HosseinMansouri
Long

Primary Downtrend Trend Line has Broken

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
407 4 0
After Successfully and Powerfully Breaking the Primary Downtrend Trend Line, Price has Correctly Re-Acted to the First Level of Resistance but the Pullback from There wasn't Powerful Enough to Even Test the Trend Line Again However it may Come to Test it for the Last Time But Considering the Power of this Pullback it's Rather Unlikely, I've Highlight Next Price Targets, the Third Level of Resistance is Union of SMA (200) and Ichimoku Cloud
DesertRain
2 years ago
If your chart wasn't plastered with indicators you could see that your trendline is wrong and hasn't been broken yet.
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HosseinMansouri DesertRain
2 years ago
Trend Lines are drawn by beginning with trend start point and connecting that point to second extreme point, and on this chart first point and the second point used are clearly visible and are not hidden by other indicators, and reaction of price to the point i've highlighted confirms the correctness of trend line drawn, thank you by the way
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DesertRain HosseinMansouri
2 years ago
Apologies, I took a closer look at your chart and expanded the scale and can see that the trendline is drawn correctly.

BTW my experience has been that a trendline break on very low volume "doesn't count". I'm bullish but think we could go sideways here for awhile and I think maybe even test support one more time. Extended low volume periods (holidays, etc) mess up trendlines and channels.
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HosseinMansouri DesertRain
2 years ago
hit the play button ;)
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