I explained above why the current setup makes me cautious.
That does not mean I know where it will go (neutral ATM except some 'scalps') and we (everyone here) try with TA (TPTB with TA+fundamentals) to figure out a possible direction with every clue we can find in our charts.
In order to provide some more clues why a triple break must always be treated with caution in a counter signal, I will provide some more examples from BTC chart.
Coincidentally the first one is from the double top I mentioned before of last summer. I see many similarities with back then but there are of course differences too.
Not sure what will happen if we double top now (same or different pattern) but BTC tends to repeat patterns (don't you dare deny this!
).
So here is the first chart:
That was a very strong sell signal and a first serious warning that this asset should be treated with extreme caution! Even the subsequent strong double top could not reverse this and then we fell even harder!
We fell down to 445 and bounced at 530 - then another triple bottom (468) break finished any chances of recovery! We fell to 275:
275 to 410 and the another triple bottom at 368 sends us at 315. Then we rally up to 475 and we get another triple bottom at 365 which brings us at 165! :
That was the last time we encountered such a signal until the recent one.
That does not mean I know where it will go (neutral ATM except some 'scalps') and we (everyone here) try with TA (TPTB with TA+fundamentals) to figure out a possible direction with every clue we can find in our charts.
In order to provide some more clues why a triple break must always be treated with caution in a counter signal, I will provide some more examples from BTC chart.
Coincidentally the first one is from the double top I mentioned before of last summer. I see many similarities with back then but there are of course differences too.
Not sure what will happen if we double top now (same or different pattern) but BTC tends to repeat patterns (don't you dare deny this!
).So here is the first chart:
That was a very strong sell signal and a first serious warning that this asset should be treated with extreme caution! Even the subsequent strong double top could not reverse this and then we fell even harder!
We fell down to 445 and bounced at 530 - then another triple bottom (468) break finished any chances of recovery! We fell to 275:
275 to 410 and the another triple bottom at 368 sends us at 315. Then we rally up to 475 and we get another triple bottom at 365 which brings us at 165! :
That was the last time we encountered such a signal until the recent one.