mikenz
Long

log trend update

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
905 views
10
905 10
I let the chart speak.
Jul 10
Comment: trend line seems broken. Looks like we might be in for a major correction. Im out waiting for dust to settle.
Goint to test long term resistance level as support?
Reply
mikenz villar.martin
@villar.martin, It will test almost for sure. Since its out of the long term trendline which has been formed since Beginning of 2016, it could also easily overshoot and fall to mid-1000s.

check https://bitcoinwisdom.com/markets/bitstamp/btcusd 3-day log scale

I wouldn't be surprised with a correction scenario similar to that of June-July 16.
Reply
Update:

Reply
rebounded from trend line as expected.
Reply
Chart is saying it will go to the trend line which is another $400 lower ;-)
Reply
mikenz hubavka
@hubavka, that is not the trend line, but the mid term resistance (now support) line starting mid 2015. The ultra long support level you can see in this chart:


Reply
@mikenz, Whatever line it is it seems to me it's going there
Reply
mikenz hubavka
@hubavka, To mee it looks like its just touching the trend line for support, but sure its Bitcoin, it may go anywhere anytime. In that case the current mid term log trend would definitely be broken and it would even open the possibility for a correction to long term support at 1.3-1.4 level.

If this happens, I would favour this scenario for temporary correction:




Reply
mikenz hubavka
@hubavka, how does it look for you now? :)
Reply
@mikenz, Looks great :-)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out