I see lots panic sellers and lots of bears. So here is something to annoy both!
Behold my bullish fork that I have coloured in blue so people can see the actual range and strength of the up trend better, and in red I have coloured red channel lines, that show the past mayor down moves. Also note the arrows that point to double bottoms on both occasions.
The news from China has helped the market move bellow the Median Line but it has stopped on a prev horizontal support low, watch for move back up above the ML and breakout of the red channel, that would indicate that we will make a NEW ALL TIME HIGH, as hard to believe but totally possible. Besides is that not what happened last time? so chances are it can behave the same and happen again!
It is worth noting the BTCUSD can continue to the bottom of the blue fork and then if it bounces off any Lower Parallel Lines and breaches the red channel, it will head back to the top of the blue fork.
However if it breaks the Bottom of the blue fork around $250ish currently and that Lower parallel line becomes resistance, then chances are we go lower to next support, see arrows.
Behold my bullish fork that I have coloured in blue so people can see the actual range and strength of the up trend better, and in red I have coloured red channel lines, that show the past mayor down moves. Also note the arrows that point to double bottoms on both occasions.
The news from China has helped the market move bellow the Median Line but it has stopped on a prev horizontal support low, watch for move back up above the ML and breakout of the red channel, that would indicate that we will make a NEW ALL TIME HIGH, as hard to believe but totally possible. Besides is that not what happened last time? so chances are it can behave the same and happen again!
It is worth noting the BTCUSD can continue to the bottom of the blue fork and then if it bounces off any Lower Parallel Lines and breaches the red channel, it will head back to the top of the blue fork.
However if it breaks the Bottom of the blue fork around $250ish currently and that Lower parallel line becomes resistance, then chances are we go lower to next support, see arrows.