rLWBu
Long

First BTC technical analysis attempt

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Spent major part of the day trying to learn technical analysis . This is my first attempt! Needless to say, don''t trust my chart, it's probably useless. Just trying to get experience. What I saw was a rectangular flag with a flagpole, so I guess if the resistance is broken then BTC             will maybe rise 70 USD?
We are in the same support area, but we have a larger downtrend against us this time, compared to the last two times when it stopped there. I expect the price will fall down more. This is only a stop to breath some air, before people realize we are still slowly dropping down.
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Rectangle flag... interesting concept, but never heard of it.
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rLWBu MoonTrader
Supposed to be a continuation pattern, so the flagpole is the trend and the flag is the continuation pattern. But I'm not sure if this rectangle has been too long or not. The target should be (resistance - support) + resistance I think. If the resistance is breached by 2-3 percent on the next upswing I will buy a tiny amount of coins and see how it goes. :-)
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Not even sure the averages I'm using were the correct ones, so many to choose from...
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