Bull flag vs. bull trap

[Anonymous No.23829150]

For those of you who trade, how do you personally differentiate the two and know whether the rally is done or consolidating for another leg up? This chart can easily be read as a bull flag/continuation. It can also be read as a bull trap or the sort of echo impulse after a steep rally/correction.

LINK has had a very sharp rally leading up to this, and 13.3 is strong resistance so I hesitate to bet it can break upward. The 1 day candle chart has both the stoch and conventional RSIs looking ready for an impulse down, but I try to keep in mind that anything can happen in crypto.

[Anonymous No.23829180]

>>23829150

The 1d chart also looks like it's forming a bearish divergence.

[Anonymous No.23829187]

Chainlink will never go below 70k sats ever again

[Anonymous No.23829239]

>>23829150
Honestly looks more bearish

[Anonymous No.23829265]

>>23829150
the whole market is a bull trap. soon as everyone started calling for alt season and btc to 100k i knew it was over. see you in 3 months

[Anonymous No.23830064]

>>23829150
Weekly stochs look lit

[Anonymous No.23830093]

>>23829180
>bearish divergence
Anon you have stumbled upon why TA and trading does not work. That’s the answer you fucking moron.

[Anonymous No.23830471]

>>23830093
Ah, thanks for letting me know. It has made me 35K this year from the simple strategy of using long timeframes, keeping a cool head, DCAing, and watching basic patterns of price movement while comparing to the RSI for validation. But I'm glad you've shown me that it doesn't actually work. You are smart :)

[Anonymous No.23830496]

>>23830471
You are an absolute and utter fucking moron

[Anonymous No.23830499]

Technical analysis is a joke.

[Anonymous No.23830540]

>>23830499
Except that it works if you know how to fucking do it properly... half you fucking morons go on youtube and watch some shit cunt do his/her "TA" and they DONT EVEN UNDERSTAND WHAT THE INDICATORS ARE TRYING TO TELL THEM.
If you know how to use TA properly, your hit strike will go from 'about to lose all my capital' to 60%+. But all you plebs are too half-brained to figure it out lol
disclaimer: using TA on micro/small caps is fucking stupid because there is always someone with enough supply to manipulate price outside of the scope of TA. So if you're trying to apply TA to a coin that's got a $200K market cap you're a fucking idiot

[Anonymous No.23830571]

>>23829150
wait for the event and make the call after. say you knew it was x

[Anonymous No.23830573]

>>23830496

My money says otherwise. Why are you so injured by this?

[Anonymous No.23830587]

>>23830540
I make money on 67% of my trades by analyzing news and understanding business. And my succesful trades return 43% more than my losing trades cost me. This is AFTER I've accounted for brokerage costs (inb4 some retard tells me to trade CFDs with ridiculous spreads instead because "DEY HAVE NO FEES!")
You don't need TA. And there's a lot of things TA does not account for.

[Anonymous No.23830732]

>>23830540
>>23830499

TA is game of levelheadedness and emotional control. Most people can actually make decent calls if they just mark s/r levels, watch volume, use a simple oscillator to see confirmations of higher highs and lower lows, and know basic patterns like elliott waves and H&S etc. But most people don't really have the emotional build to trade calmly and they are their own worst enemy. The only way to make good money in swing trading is to risk a lot of money, and when you have money like that on the line, it gets emotional and panicked VERY quickly.

One way I've personally beaten that is I have 10K LINK I never touch. The rest I swing, and I can be comfortable trusting my instincts and riding out volatility on the way to levels where I have orders set. Normally if it looked like the price was going the wrong way, I'd want to get out of my position. Knowing I still have a golden ticket no matter what happens lets me be more patient. I've done very well with it and I sold near $20 over the summer with and average buy-back price of $9.5, and this year I've made an extra 35K trading. It's kind of liberating to stop worrying about holding forever and not knowing when to sell, because most peoples' downfall in crypto will be holding past the top and all the way to the bottom, which I've seen here retold so many time. Trading gives you a little practice learning how to take profits when you have them and in a way to be less self-defeatingly greedy ("I need to keep waiting, what if the price goes higher?")

[Anonymous No.23830762]

>>23830587
I think that depends on what you're trading though. Crypto definitely responds to very big news specific to crypto or broader news that generally sends waves through all markets. But it's not that driven by news as a matter of course

[Anonymous No.23830781]

>>23830064

Agreed. Mid-long term it's looking very good, I'm just waiting for a short term leg down

[Anonymous No.23830782]

>>23829150
You're all looking at the wrong chart... btc Is the r only thing that matters tonight