Bitcoin: Key Support & Resistance Zones (2nd & 3rd Cycle)
After a few weeks of watching numerous YouTube videos of how to draw support & resistance (S & R) zones and learning why they are arguably the most important part of technical analysis, I have spent the last 8 days making this chart. My main takeaway is: drawing S & R zones + being a perfectionist = migraine, the other is special fried rice. (Dad jokes are funny when you've been adjusting lines for a gazillion hours). While finding these S & R zones, I noticed myself constantly saying "wow" out loud, I guess I never imagined they'd be so...wowy?
Here is the latest video from my new favourite learning TA channel, they have quite a few on the subject: www.youtube.com/watch?v=KLb49In8...
About the Chart
This is the Bitcoin daily chart of the last two market cycles, I will post these two cycles separately below in the update section so you can get a closer look at the detail. On the chart I have drawn all the key S & R zones throughout this period. I am sure you all know how support & resistance zones work and if you don't, just look up those two words in an English dictionary and you will see the light.
I aim to not give my opinion, but rather hopefully show data in a clear way so that the viewer can draw their own conclusions. So what are your thoughts and opinions? Fire them down below in the comments section...because you don't have a choice, there is no other place to leave them and of course, inform me of any errors I have made or improvements that can be made to the chart.
Here is the latest video from my new favourite learning TA channel, they have quite a few on the subject: www.youtube.com/watch?v=KLb49In8...
About the Chart
This is the Bitcoin daily chart of the last two market cycles, I will post these two cycles separately below in the update section so you can get a closer look at the detail. On the chart I have drawn all the key S & R zones throughout this period. I am sure you all know how support & resistance zones work and if you don't, just look up those two words in an English dictionary and you will see the light.
I aim to not give my opinion, but rather hopefully show data in a clear way so that the viewer can draw their own conclusions. So what are your thoughts and opinions? Fire them down below in the comments section...because you don't have a choice, there is no other place to leave them and of course, inform me of any errors I have made or improvements that can be made to the chart.
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A closer look at Bitcoin's 2nd market cycle's S & R zones:
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A closer look at Bitcoin's 3rd market cycle's S & R zones (the start of the bull run was cut out to allow a clearer view at what matters most now):
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Update:
+ Removed upper current bear market down trendline as invalid.
+ Removed upper current bear market down trendline as invalid.
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*updated - last/current market cycle:
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