As I mentioned in the old TA, things are moving much faster than I anticipated and there is also a glaring mistake in the previous pattern. This update uses price from Bitstamp instead of Bitfinex because the price history is longer and price actions are a lot smoother. The pattern fits perfectly on price action, levels and volumes so far. Reason for the update is the attention this has received and because I think we've reach A critical point, namely that we have started phase C. The shakeout is well on it's way and the depth of the market is being tested for supply. Volume point to an exhaustion of the down trend.
Thank you Kobayachi, these charts has been guiding me through the entire bearrun when it comes to entries and exits it's been a hell of a ride and it's VERY accurate.
dRends35
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Think more likely there will be another impulsivive move down and a final turn of the knife. We're still a couple of months away at least from your phase C perhaps
stackit
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I thank you broodah @Kobayachi for this master piece!! so far playing out perfect... do you think 6100 was steep enough to be considered as 'spring'?
There is no clearer signal than a big marubozu to tell you that your pattern is invalidated. It was a great roadmap thus far and it helped me tremendously in navigating this bear market.
Even though I never use them for trading, I’m still amazed by the pertinence of these trend lines.