Nobody knows the future- But…
We do know the past. As much as every moment is unique and we are continuously expanding towards an unforeseeable future, human behavior repeats itself to a certain extent. It is this behavior harnessed in technical analysis that supports our decision making process and allows for risk control.
In last weeks crypto chartbook : https://www.midastouch-consulting.com/crypto-chartbook-26012019
we warned for risk being on the downside as much as we had short setups
Only an hour later after we posted our chartbook,
we got the first scenario proving our hypothesis with a breakout to the upside
Within a day a second setup of a failed breakout to the downside (see red box with a hundred percent retracement), illustrates these risks again
Staying out of harms way, identifying low risk opportunities, and being disciplined with ones way of participating in the markets is what provides consistent returns.
This being said,
the daily chart shows last weeks predictions to be true
As long as we stay in the upper bounds of the down sloping channel (white lines), risk will continue to be to the downside. The market is still going through its lager time frame sideways bottom building period for now. Should prices decline below the mid white line a temporary pause in participating in the markets is advised.
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