A beginner's perspective

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
88 0
While many were bullish , I was expecting to reach $7800. And now, A sad realization that further fall to $4500 is also possible, thus I added the bottom red trendline to my chart.
A retracement of BTC from $7800 is still in play (see related idea), but if we break below that level then next retracement would be below the purple dashed line which would become a heavy resistance. In that case $5000 to $4500 are the next levels to buy.
A more aggresive play would be to buy at the 6000 level and sell at retracement from the purple line.
Mar 29
Comment: currently 7050$ exactly on the purple support line, or is it soon a resistance line
Apr 13
Trade closed manually: That purple line wasnt significant after all, crossed both ways like it not there. In retrospect, the correct line had to be drawn from Dip of 2017-11-12 instead of the Dip from sept 2017
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