poetichigh

BTC Downward Channel and Horizontal Support LInes

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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A simple look at the downtrend from ~20K highs mid December. Channel support and resistance are both touched in at least 3 different areas. Using horizontal support lines to better map areas where this downtrend my reverse, by approximating previous resistances, which hopefully have turned into supports. These horizontal supports are around 9k, 7k, 5k, and 3k. A bounce from the 9k support here would put us in an interesting triangle with the horizontal 9k line and the downward resistance trend line . A break above the resistance trend line would indicate to me that we are going sideways, would need further uptrend to classify it as a full reversal.
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