Also maybe this is the beginning of a bigger sell off on the bigger time frames?