video prediction, daily chart beginning a continuation wedge?
a few days ago i was doing a draft video expecting the downward breakout and for price to get stuck where it did indeed get stuck, but second guessed the act of publishing, but it happened, so i decided to make another video (my first published vid) explaining my prediction and the context and reasoning for the prediction. it might be soon to tell, but i think its worth putting out there regardless, at least for my personal records, and maybe yall can get something out of it..
anyways. we formed a 2 month long symmetrical triangle, a continuation pattern for the previous downtrends, and the guidelines suggest that eth should get as low as 136 ish, but considering the strength of the 167 support, we got stuck there as i sort of had expected we would. considering the strength of a 2 month long formation, i don't think it did all that just to invalidate, thus i think we're still going down, but, judging on what price has been doing for a while, we will probably be stuck in this small range we're in now for a matter of weeks, who knows yet at this point, we haven't formed enough daily candles to tell for sure, but i think its a reasonable assumption. and while we're stuck in this small range, it's likely to form a continuation wedge or continuation triangle, suggesting the continued move to validate the 2 month long triangle that was formed.. because of the nature of this, IF i do any more trading for a bit it will be on shorter timeframes.
eth has been incredibly consistent with all of its continuation patterns and its reversal patterns for the length of its existence, so going on that, its reasonable to assume that it will stay consistent.. i don't even use fancy indicators anymore, caus they aren't really needed considering how consistent the patterns are.
if i'm right i'm right, and if i'm wrong then i'm wrong, it's all about learning and getting better at charting anyway so no matter the outcome it is still edifying..
anyhoo, there goes it, thanks for viewing, comment if you feel like it, like it if you like it, don't if you don't, carry on and be well. i love the community here on tradingview, i've learned a ton, a big thanks to those who contribute, and i'm thrilled to put my hat in the ring too. have a good one, and good luck to all of you.
anyways. we formed a 2 month long symmetrical triangle, a continuation pattern for the previous downtrends, and the guidelines suggest that eth should get as low as 136 ish, but considering the strength of the 167 support, we got stuck there as i sort of had expected we would. considering the strength of a 2 month long formation, i don't think it did all that just to invalidate, thus i think we're still going down, but, judging on what price has been doing for a while, we will probably be stuck in this small range we're in now for a matter of weeks, who knows yet at this point, we haven't formed enough daily candles to tell for sure, but i think its a reasonable assumption. and while we're stuck in this small range, it's likely to form a continuation wedge or continuation triangle, suggesting the continued move to validate the 2 month long triangle that was formed.. because of the nature of this, IF i do any more trading for a bit it will be on shorter timeframes.
eth has been incredibly consistent with all of its continuation patterns and its reversal patterns for the length of its existence, so going on that, its reasonable to assume that it will stay consistent.. i don't even use fancy indicators anymore, caus they aren't really needed considering how consistent the patterns are.
if i'm right i'm right, and if i'm wrong then i'm wrong, it's all about learning and getting better at charting anyway so no matter the outcome it is still edifying..
anyhoo, there goes it, thanks for viewing, comment if you feel like it, like it if you like it, don't if you don't, carry on and be well. i love the community here on tradingview, i've learned a ton, a big thanks to those who contribute, and i'm thrilled to put my hat in the ring too. have a good one, and good luck to all of you.
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