Long-Term Trade Decision This Week

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             is setting up to either get back above the 50-Day SMA ( simple moving average price) and potentially resume the new promising uptrend wave or shift back into the usual downtrend mode this week.

As long as $229-$231 has not been tested the downside decision is unclear. $230 is the key support, if this area breaks the price could slide down to $198.
Are the 2 "estimated" MA's calculated? Or just drawn by hand? You could write an algo to analyze past performance within a channle to get an "estimated" MA based on a "predicted channel".. But would require more time/programming skills than I have at the moment.
ChartArt TheNewXDAGuy
Those two blue MA projections are estimated by my head and drawn by hand based on all the information I see on many different indicators comparing many time-frames. Your idea to predict the MA lines sounds interesting, sadly I also don't have the programming skills to do that.
Ah OK.. They looked pretty realistic, so I wondered if you had "calculated" them some how. I have a small stack of program projects at the moment, so I'm not gonna as this right now.. But cool chart!
ChartArt TheNewXDAGuy
Thank you. It made me quite happy to read that my quick & dirty hand drawing could be mistaken for a computer calculation :D
your welcome! :)
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