I am VERY unaware of the ins and outs of TA so don't read into this too much,
but if you want to ride along with some unorthodox sense-making you get front row seats.
So what I got here is some big action coupled with a ,
a , a 120 day , a 120 day (thicker line), and last but not least our distant friend the Indicator <3
First things first, what's up with the 120 yo???
Well here's the 411: I wanted to look at just the last 120 days in BTC because I suspect that's when all the newbies and big shots came onto the scene, making things A LOT DIFFERENT. Worth pointing out; BTC is a youuuung market and as everyone says is 10x faster, so volatile, much danger, but what needs to follow up on that is things are changing (or so I'm told) and I wanted my data to give more weight to that. (The is compiled of roughly the last 120 days)
I have used the to give a more generalised resistance and support line where most of the trading seems to happen. This is outlined in the blue .
We can see the current price action is bouncing close on the support line - even though it is reinforced with the support line of the large the bears are making it pretty threadBARE (get it?? ;V) and we're going to see it break out on the bottom then hang on by a thread until dropping off the end. There won't be a big move down as this is a big wedgeyboy, and that has plateaued into its 9day - I imagine lows of 7,3 before rising back to the healthy 8,5. Really nothing exciting to see for the next few days SO WHY THEN AM I ON THE EDGE OF MY SEAT?
The 120 and supports confirmation that the nasty will remain king of the castle for a while. We haven't had a good rally for a while, but that's the pressure of the .
In conclusion: there is nothing signalling a bull run in the near future but don't get weak hands, HODL, trade often, take small wins, and let's ride out the bear's dominance a little longer!