As long as this support is holding, the bull trend will continue. If candles start to close bellow this support, a shift in the market could happen fairly quickly.
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As expected, since the market closed bellow the trend line, a market reversal is happening.
Thnx. So, is the support line near 18000 (top of 12 december), or more like 18700 (yellow line) ?
neburgui
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@itexperience, $18,000 was the top of an ascending triangle. We broke trough this ascending triangle as expected and the triangle is gone.
Now we are looking at a bigger picture, and can identify a diagonal support (this yellow line). If BTC starts to close below this diagonal line, we could experience a shift in the market.
lukemtait
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@MeesK, looks like we dipped below the line, thoughts on movement? Rebounding off support to go higher or are we looking at a market correction?
neburgui
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@lukemtait, It did. I have slightly modified the angle of the trendline as the first one was a little too sharp. This version supporting the middle dip is probably better and we can see that it matches with today's support, so I would say that this is an even better support to watch.
neburgui
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If few candles in a row start closing bellow the yellow line, we should be worried.