Food for thoughts , don’t cut through price action and make sure to connect the lowest pivot to measure a breakout. This red trendline should go below candles that are rising not falling
roadwarriorchef
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@msatterfield did it ever occur to you that he drew the lines before the failed breakout? his lines are completely valid. the breakout was a fakout bull trap on that shitty bearish engulfing weekly candle. no volume coming in...
TheTradingBasics
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@roadwarriorchef, it's not a channel and the upper trendline us cutting through price action. For this it's invalid. Also add, that we are friends and just trying some things :-)
roadwarriorchef
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@msatterfield, okie dokie.
TheTradingBasics
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@roadwarriorchef, you see... it was important to make a point that sometimes there is simple no clear trendline possible and that people often tend to draw stuff they want to see. At some point it's just important to have your supply and demand levels to understand where price will react and bounce. It's the only thing that will help us understand price movement unless we are in price discovery .
roadwarriorchef
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we broke the supply line but there's no volume. f2pool will likely short it and try to dump it to 36-42k. after that, consolidation and a juicy rip to 70k
Henry_Ross
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Wow, total agree, thanks
TheTradingBasics
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Trendlines should be corrected. But only supply and demand makes great sense … 👍