Hi,
In the image included in this publish, I have sketched resistance and support lines along with two trend lines. If we keep on trading sideways, the trend is not changing, it might be in December that we will have an evidence of what the market is doing. Will it break out and rise or will it go to its next support lines?
The Trend lines forming a triangle is drawn with taking the highest high this year as the upper trend line.
For the lower trend line, I have used the lowest low in the first breakout this year, which was in 17. May 2019 (BTC/EURO, 6015.5).
Intermittent support and resistance lines are from points during the triangle lines that was proven at least 2 - 3 times.
Current state of the market is that we are trading around the upper level of support line in the triangle (BTC/EURO, 8394.7), where the only "reason" we came to this level was a very short burst of trading volume. The volume has decreased afterwards, which could lead that this support level will not hold. However this can easily change if there are some news next week.
My predictions are that we will fall down to the next support line at 7874. Here we can trade side ways for some time up to Mid December, if support is given at this line.
Next support line if this one just acts as a small "rest-stop" is at 7461, which acts as a much stronger support line. If this support line holds, we will probably not get a confirmation about breakout until late December.
I can spot no divergence and volumes are not convincing.
This side way trading is fuzzing up my indicators too much to rely in them for trading at this moment.
I will watch out for price alerts along my trend lines though to see what the market is doing.
In the image included in this publish, I have sketched resistance and support lines along with two trend lines. If we keep on trading sideways, the trend is not changing, it might be in December that we will have an evidence of what the market is doing. Will it break out and rise or will it go to its next support lines?
The Trend lines forming a triangle is drawn with taking the highest high this year as the upper trend line.
For the lower trend line, I have used the lowest low in the first breakout this year, which was in 17. May 2019 (BTC/EURO, 6015.5).
Intermittent support and resistance lines are from points during the triangle lines that was proven at least 2 - 3 times.
Current state of the market is that we are trading around the upper level of support line in the triangle (BTC/EURO, 8394.7), where the only "reason" we came to this level was a very short burst of trading volume. The volume has decreased afterwards, which could lead that this support level will not hold. However this can easily change if there are some news next week.
My predictions are that we will fall down to the next support line at 7874. Here we can trade side ways for some time up to Mid December, if support is given at this line.
Next support line if this one just acts as a small "rest-stop" is at 7461, which acts as a much stronger support line. If this support line holds, we will probably not get a confirmation about breakout until late December.
I can spot no divergence and volumes are not convincing.
This side way trading is fuzzing up my indicators too much to rely in them for trading at this moment.
I will watch out for price alerts along my trend lines though to see what the market is doing.