Disclosure. The author does not own any LINK.
A Perfect Display of How to Listen to Your Customers.
I took a shot in the dark and bugged Paolo to add LINK…and they did!
Bitfinex is a survivor and it is customer service like this that keeps older exchanges competitive. Not everyday is perfect, but the effort actually does count. Engage with exchanges and help make the ecosystem you want to see. Enjoy!
….it all could be a coincidence, but let’s just go with happy version where we all work together, haha.
Margin When There is More Liquidity
Disclosure. The author owns no LINK (long or short), LEO, or any Bitfinex debt.
A Plan in Action
The article and chart below was when I first pointed out the repetition of market structure. The idea did play out as suggested.
The idea is still valid for now. The chart above shows that a rise above 0.00045 puts the idea at risk of invalidation. Revisit the chart at 0.00045 to the upside invalidation or 0.00034 for a possible dip buy depending on the volume profile.
Disclosure. The author does not own any Chainlink.
An algo on the loose
The pattern noted above, and some minor variations of it, are noticeable throughout the history of this market’s price history. I first noticed it while using BBands but removed them for this post because it’s far too busy looking with the extra lines.
Anatomy of the algo
After a bear market push a Head & Shoulders pattern develops as it bounces from the Lower BBand up-and-through the Upper BBand (not seen for reasons noted above). That is followed by a double top (2 pushes) with 2 strong retraces. Variations of the algo are more present on the 3rd push towards highs. The volume profile tends to echo the price action as well.
Currently there is wonky Head & Shoulders in the works with the price recently bouncing off the Lower BBand. History of the algo would suggest a bit of consolidation before picking a direction for a new measured move.