BTCUSD Update - Congestion

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
191 6
We're coming up on two opposing long-term trendlines . Market is scared to test either direction. This will resolve within 2 weeks with a break (upward, methinks).

You can see I've overlaid a couple patterns of past bars, and established an upward channel.
Another view of the Bitcoin price - using Bitstamp prices - is that the weekly indicators are almost all down and price has fallen out of a channel established from the swing low of $339.79 back in April.

BitcoinErrorLog TerryKinder
You're analysis is inferior in that it is based on wicks. Use some kind of VWAP or ALMA.
TerryKinder BitcoinErrorLog
I find that when someone dismisses something out of hand without taking the time to look at it, that they tend to miss other things as well. I wouldn't do this normally, but in your one sentence reply you wrote you're (the contraction for you are instead of your, which would be correct). So, before you dismiss things out of hand, you might take the time to consider if your point of view might not be altogether correct, as well as your grammar. I find I learn a lot from what others say. I'll look into the VWAP or ALMA. You should take another look at my chart and the other charts. I have also posted charts on the Google Community where I am a moderator and have caught most of the recent price turns.
BitcoinErrorLog TerryKinder
The grammar was a slip up, you're right. I should at least have good grammar if I'm going to be short. Otherwise, my comment stands.

I happen to believe that you can't say a channel is truly broken on low volume. If you redraw your channel accounting for volume, it probably hasn't actually broken downward.
MoonTrader BitcoinErrorLog
If you don't base it on the wicks, then what do you base it on?
Currently, the trendlines are drawn using peaks of the ALMA.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows 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