Hey lads, I'm new to trading and would really appreciate some more experienced perspective on this one. Can someone please confirm whether this double top is likely to complete? Double retest of key support...yet initial break downwards was at high volume, despite the bounceback. Would really appreciate it.
Of course you'll only, truly, know in hindsight. -- No one has a crystal ball. A trader is paid accordingly...by his or her foresight, and level of risks they are willing to overtake. But the general key to trading success, whatever you may be trading, is having a loose logical framework of understanding... on a collective technical, fundamental, logical, supernatural, and emotional, and Matrix and etc etc levels. Applied on multiple time frames...from a day, to a week or month or year or years or even decade(s). Various horizons and viewpoint perspectives and vantage points. Each of those points has a very deep and profound book of knowledge. I hope that wisdom made everything crystal clear for you...it's 2018...High-Five` I think anyone would be a fool to be bullish on Bitcoin, after it rose higher than Tulips by leaps and bounds. Nothing goes up in value from $1K to $19K in a year without weird repercussions. There is no safe recovery from that kind of high. Patterns and trading are part art, part science. -- Don't go looking for fixed figures and confirmations and signs and labels and images each trade.
Right on, I'm just wondering if a triple re-test leading to successful completion of the double top is common/likely or not? This is my first time trading this pattern
You might ask yourself who made money on this so far and how? By chasing a reversal from a downtrend into this uptrend? No - they followed the trend, they got in on the pull-backs or even bought at new highs.
For anyone to give you a honest, helpful reply they would need to bring up a chart of your symbol and timeframe. I for one don't have that data so I'm out. But I would say get rid of that silly MACD and VWMA. Stick with price and vol but however you determine trend and direction it always, always needs to be confirmed.
Thanks for the words of wisdom guys. Want to learn as much as I can and really appreciate all of your perspectives.
%% Briefly, if fundamentals + 10 year chart lo0ks like that, it could keep uptrending. but I don't use MACD+one month chart tells me not much of anything. So really you need much more info to even make a good guess.; + seasonals+other stuff.... .
Your intentions are respectful, but more and more and more information does not equate to more and more and more profit.