This is the levels i'm watching on BTC for Dow theory analysis. I definitely want to be there when this trend turns around. Ill keep you posted when some crucial levels breaks, with the implications there of.
Currently 6k is the level on everyone's mind, Personally ill be ecstatic if breaks, as it would signify the next phase in the bear trend, progress.
While BTC is stuck is in this triangle, not much action happening compared to 2017, one gets to think of stuff you never do in a trending market.
This just analises the strenghth of each leg inside the consolidation, and then by basic subtraction extropolates the strength of future legs, untill we get a break out.
BTC LOG TREND LINE ANALYSIS
My interpretation of the major trend lines, support and resistance in the bear market. Since trend lines are just extrapolations of previous price action, they carry less weight than horizontal support and resistance. I will be watching these trendlines, and be looking for confirmation in terms of volume and breaks of support and...
This analysis is courtesy of Tim West time@mode system, and Ivan Labri for introducing me to the system, if btc manages to break the 6k low, price has a target of 3300, with expiry date of 46 days.
Excuse if all don't look that professional yet, its my first post.