Can it really be as simple as this?
The question that everyone wants the answer to - when to buy back in?
Past resistance turns into future support; we've all heard this, but is it true and if it is how reliable is it?
The attached weekly charts show the past 2 bear markets and the current one. We can observe that in the previous 2 bull runs, points of resistance were slim pickings (not many red candles), however as you can see in last bull run, there were many points of resistance. I have chose the $2,973 resistance point as it resulted in the biggest price decrease (35.9%). Can we infer that because this was the strongest resistance this will then turn into the strongest support?
Thank you for viewing and any discussions and polite criticisms are very welcome.
The question that everyone wants the answer to - when to buy back in?
Past resistance turns into future support; we've all heard this, but is it true and if it is how reliable is it?
The attached weekly charts show the past 2 bear markets and the current one. We can observe that in the previous 2 bull runs, points of resistance were slim pickings (not many red candles), however as you can see in last bull run, there were many points of resistance. I have chose the $2,973 resistance point as it resulted in the biggest price decrease (35.9%). Can we infer that because this was the strongest resistance this will then turn into the strongest support?
Thank you for viewing and any discussions and polite criticisms are very welcome.