Bitcoin Slow uphill run? What am i preparing for....
Hi Everyone!
I hope who has been following my setup from my 1st post is enjoying their trade.
Today I want to share how I draw my lines and what I am expecting to see from bitcoin.
I will share how I draw my demand line, supply line, and confirmation line.
a. Demand line(Blue)- Demand here simply means support line but since I am an economic student I like to call it as demand as it gives me a clear perspective of the market. Blue Line drawn from the candle closed with high volume indicated by arrow 1 shows that there has been a lot of selling and buying but the buyer was in the control to outrun the seller at 8717. Also, we can see every time the seller tries to check the demand it was bought above the demand price line.
Supply- Volume indicated by arrow 2 shows that lots of buying and selling but buyers were not able to outrun the seller which shows that there is a lot of supply. I simply drew a line of supply where the candle was closed because thus price action shows that there are a lot of people are willing to sell.
Confirmation line- Confirmation line here simply means that since there was a lot of sell order absorbed by the buyer as shown by volume, Price closing below confirmation line will give us a scenario where the price can lead further down so it is called as a confirmation line.
What I think will happen next?
As I mentioned in the previous analysis I expect BTC to reach my target. I think a lot of people are in disbelief and don't understand the power of halving as we can see in history there has been a lot of demand for bitcoin being a deflationary asset. I think bitcoin will slowly make its move uphill.
Motivation Quote for today- Your limitation—it's only your imagination.
Please comments your ideas!
Every idea is valuable!
Highly appreciate constructive criticism.
I hope who has been following my setup from my 1st post is enjoying their trade.
Today I want to share how I draw my lines and what I am expecting to see from bitcoin.
I will share how I draw my demand line, supply line, and confirmation line.
a. Demand line(Blue)- Demand here simply means support line but since I am an economic student I like to call it as demand as it gives me a clear perspective of the market. Blue Line drawn from the candle closed with high volume indicated by arrow 1 shows that there has been a lot of selling and buying but the buyer was in the control to outrun the seller at 8717. Also, we can see every time the seller tries to check the demand it was bought above the demand price line.
Supply- Volume indicated by arrow 2 shows that lots of buying and selling but buyers were not able to outrun the seller which shows that there is a lot of supply. I simply drew a line of supply where the candle was closed because thus price action shows that there are a lot of people are willing to sell.
Confirmation line- Confirmation line here simply means that since there was a lot of sell order absorbed by the buyer as shown by volume, Price closing below confirmation line will give us a scenario where the price can lead further down so it is called as a confirmation line.
What I think will happen next?
As I mentioned in the previous analysis I expect BTC to reach my target. I think a lot of people are in disbelief and don't understand the power of halving as we can see in history there has been a lot of demand for bitcoin being a deflationary asset. I think bitcoin will slowly make its move uphill.
Motivation Quote for today- Your limitation—it's only your imagination.
Please comments your ideas!
Every idea is valuable!
Highly appreciate constructive criticism.