martinlukeaof
Long

BTCUSD Channel Overview

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
According to the channel we are currently in and also taking into account the China uncertainty + possibility of more negative news about exchanges being shutdown I believe we will have a chance to enter long along lower support line of channel.

The bounce at fibonacci level did not provide us enough of a push to get past this midpoint. Before we move to upper half of the channel I believe we will touch lower support line.

Comments

Luke, I can not understand how you drew this parallel trend channel. My lines don't line up like that at all if I am touching 880 to 1859 trend line.
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@dpancham, you on log scale?
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dpancham BabyDriver87
@BabyDriver87, sorry, I don't know what that exactly means.

Your insight would be much appreciated though.
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@dpancham, There is an option to set the scale of the graph axes to logarithmic scale, you will find it bottom right of your graph, this will let you draw the lines as Luke did.
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dpancham BabyDriver87
@BabyDriver87, Thanks man!
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