Bitcoin, Ethereum, Litecoin, Stellar Lumens

– Point-And-Figure Charts monitor only price.

– Point-And-Figure Charts are a price action purists chart style.

Bitcoin (BTC)

Bitcoin P&F Chart

Bitcoin’s Point & Figure chart confirms a pattern that I wrote about yesterday (August 19th, 2019) – a bullish pennant. The only trendline I’ve drawn on this chart is the downtrend angle. When looking at entries on a Point & Figure chart, we look for price to break double tops, triple tops, double bottoms and triple bottoms (and any other multiple top/bottom). One of the distinct features of price breaking above a trendline on a Point & Figure chart is waiting for a break of a shared high or low. For Bitcoin, when a new X would form above the trendline it would form a double top at $12,000. Instead of entering a trade at $12,000, we wait for a break of that double top and enter at $12,200. Some conservative traders may take notice…