octradr
Short

Bitcoin key levels

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
There has been so much chatter on Bitcoin that I decided to give some perspective. This is a daily chart which shows all of the major support and resistance lines.
My solid lines are MAJOR supports and resistance which may be breached intraday, however, be very aware if they close out the day outside of these lines.
My dashed lines are my WEAKER support and resistance lines. These may be used for shorter term moves and may even give rise or fall to big moves but always bear in mind that the TRUE risk is with the solid lines.
Currently Bitcoin is near the top of its playing field and breached its short-term support. It is also rapidly approaching its weaker resistance line so prepare for a battle.
Keep in mind that short-term upside is max about 16% while downside risk is about 40%.
I will create a short-term analysis to see if anything stands out. 2/23 B4 market close
It's riding the decreasing resistance line. Do you think it will break over it to test the main resistance line at 11630? 2/27 11:17
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And what if it breaks the red dotted line :Y
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octradr orgamus
@orgamus, The dashed red line is my downtrend following resistance line. A movement above it isn't as meaningful as a movement above the solid red line but it can be an early indicator that the trend is changing. Since this is a daily chart I would only consider a daily close above or below these resistance and support lines as meaningful. It doesn't count if it tests the waters and fails. The excitement of Bitcoin is high because every day it is up or down 10% or more so you have to be willing to take a much bigger risk than a blue chip. Check out my hourly chart if you want to try and minimize that risk but always keep in mind the major trend driving it.
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