I'm trying to learn if i'm doing certain analysis correctly so i would love and very much appreciate to hear from experienced traders again who are willing to give me a minute or two of guidance regarding any of these points, thank you in advance :)
4hr chart, btc/usdt - Bittrex.
1. Have i drawn the resistance line correctly here?
2. Have i drawn the head & shoulders correctly?
3. Bouncing off the resistance line is good for bears i understand but how about bouncing off the resistance while simultaneously being a H&S right shoulder? Does this make it even more significant?
4. At some point on the way back down from $5k the blue line i believe became the support level (at a certain time), the fact the the blue line is lower than the green line (a previous big support?) is this break of support quite significant? (the blue support being lower than the green support).
5. If we break the blue line support, is the next level of support at the orange line?
6. on the image, at the time the image was taken you can see the price point is entering in to a wedge (?), with the red line above it and the blue line below it. In a situation like this, what should i be looking at? paying attention to?
Many thanks guys, i really appreciate the advice i get when ever i post these.
4hr chart, btc/usdt - Bittrex.
1. Have i drawn the resistance line correctly here?
2. Have i drawn the head & shoulders correctly?
3. Bouncing off the resistance line is good for bears i understand but how about bouncing off the resistance while simultaneously being a H&S right shoulder? Does this make it even more significant?
4. At some point on the way back down from $5k the blue line i believe became the support level (at a certain time), the fact the the blue line is lower than the green line (a previous big support?) is this break of support quite significant? (the blue support being lower than the green support).
5. If we break the blue line support, is the next level of support at the orange line?
6. on the image, at the time the image was taken you can see the price point is entering in to a wedge (?), with the red line above it and the blue line below it. In a situation like this, what should i be looking at? paying attention to?
Many thanks guys, i really appreciate the advice i get when ever i post these.