function_mechanic

Ignoring the noise and looking at Bitcoin weekly line chart, we can see that the current consolidation fits nicely into a parallel channel with 5 touch points and we have a strong breakout.Last week close is also the highest since early June and we have a higher high relative to the July high.This is another bullish sign and similarly to my monthly idea that I shared earlier can be seen as an early breakout signal.

Another strong altcoin and the next few days can be a perfect moment to open a long position.On support and moving sideways.Corrective wave pattern completed after a retracement to the golden ratio.Trendline breakout and retest:Strong against Bitcoin, holding support:The chart shows major resistance levels as well as three sets of Fibonacci targets: retracement levels of the bear market, extensions of the wave ((2)) and 1.618 extension of the wave ((1)). Best places to sell are where resistances coincide with the Fibonacci levels: $0.074-$0.09 zone and $0.24-$0.4. Maximum upside potential that I'm considering for this token is therefore around 2000-3000%.

Inverting the chart is a fun exercise that I like to do sometimes.After breaking support in March on high volume, inverted Bitcoin has been holding it as resistance for more than 6 month now. Touching the next resistance level in August produced a long upper wick and the price has been pushed below the first resistance zone again. The price is also moving in an ascending structure which is a bearish sign.It's gonna crash!

Extremely simple chart based on monthly closing prices.October must close above 60K for confirmation.

Bitcoin is starting to look quite bullish.On lower time frames we have an uptrend. Higher highs and higher lows:Also inverse head and shoulders. For my brain it's easier to see it on an upside-down chart:On the higher time frame we're still in a consolidation though. It is important to be ready for more sideways movement and short-term swings. Or we can get a breakout in just a few days. Who knows?69K is currently the most important resistance and, once broken, is likely to become a point of no return.I want to add, October is always a green month in a bull run. But that doesn't mean that November is. Look at 2019 for an example. And since the previous major wave started in October, maybe it's not going to happen this time according to the rule of alternation. Just something to keep in mind. According to my study of the cycles (tradingview.com/chart/BTCUSD/uwZJ094n-Timeline-of-Bitcoin-cycles-and-where-we-are-now/), we should get a new ATH anytime between November and February. There is absolutely nothing that makes the following scenario impossible for example:

Gold is entering a danger zone now, the fifth subwave of the third wave that started one year ago is about to end soon. Also approaching a macro trend line resistance.Here's a macro view so that it's clear where do all the lines come from:Looking closer, it can be something like this:Going one level deeper to 1h time frame. And wave (v) can be visually subdivided further into five waves of even smaller degree and it's currently in the fifth wave itself. A short term correction to 2500 area is likely to start soon.30 minute chart. I'm not trading on such small time frames but will be interesting to see if the theory works in practice here.Actually gonna try it.This is quite an aggressive trade, but looks good for now. The yellow line marks my entry point. Target is at 2530. Note that it's going to be only a Minute degree wave ((iv)). After that we can expect one more wave up, and only then once the Minor degree wave 5 is completed we should see the Intermediate wave (4) correction discussed at the start of this thread (I changed my wave colors slightly so don't be confused).Wave count was incorrect on small time frames so not a perfect entry. Here's an updated wave count. Counting with such precision is not necessary but it can be a fun exercise:Expecting something like this currently: Remember, this all happens inside the wave ((iii)) and after wave ((iv)) we can expect one more wave up before a bigger correction: Since we have already reached the trend line we can expect wave (3) to continue to the 1.618 extension (see my macro chart in the initial idea description). Wave (5) should then go higher:8h chart. Shooting star candle, RSI overbought, Stochastic RSI crosses down. Gold Futures, 2h. Highest volume in days on a bearish candle:This little correction can continue for some more time, but it's a flat type correction and not likely to go much lower, doesn't look like it's worth the risk anymore. Will wait for a higher degree opportunity.Intermediate wave (3) is now at 1.618 extension of wave (1) measured from the bottom of wave (2). At the same time, the length of Minor wave 5 is currently 0.618 * waves 1-3. This all coincides with the higher timeframe 1.618 fib, the trendline that connects 1980 and 2011 tops, and the top of the blue channel of the smaller degree trend. In addition to that, monthly RSI and Stochastic RSI are at extremely high levels. Same on the weekly. This is a high probability reversal zone for gold.The weekly candle closed as a bearish pin bar. The correction is likely to start now.

In 2021 the token started trading in the final phase of the bull cycle so it's unlikely to be that fast, but who knows?Anyway, it's a pretty good token to hold in the following months and the picture is very similar to my FIDA post. Price action holding support on an important level, stable weekly RSI moving sideways.SPELL/BTC ratio is in a falling wedge and looks ready for a reversal (breakout not confirmed yet):Max target: $0.029.Like the idea? Boost it! Have an opinion? Leave a comment!

One of the few coins out there that holds such a great structure against Bitcoin. Downtrend ended in October 2023:Max target is around $45 which gives it up to 2500% potential.Like the idea? Boost it!Have an opinion? Leave a comment!

Note that the project was previously known as Bonfida but renamed to Solana Name Service.Price action has been building some structure on an important support level since July.Weekly RSI has stabilized at 40 and is moving sideways.Falling wedge breakout against Bitcoin:Max target is at $10 which gives up to 4500% potential.Also, since it's a Solana ecosystem project, it gives indirect exposure to Solana which is a great thing considering all the hype around it.Like the idea? Boost it!Have an opinion? Leave a comment!

Platinum is extremely underpriced compared to gold.Gold/Platinum ratio is at all time highs. Price action is currently in ascending channel and retesting the trend line that it held as support for 12 years before finally breaking it in 2020.A gravestone doji candle has printed on the weekly timeframe:The ratio can crash if gold goes up (platinum grows more than gold) as well as if it goes down (platinum drops less than gold). Which means that holding platinum right now is probably safer than holding gold and could potentially be more profitable.Like the idea? Press Boost!Have an opinion? Leave a comment!