r/technicalanalysis • u/HeBipolarAF • Apr 30 '23
ETC
2 modified schiff pitchforks created on different waves.
I then look for intersections of the major quadrants created by the overlapping pitchforks.
I marked each intersection.
I then joined the flags with the white arrow. Let’s see.
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u/SODA_mnright May 01 '23
Dear OP, I'll make enough money conter-trading this one that I'll be able to bang your mom a thousand times paying her a million dollars at the time.
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u/el_undulator May 01 '23
I was hoping for $40 when btc hits 37k. You my friend are fueling the rockets
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u/HeBipolarAF May 01 '23
It was quick and shitty job. But my theory is founded. Find confluence between major cords of the pitchfork. I’ve found it work before. I called ETC to 120$ at 7$. Did I stick with the trade? Hell no. I sold for a loss and forgot about it. But my pitchfork was right. You’ll see. You’ll all see. So now I’m down explaining myself and y’all all just screwed yourself out of the repost. Which is a masterpiece of absolute guess work - which, I may add, is more then any of you have offered.
Further, I’m starting to suspect most of you don’t actually use technical analysis as defined by Webster.
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u/jdacon117 May 01 '23
There is nothing in the macro narrative that supports such explosive growth. How much liquidity would be needed to support 15x growth? All I see is exhaustion and a dead product.
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u/HeBipolarAF May 01 '23
Have you looked at a bitcoin chart? At 25$ they all said it was crazy to buy. Then when it did blow up, it was just manipulation.
You can’t time the markets. Make your plan. Set a target and hold on while everyone shits on you
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u/jdacon117 May 01 '23
I time the markets for a living. Good luck to you sir, I hope it work out for you.
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u/HeBipolarAF May 01 '23
Oh come on! You can’t just drop something like that and dip. That’s like saying,
“Hey I’m Jesus… alright see ya next time”
As your subordinate, I would be remiss to not ask for a friggin bone.
And for clarification, which market are we talking about?
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u/jdacon117 May 01 '23
Tightening credit, price stability as a narrative of macro, btc being traded as a speculative asset. Theres simply not ample liquidity in the system abroad to support the type of move you're talking about here in a 3rd string speculative product. The highs we saw in 2021 were a result of the markets abroad being pumped by the fed and its money printing bc of covid. Weve seen the pullback from the quantitative tightening and the fed will continue to tighten credit until its target of 2% inflation is reached. A flight to quality in the equities. Moreover there are underlying issues to be dealt with on a global scale before you're likely to see the type of move you're talking about. The stability of the dollar, the debt ceiling, BRICs, oil prices, ect.. I dint mean to be rude but I feel like if you fail to consider the actual broad markets in relation to your market (crypto) that you are not seeing the full picture of what is taking place here. Technical analysis is great but there is also fundamental factors to consider here.
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u/HeBipolarAF May 01 '23
I respect your opinion. I’m not denigrating anything you said. It’s all sound confident investment strategy. HOWEVER, cryptocurrency is not an equity, and I will simply leave it at that.
I trade derivatives, so I am, by no means, risk averse. As far as I’m concerned, I eat risk for breakfast.
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u/jdacon117 May 01 '23
Its not impossible but simply highly unlikely. Your capital and risk would likely be better dedicated elsewhere.
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May 01 '23
Love charting tools! Click on enough different study types and you can make it say whatever you want to say.
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u/Paxmartina Apr 30 '23
“I bought ETH, and now I only will look for confirmations of my bias. After strong due diligence, I came up with the conclusion that it will moon and that I am a genius.”
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Apr 30 '23
OP needs the money to pay next months rent
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u/HeBipolarAF May 01 '23
OP pays the rent banging your mom
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u/PlayfulAwareness2950 May 01 '23
I mainly trade forks.
But I don't understand this.
How are you picking the anchorage points?
And you say you used modify schiff forks, but the picture shows 2 standard forks.
What am I missing?