BTCUSD - Downchannel backtest
Atualizado
Just putting this out there as I see more and more panicky posts.
CHART EXPLANATION-
The 3 downchannels drawn correlate to levels of loss of confidence.
Downchannel 1 is in white is from December's top and has the longest shadow.
Downchannel 2 is in orange from the big drop in mid-January, anchored by the amount of time spent ~15k
Downchannel 3 is in red from when a maelstrom of selloffs and bad press put the F in FUD.
The blue squares are what happens on exiting a downchannel. IT MUST BE TESTED (for safety). If we reenter downchannel 2 it could double bottom around that 5500 mark.
If BTCUSD can hit the purple parallelogram I'll be happy.
Yellow lines are my important price points.
REASONED OPINION-
This is a HIGHLY volatile market, yes.
There was a LONG stretch of overbought territory during the run up to the bubble top in December, yes.
There was an explosion of ICOs in 2017, and the valuation of these projects accelerated the speculation of the entire sphere, and the reserve currency of BTC, yes.
BUT
is crypto ded? - NO
Now crypto has gained another leg of legitimacy. Not everyone is in, and far fewer understand anything about it.
The allure of decentralized, trustless transactions has pulled some; the alternative asset class has drawn some, the pure tech has drawn some.
Many people are just in for profits, which isn't going to provide any long-term support but that's ok - because throughout 2017 was about planting decent projects alongside shitcoin projects with overeager money.
The first half of 2018 is about SURVIVING the bearish shadows of the ridiculousness of Q4 2017, and then CAPITALIZING on what projects actually start providing SERVICES.
Work the muck, do the due diligence if you're just profit-chasing, and I'll see y'all come harvest time.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
CHART EXPLANATION-
The 3 downchannels drawn correlate to levels of loss of confidence.
Downchannel 1 is in white is from December's top and has the longest shadow.
Downchannel 2 is in orange from the big drop in mid-January, anchored by the amount of time spent ~15k
Downchannel 3 is in red from when a maelstrom of selloffs and bad press put the F in FUD.
The blue squares are what happens on exiting a downchannel. IT MUST BE TESTED (for safety). If we reenter downchannel 2 it could double bottom around that 5500 mark.
If BTCUSD can hit the purple parallelogram I'll be happy.
Yellow lines are my important price points.
REASONED OPINION-
This is a HIGHLY volatile market, yes.
There was a LONG stretch of overbought territory during the run up to the bubble top in December, yes.
There was an explosion of ICOs in 2017, and the valuation of these projects accelerated the speculation of the entire sphere, and the reserve currency of BTC, yes.
BUT
is crypto ded? - NO
Now crypto has gained another leg of legitimacy. Not everyone is in, and far fewer understand anything about it.
The allure of decentralized, trustless transactions has pulled some; the alternative asset class has drawn some, the pure tech has drawn some.
Many people are just in for profits, which isn't going to provide any long-term support but that's ok - because throughout 2017 was about planting decent projects alongside shitcoin projects with overeager money.
The first half of 2018 is about SURVIVING the bearish shadows of the ridiculousness of Q4 2017, and then CAPITALIZING on what projects actually start providing SERVICES.
Work the muck, do the due diligence if you're just profit-chasing, and I'll see y'all come harvest time.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE *
Nota
IGNORE the RSI strategy. I'll delete it next time. It's parameters are from an unrelated chart.
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