Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Yours is arbitrary because it uses all candle wicks but one for the trendline. Either you do it by closes, or you do it by high/lows, not both.
Actually, not sure if that's a 'hard rule' of trendlines.
Anyway, the triangle looks fine to me. Broke out upwards. Don't know what porcupine's problem is with it... I think he just doubts that TA could ever dominate fundamentals, news, sentiment, etc.
I have no problem. You can have fun with the TA. I admit that it is very tempting because it is much easier than FA. But I just don't see a causal realtionship between this chart analysis and the will of people to buy or sell.
I wanted to draw the same line and it seems, that I fucked up the last one. Here is the "real" triangle. Let's see, what happens.
Sure, your triangle looks good to me. You seem to work under the assumption that trendlines are like mythical immortal Scottish swordsmen (there can be only one!).
First, the other triangle was validated by a high volume move. Nothing to argue about. The triangle you drew has only two points of contact for the upper trendline, which makes it somewhat less likely to be motivated by something other than chance compared to the trendline with more points of contact.
EDIT possibly 3 points of contact. I think I remember drawing the line of resistance myself, but neglecting it after a while because price action didn't even get /near/ it for months.
The lower trendline is one that I do myself keep an eye on. I'm not sure yet if we won't revisit it.