Much to the delight of my gf, I spent most of the weekend researching the importance and how to correctly draw lines of support and resistance (S & R). After I felt I had a good understanding, I immediately applied them to a weekly Bitcoin chart. I have used a weekly chart as oppose to a monthly due to the detail needed for drawing such trend lines. I'm sure this post isn't revolutionary or bullet proof, but I just post whatever I have found and learned.
FYI: Some of these lines do go back further, but I decided against extending them as that isn't the focal of this post and wanted keep this chart as clean and simple as possible.
I think the chart is quite self explanatory, but if you have any questions or comments, please feel free to fire away below. Of course this is not financial advice, it's just a mere interesting observation. Cheers.
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Downward bear market trendlines added for more insight. Bull #4 has been removed as I didn't make this to speculate and will add once confirmed:
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Updates: + Re-labelled more accurately + Prediction addition
Could it all be going to plan? Doesn't seem to NOT be.
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The last part of accumulation should end early May:
Nice chart, i had some same thoughts and am also looking to the weekly long time MA's.
In 2015, bitcoin trading was 208 weeks old and we bounced on the 200 weekly MA, at this time bitcoin trading is 444 weeks old, so I am looking at the 400 weekly to be the bottom.
In 2015, bitcoin trading was 208 weeks old and we bounced on the 200 weekly MA, at this time bitcoin trading is 444 weeks old, so I am looking at the 400 weekly to be the bottom.