Bitcoin: Long, Medium and Short Term Trend Lines
Solid Green Trend Line goes back over one year and is considered significant. Watch what happened earlier this year when it crossed the solid purple trend which corresponds to a descending channel: We got a nice rally when this happened. Later, when the Green trend line approached the upper part of this descending channel (the solid blue line) that’s when the recent correction ensued.
The present correction is highlighted by a descending channel drawn with solid Pink lines; and a smaller parallel channel within that (the last 2 weeks, roughly). When the aforementioned Solid Green Trend Line intersected the Pink Channel, it found support!! At least temporarily.
To me this looks hopeful. I’m looking for a breakout over the next 7 days, as the big Green Line makes it’s way through the upper part of the descending pink channel.
This reminds me of some kind of Astro-Geometry study (if there is such a thing). And similarly, we can’t account for outside influences, like a rogue asteroid or a tweet from Elon; or bad day on the NYSE. So, we’ll see!
At the time of writing price is stuck at the ceiling of the pink channel, which is a significant horizontal support/resistance area (~$48,600); making a break above the pink channel all the more significant.
Tomorrow is Solstice, the darkest day of the year, and come Christmas the Sunlight increases; hope returns, people make New Years resolutions renewed optimism as we move into the New Year. Gold and Silver prices usually show a little life as well so I’m hopeful. But… I might be wrong. It’s either going to go up, down or sideways. That’s all I know.
The present correction is highlighted by a descending channel drawn with solid Pink lines; and a smaller parallel channel within that (the last 2 weeks, roughly). When the aforementioned Solid Green Trend Line intersected the Pink Channel, it found support!! At least temporarily.
To me this looks hopeful. I’m looking for a breakout over the next 7 days, as the big Green Line makes it’s way through the upper part of the descending pink channel.
This reminds me of some kind of Astro-Geometry study (if there is such a thing). And similarly, we can’t account for outside influences, like a rogue asteroid or a tweet from Elon; or bad day on the NYSE. So, we’ll see!
At the time of writing price is stuck at the ceiling of the pink channel, which is a significant horizontal support/resistance area (~$48,600); making a break above the pink channel all the more significant.
Tomorrow is Solstice, the darkest day of the year, and come Christmas the Sunlight increases; hope returns, people make New Years resolutions renewed optimism as we move into the New Year. Gold and Silver prices usually show a little life as well so I’m hopeful. But… I might be wrong. It’s either going to go up, down or sideways. That’s all I know.
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