#Bitcoin missed bullish targets for 19 May where next?

#Bitcoin missed bullish targets for 19 May where next?

Bitcoin / Dollar BITFINEX:BTCUSD


May 19 close did not make it above $8,470.8 and neither did the high hit or surpass $8,631.7, therefore, from a cycle point of view bulls like me could be in trouble. Now going to watch how market performs around the white lines I’ve drawn. Will create new ones and discard old ones as we go forward.

Idea = take two fractals one high one low or one low and one high. Then take distance between them and multiply by two. The bar we need being the same distance from that between the two fractals becomes an important bar, and its relationship to the last fractal bar will dictate the direction of the trend. The how is what I’m trying to perfect.

The shaded box idea came to me because I wanted to study price action as it relates to more than one important bar.

The next bit I call the floating wedges (my own idea), and I’m thinking of combining with other signals for validation.

There are two kinds of floating wedges . Two bear side and two bull side.

For the first floating wedge take two highs or lows (the first being a fractal ) and create a ray connecting the two. Then multiply the distance between the two by three and use that point along the ray to connect a line to the nearest or highest high or lowest low between the two highs or lows and you’ve constructed your first floating wedge .

If price reverses and cuts through your diagonal and validated by supporting signals go with it, and if it falls back through that point and validated by supporting signals then it could be continuing the other way .

The second floating wedge can only be created on retracements. You take a retracement high or low and ceate a horizontal line. You then take the distance between the retracement high or low left along the horizontal line until you hit the first bar or wick. You then multiply that distance by three and use that extended point to the right along the horizontal to connect a line to the nearest or highest high or lowest low above or below your retrace high or low. and you’ve constructed your second floating wedge .

If price reverses and cuts through your diagonal and validated by supporting signals go with it, and if it falls back through that point and validated by supporting signals then it could be continuing the other way .

I’m going to be experimenting with all the above. Fractals can play an important role in all the set-ups.

Hope the above is clear enough to understand.