More Adherence to Basic TA
Aggiornato
BTCUSD just dropped as it touched the downward trend line that is strong resistance. It's very predictably not breaking it but within 2 days it's going to be forced to either commit to the resistance line or the support formed from years of steady growth which also has been a strong support to the downside.
I'm sure plenty of Analysts are calling this critical intersection but unfortunately we could see sideways trading for another 12-14 days after because we have another resistance line just above the down trend resistance that was created by the bull-trap peak we saw form as the price declined from ~18,000 to 7,000 to reach a peak around 12,000 before it declined to where it is today. Given we have two peaks there are around 12,000, many analysts draw a trend from the 18,000 area touching both peaks. Those trend lines down both intersect with the price by end of April.
Hold onto your protein water folks, go pump some iron to relieve the stress while we wait for the impending breakout. No one can tell you for sure if it'll go to 5800 for sure or if it'll go back towards 8000, all we can do is wait and minimize risk.
Good luck out there, like if you enjoy!
I'm sure plenty of Analysts are calling this critical intersection but unfortunately we could see sideways trading for another 12-14 days after because we have another resistance line just above the down trend resistance that was created by the bull-trap peak we saw form as the price declined from ~18,000 to 7,000 to reach a peak around 12,000 before it declined to where it is today. Given we have two peaks there are around 12,000, many analysts draw a trend from the 18,000 area touching both peaks. Those trend lines down both intersect with the price by end of April.
Hold onto your protein water folks, go pump some iron to relieve the stress while we wait for the impending breakout. No one can tell you for sure if it'll go to 5800 for sure or if it'll go back towards 8000, all we can do is wait and minimize risk.
Good luck out there, like if you enjoy!
Commento
Boy didn't see that green candle nor did I expect it to turn to the upside so soon before tomorrow or Saturday. We'll have to see if it holds, but I suspect this will not be a long standing upswing.
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