The lower trendline has not had enough touches to have any significance, maybe try a lower time frame for better detail.
StewySongs
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@Ryecatcher The notion that a trend line needs a multitude of touches for it to be significant is a complete falicy. Study the historical data of any liquid pair for more details. ✌🏻
Ryecatcher
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@StewySongs, and you are wrong again a trend needs multiple touches to have any meaning, your clearly no nothing about technical analysis, you have published nothing. Keep it that way.
marcymartin14
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@Ryecatcher, It's touching twice and I think that's fine, I agree that the more touches it would be stronger. (After looking it actually touches 3 times, the line was just poorly drawn) I'm not actually a big fan of trend lines at all, a lot of the times they don't play out, either way, It was just good for demonstrating the recent BTC rise. For any serious price targets, i'll always swear by a Fib!
Ryecatcher
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@marcymartin14, trend lines imo i very important also i agree fibs work great, but the the trend like was the bottom one i was referring to at least 3 touches on either side.
marcymartin14
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@Ryecatcher ahh understood, guess we will see, so far seems to be playing out somewhere in the middle, despite the dodgy lines, lets hope it sticks and we see 58000 tomorrow morning after the Asia session!
Ryecatcher
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@marcymartin14, break out the inverse head and shoulder leads us above $60000
Let's see.