Here are a few things I have been watching on the BTC/USD graph since the last big drop . I marked support and resistance lines for my own personal use and are not accurate. This is not trading advice and these graphs are just for discussion purposes. They do not predict the future and I am not a professional. Having said that I am familiar with TA and markets, I have been involved in Cryptocurrency since early 2017. I am currently taking classes through Berkeley for Bitcoin and Cryptocurrencies in hopes of becoming a CBP (Certified Bitcoin Professional) by the end of the year. I have been trading since August 2017 and have experienced my fair share of highs and lows. In my opinion the markets should and will recover in the coming months. Nothing about Bitcoin, the regulations, or the technology has changed in any sort of negative way to cause the massive drop like we all saw. It was the COVID-19 scare and reaction from other markets that caused the selling pressure. Going from here I do see a lot of upside and positive indicators pointing at a return to "normal"or market correction. The higher lows we have been making week after week are always a good sign of strength for me. There will be a selling opportunity for some who managed to buy the dip at $3,900- $5,000 as they will be seeing profits of 40-60%. As you can see in the first graph, a price drop to $6,800 would still keep the upward trend in contact. Any comments or questions I would love to hear from you! This is my first TA post ever its kinda nerve racking to be honest :)
welcome to the world of TA :) this triangle looks rly good, hoping we break up on the upside, and it seems we have a decent chance for doing that
Thanks Oz :) I like to keep things simple. More often than not I pick my support and resistance levels from psychological numbers, patterns, and WWEED. ( What Would Everyone Else Do) If you don't mind, I would love to post updates here once or twice week. Maybe for a few different coins if I can get comfortable again. Its hard to pick up a graph and just read it, the more familiar I am with the history the easier they are for me to read. I would love some real practice and to brush up on my micro and macro trends, and indicators.
well.... There goes the $6,800 support