Blue line is 50% down from current top to the bottom of the long term baseline of the 1 day chart.
Green lines are 1/3 & 2/3 speed lines calculated from the bottom to the top of the recent uptrend. They are the current support lines of the trend.
Red lines are 1/3 & 2/3 speed lines calculated from the top to the bottom of the recent downtrend. They represent resistance to the upward price action.
If price action goes under the bottom green line, the blue line is the last line of defense. I will not buy if it goes under here and wait to asses the new market situation and new signals, because the probability of the price going down a lot more is strong in this case.
Currently, price action is battling beetween the bottom red line resistance and bottom green line support. Possible point of upward price action are at the cross of the green and red lines.
DISCLAIMER: i'm a beginner learning TA. Any opinion from more experienced traders is appreciated.
DISCLAIMER 2: all this could be disrupted by btc price action, so keep an eye on that.
Green lines are 1/3 & 2/3 speed lines calculated from the bottom to the top of the recent uptrend. They are the current support lines of the trend.
Red lines are 1/3 & 2/3 speed lines calculated from the top to the bottom of the recent downtrend. They represent resistance to the upward price action.
If price action goes under the bottom green line, the blue line is the last line of defense. I will not buy if it goes under here and wait to asses the new market situation and new signals, because the probability of the price going down a lot more is strong in this case.
Currently, price action is battling beetween the bottom red line resistance and bottom green line support. Possible point of upward price action are at the cross of the green and red lines.
DISCLAIMER: i'm a beginner learning TA. Any opinion from more experienced traders is appreciated.
DISCLAIMER 2: all this could be disrupted by btc price action, so keep an eye on that.