Perfect example of why S&R is just plain wrong analysis.

All you bozos would have drawn a support level here, but only an EW would know what is really going on.




Here is the proof:

https://community.swingcharts.com/t/btcusd/21/3

 

There is story about a floortrader that believed he had a connection trough a Coca Cola bottle with aliens that tell him which way the market would go. When he was wrong, he blamed it on the connection. He was a very successful trader for years. In retrospect, he just ride his winners and cut his losses quickly. Moral of the story? It doesn't matter what you use for predictions in trading, as long you follow the sound principles of trading. If, that is true, why would you spend all the time in the world on trying to find a system that could predict what is going to happen? And when you find such a system, trying to convince others that this one is the best? There is no money in being right.

 

As mentioned previously, you can box the area.

Or you can draw a bear channel.

Luckily I don't have to read those community things.

 

@danielc1

That is so crude lol. The difference is you had no idea it was a "bear channel" until well after it had "formed"...and even now would be un-tradeable.

I knew this was an ABC correction in the making and was calling for a possible sub 50k if we have a double correction when we were at 72k...(after calling 72k as the top btw)

Suntrader got it too!

 

@Scataphagos

 

Dude,

1. Before calling us all bozos, I’d strongly suggest that you first actually learn how to draw S/R because what you drew is NOT a support level that a mentally sane trader would trade off.
   
   
2. Look at the price pattern above the so called “support” that you drew. Do you think that traders are blind and don’t look at PA?

 

Call it what you want, order blocks, zones, etc none of it holds any merit. It's like thinking thunder & lightning is the sound of Zeus bowling strikes. lol

(have I used that one yet??)

Anyway, as I have shown, this call to retrace to 56k goes back to March when we were at ath's...long before you even had any "support levels" to draw in.

 

That's probably a more sound strategy than 99% of traders here.

 

3) Sometimes support/resistance breaks - just like EW wave counts. What a concept!! That I guess OP clown doesn't acknowledge.

 

Hey! You got it right too! You know as well as I do that S&R being used by most traders is total hogwash

https://www.elitetrader.com/et/threads/bitcoin-price-thread.315402/page-462#post-5949135