Hey guys! Happy mid-December and welcome to the start of another exciting week in crypto. I hope these times of wonderful have been good to you all. I promised you guys a analysis a few days ago over on my highly successful ETH chart that I’ll link below, but I didn’t get round to it because I didn’t really have anything to say which hadn’t already been said by some of the other great analysts here on TV. Now we’ve seen a nice move upwards, I think I got something a little different for you guys.
If I can stop you getting distracted by the pretty colours for a moment, I have a quick explanation of why I’m analysing the chart in this way. Many people overlook that time plays as much into as does the price. Look at any price chart and it’s got 2 axis, not just price. The reason I’m telling you this is that the top of this is a major from the past month. Of course time relates to this, otherwise it could have hit that level in the past and not been resistance, as those lines wouldn’t have lined up! Follow that dotted line with your finger… Yes, you see, it hits it exactly and makes a triangle shape plotted by price and time. Because many people are looking at this over a decent amount of time, I think we can take this one step further and factor in the time taken with our fibonacci lines.
Now, I love fibonacci and I noticed that this we’ve currently formed has a very curious shape, and how it’s noticeably different for the different exchanges. But I noticed something very interesting on this bitfinex chart when you connect the lines to the top of this using the circle fibonacci tool.
What do you notice? Firstly, this chart looks absolutely beautiful and I want to eat it like a whole load of flavours of Christmas-y ice cream that have come to party over at bitcoin’s house. But secondly, the circles overlap with a lot of the key levels that many traders are currently talking about, and it might give us some insight to the timeframe if/when we reach them. I’ve highlighted these levels in yellow on the chart. One could imagine an type structure forming through these points at key levels that many traders are waiting for. This isn’t to show that it must hit these exact levels, but just an idea to show a possibility of WHEN they might be hit. I didn’t think I’d need to explain the levels simply because it seems like everyone is eyeing them for at the moment and you need to give the time piece of the chart some love as well <3
Let’s see where this gets us! I’ll be studying this type of analysis in the future so stay tuned by following my page because I have much more to come. If you saw my ETH analysis you’ll know that it’s been going really well for these more radical kinds of analysis which nobody else is touching. So you should follow me on Tradingview and hit like if you want to see more. I’ll be updating this chart often with some new input and to see how this develops because I think this is a very interesting and underused method.
Enjoy the holidays!
-Etch
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Published at Mon, 17 Dec 2018 17:05:16 +0000
