joelix

Will the BITCOIN breakout of its shackles?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
What's crackin', cracklackin'? Here's something simple from the simple-minded novice trader that I am.

As you can see, the upper descending GREEN line has been holding quite well, it has been a point of resistance. Seems like since December 17th theres been a small downtrend, doesnt it? We are closing in on it, the GREEN line, today as we speak. I am looking to buy in, if we break through it as that could possibly indicate a breakout and we'd be heading upwards nicely. I will be keeping a good eye on the volume in the coming hours. If the movement of the price is rejected at the GREEN line again, today, we might be looking at lower levels at unknown areas, unknown to me, that is. Im sure they are known to many others. I assume if a few more rejections happen, we could be revisiting the RED line down, which begins from mid July in the chart of mine.

Im currently out of position, I sold out before when Bitcoin ( BTC ) went near GREEN line on 20th of this month. Im currently looking to see what happens as we are living crucial moments in my opinion, getting near the GREEN line.

Im a beginner, a novice, I just try finding patterns and learning from everybody else.

Peace & Love! :)

Comments

We are still on it! When I made this chart and analysis, I was still using the coinbase:btcusd chart, which Ive since found to less efficient.

I have begun using BitFinex BTCUSD chart, which is where most of the BTC trading happens.
Reply
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