An example of how even when prices start lost can find trends.
In a what appears to be a psychological game, investors seem to find what can be found left to start looking for support and resistance lines.
Starting in October from the big price plunge. The first orange trend line was made until it found the blue resistance line, which was an old trend resistance line from 2009 to 2011. With the correction made, it followed the classic 61.8% Fibonacci level, followed by a break up, pull back, and then it hit the resistance level from the last trend line before the plunge.
And for now, it broke the past 2 month trend, so it seems like it won't make another head and follow the latest orange trend line I drew.
So I think it will move a little bit below the red line before continuing going up.
Starting in October from the big price plunge. The first orange trend line was made until it found the blue resistance line, which was an old trend resistance line from 2009 to 2011. With the correction made, it followed the classic 61.8% Fibonacci level, followed by a break up, pull back, and then it hit the resistance level from the last trend line before the plunge.
And for now, it broke the past 2 month trend, so it seems like it won't make another head and follow the latest orange trend line I drew.
So I think it will move a little bit below the red line before continuing going up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.