Currently (0929 CST), Bitcoin is trading right up against an important level. From the beginning of this Gann Square of 52, the current angle has operated as the strongest source of resistance for Bitcoin and has resulted in strong selling as price as approached it. However, the most recent test over weekend is showing signs of diminished power behind this angle. Angles are not like horizontal levels of support and resistance - they weaken the more they get tested.
We also need to be aware that the monthly and weekly charts are supportive for strong upwards momentum here in the near future, especially on the monthly chart. If we do breakout above this 7780 value area, there is a massive motivewave ahead. We should expect some pressure past the 7780 value area though. The highlighted red box shows a confluence zone of the inner arc, a natural harmonic pivot, and a minor Gann angle. Above that: clear skies.
Good
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Thanks for up-vote.
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perhaps, but not fact. lately we've seen similar levels of support and resistance levels more than once. after the breakdown of the resistance level, we returned to the initial levels, this has been happening for several months.
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I don't quite understand these indicators yet, but the price came down since this TA. Do you have a follow up for that development?
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It's still within the same value area, the trade idea would be nullified if we were to trade below the current accumulation zone, which would be below the 6400 value area.
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I sure hope bitcoin knows to follow that arrow up.
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Interesting
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