This 'rainbow' of lines represents the possible support lines for BTCUSD. Support lines (if they hold true) assume that BTC will not go below that price; creating a 'floor'. Any of these could be the support line, but since they are so close to each other and because BTC could shoot up like a ROCKET after hitting its actual support line, it would be too dangerous to short your BTC now. After all, we may have already hit it by the time you read this. so in that case HODL!
If BTC goes below the Maroon line, however, (below ~$6500 USD) then it is a long way down until the next support line; the black one. If that happens, short BTC until it hits the black line or gets close to it. I hope it doesn't come to that.
The grey lines indicate the 'resistance' - or ceiling until the triangle finishes out. those are about the same too.
too long didn't read: All in all, unless BTC goes below 6500, just chill and HODL.
I will continue to update this so follow me for the updates.
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We've crossed the Orange line. Next stop yellow.
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We're in the Violet. I believe we're bottoming at 7000, so get ready!
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We hit purple but are we going to pink? I think we'll know by the end of the weekend.