Bitcoin vs The Seido Trading Indicator

Analysis of Bitcoin on a weekly chart over the last 2 years and a look at how traders responded around the Seido Trading Indicator painted bars.

* Numbers refer to bar numbers on the chart above. Abbreviations below. 

1. FT 3 is weak into the high of the outside bar and also high into a TR = traders ignored
2. FT 8 is very poor - typical of TR price action
3. 9 OB within a TR found buyers below and similarly on 13 OB 
4. FT 18 into the low of a range = ignored (just like Bar 3 above)
   
5. FT 21 and pullback below mid of the range bulls bought
   
6. OB 27 is breaking range high, is very large and has come after FT = bulls bought for a second leg
   
7. 30 found buyers below, H1 found buyers
8. FT 32 is 6th bar micro channel so bulls waited for deeper pullback. 
9. OB 33 is first pullback so found buyers at its lows
10. OB 36 is within the range so found buyers below, sellers above (as shown with wicks)
11. OB 37 failed to get FT through 38 so traders expected a deeper pullback
    
12. FT 54, 55 is 7 consecutive bull bars and high in the channel at all time highs - traders waited for a strong signal
13. FT 62 so traders bought pullbacks
14. The reason traders sold 74 and 78 are described in detail in the Seido Price Mastery course. 
    
15. FT 81 found sellers above 82 or 83

TR = Trading Range
FT = Follow through (Blue and Pink)
OB = Outside bar (orange)
H1 = see Youtube learn to trade series for bar counting

The Seido Trading Indicator is a technical analysis tool and does not constitute a financial product or financial product advice under the Corporations Act 2001 (Cth).

This article is for educational purposes only and does not constitute financial advice. Trading involves significant risk. Past performance is not indicative of future results.