The Magic of Confluence -4 Major Trend Lines Leading BTC To $40K
Hello Traders,
This really goes to show how amazing technical analysis really is. The fact that over the past 4 months, 4 major trend lines have developed and converge at that exact point, which we are on track to hit is quite amazing. The confluence here is remarkable, all signs lead BTC to $40K. Now of course nothing is guaranteed in trading, but when you have such a strong signal as as this the probability of a move playing out greatly increases. It also shows the consistency of human emotion in trading.
On a side note...
I previously wrote how I entered a short and was planning on taking profits at the $40K level. Now I am thinking that there is a high probability that not only does BTC hit the $40K level (I will still take profits), but that a strong bounce will occur. More than likely I would enter a long position at this level due to the intersection of these 4 trend lines.
This really goes to show how amazing technical analysis really is. The fact that over the past 4 months, 4 major trend lines have developed and converge at that exact point, which we are on track to hit is quite amazing. The confluence here is remarkable, all signs lead BTC to $40K. Now of course nothing is guaranteed in trading, but when you have such a strong signal as as this the probability of a move playing out greatly increases. It also shows the consistency of human emotion in trading.
On a side note...
I previously wrote how I entered a short and was planning on taking profits at the $40K level. Now I am thinking that there is a high probability that not only does BTC hit the $40K level (I will still take profits), but that a strong bounce will occur. More than likely I would enter a long position at this level due to the intersection of these 4 trend lines.