It is my own brainchild and its hard to describe here (see related ideas)
But, it worked like charm for the last month and so I continue to perfect it.
Basically, what to understand from it:
The price will move within on of the inner/outer circles.
The high point of each circle = resistance ; now it's $9066
The low point of each circle = support ; now it's $8350
See that big RED ARC below?
That is part of a circle that started in January and where the January dip resides.
That is a MAJOR support now.
BUT, if we close below it, it can become major resistance which will become harder to breach.
So far we've been trailing the above the RED ARC, but we need to close ABOVE GREY ARC for a decent bull confirmation.
Based on that I would talk about a long position...
Watch the news for "FOMO" or "FUD". There seems to be some wikileaks scandal in the making as I'm posting this chart.
This and the grey circle not being breached, puts me in a neutral positions towards BTC
Previous Resistances from 13 MAR and 10 MAR agree with this level.
Be sure to watch this level.