The chart no one is paying attention too. Have we hit bottom??
This chart is a pure long term example of how support becomes new resistance and resistance becomes new support. It's almost a cheat sheet to see the future!! As you can see, since BTC's trading existence our tops and bottoms
of each long term wave has extreme relevance as to where the price is heading in the future. I'm a firm believer that history tells a story and that history does indeed repeat its self. I find it absolutely amazing that our original
supporting trend line eventually became Bitcoins top in 2017. Now we are at a critical point as to what will play out in the next coming months. As you can see on my chart I have created a Bitcoin reversal channel. If we look at what bitcoin did in 2015, it was when BTC broke through the resistance line of this channel that triggered our bull market. We also double bottomed in 2015, which ran gradually along this trending support channel. I am neutral on this market right now, and this is not financial advice as I am not a financial adviser, just an avid swing trader sharing my ideas with you guys. This chart is enough information to give you guys a heads up as to what is going to happen in the next coming months. My bias says get out now, but that is for you to decide. I find it hard to believe that we are just going to take off like a rocket ship right now. My bias says we will retrace a significant amount before we move up. I apologize for my amateur chart display as this is only my second time posting my ideas. I will be posting bullish and bearish scenarios in the future. I have already posted a bullish elliot wave count chart as my first post. Be sure to check that out. Also keep in mind, that just because my charts aren't the prettiest doesn't mean I don't know what I'm talking about. That's for you to decide. I have been trading BTC since 2013 and have been following trading view since 2015. I have analysed 100's if not over a thousand BTC idea's only to see most of them fail. These charts have been from well respected traders and analysts! Anyway, I hope you enjoy and give tons of like's or please feel free to tell me that I'm out of mind. I value your opinion's. Thanks everyone and happy trading!!
Comment:
So as we can see here, we are forming a nice wick at the resisitance line of the .23.6 fibonacci. We went as high as $7500, which I didn't expect. We have cooled off to $6850 which is right at my resistance line. If we break this resistance line and then use it as support than I believe we will go up from here therefore making my reversal channel not in play anymore. That next target would be $9400. If we get rejected at resistance than it will be interesting to see what happens. Since this was a parabolic move, we will pull back a lot I think