tradingmotives

Weekly Chart Puts Strength into Perspective

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I have applied a single Modified Schiff to this weekly chart and the validation is excellent. Note how the lower parallel acted as strong support and that after successive corrections, price has found support on the warning lines (WL - dashed lines equidistant to quartiles). The important support on this time frame is shown at the green dots. Price is currently at the red WL. and if it can break through this & find support, the next WL level is 24200. Important support is 14200.

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