@ft-73, Hi. Apologies for the delayed answer. You identified a descending trendline with multiple touches. It then broke out the trendline at 2400 levels. Since then the price's been higher. At the current time RSI is coming back to test the break line, and also if you extend your green trendline even further you might find a bounce-point in that too.
NICEJOB! Keep up the good work :)
f-73
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@carelkersna
And it's a repeated pattern.
A parallel trendline could apply from June 6 to June 16/17.
maybe this pattern will repeat a third time ?
;)
f-73
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If so we could driver a third parallel RSI trendline, passing at the moment at about 70-71 on hourly.
Pure speculation, though.
RiskCity
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@ft-73, Not sure what you meant with the third one. From June 6 to 16-17 is legit aswell. Gotta keep the bigger picture in mind though :) Right now seeing a possible bounce to the upside on weekly timeframe.
f-73
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@carelkersna, i mean we could paint a 3rd parallel trendline acting ad a resistance for the next few days.
Either connecting last 2 spikes or at same distance as the last 2 lines. Pure speculation though.
See image, blue and red line: i.imgur.com/bCH1FYF.jpg
RiskCity
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@ft-73, Yes, speculation. Remember, the older the trendline the more "reliable" it is.
I could even see something like this (pic related) forming.
f-73
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@carelkersna, sure, blind speculation.
I find your attached chart quite interesting though ;)
Thanks for sharing.
BTCINVESTING
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i agree. i see the same. just for info:
billaddison
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The fundamentals are completely different right now though. If there's a dip at this point, it'll be people moving BTC to ETH to hop on that train while price is mooning. Other factors to consider are UASF, acquiring possible pre-fork bitcoins before August 1st, ICOs and effect on ERC-20 tokens ETH price etc.
i.imgur.com/GccVEGw.jpg
;)