angelsmfg

BTC BIGGER VIEW USING TREND LINES

BITFINEX:BTCUSD   Bitcoin
What do you think? The previous support and resistance slanting upward lines last year acted as support and resistance this year. I'll be watching those lines aside from horizontal aupport and resistance lines. I drew the last red line from a support last year parallel to others. MIght just serve as a guide but that is not for near term. (I applied the same at BCH 1 hour and was amazed how the highest price just hit the slanting line I drew and extended last time.) By the time we reach that yellow slanting downward upper line, it's either we fall from there or break that to go up and come back again to that line and continue to go up but since we are still in the middle of that trend we can still either go up or down on those lines. That's why we hear others are bullish or bearish. It doesn't need to touch that slanting downward yellow lower line if we can go up from here, but remember that it can and we are still inside it and it can still go down there. Anyway, we got a strong support at 6K but anything can still happen. So if you are planning to buy, never buy when we are near that yellow upper line as it may still fall once we reach there and we will be back to the same trend line again. Well, it can form another trendline from the top as well when we exceeded that. Hope that helps. I'm a newbie. Comments are welcome.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.