peter-l

Can Btc make an upward breakthrough?

BITFINEX:BTCUSD   Bitcoin

Let's look at the weekly trend of Bitcoin, because it's in a key position to break through or not, so I'd like to take a moment to give a relatively clear explanation of the market's movements. The reference chart is bitfinex's btcusd, as this is a relatively complete trading platform.
First, we started at the end of 2017, when the Bitcoin high was $19,891, and there were 5 levels of abcde, representing three highs and two lows, of which e-points have not yet been confirmed and belong to the current period of progress. And abcd is the confirmed location.
Second, ab formed the first wave of the fall trend, bc formed a rebound trend, cd formed a second wave of the fall trend, de formed a second wave of the rebound trend.
Third, bc's rebound to near 0.618 ab, and de's rebound also to near 0.618 (assuming e is the high point of this round's rally).

Conclusion: If the e-point breaks through the downward trend line and also breaks through the position of 0.618, then this should be an upward breakout trend. We can see if two highs can be reached, that is, c, a two points. If you can't break through, it's possible to test the bd's support line down.
(/b)

(i) Simple techniques do not represent poor results, but rather complex analysis can lead you to a lot of left-to-left conclusions. (/b) s/i

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