SUMMARY
Just about every Crypto Analyst is forgetting to draw one type of trend line. All are drawing angled support and resistance lines which are quite valid. However, by not including the horizontal support/resistance lines, much information is being missed. In this morning Bitcoin update, I do precisely that..identify certain horizontal support and resistance areas that had and can be expected to have impact on price pathway. The below chart might at first appear messy but rhymes well in that the dotted horizontal lines interact in fibonacci pattern with the angled support/resistance (brown) lines.
Notice how the most bottom dotted white line crosses the lower solid brown support line and how it marked the precise bounce area of the price! Notice how also the second dotted white line represented a formidable resistance that took three attempts for Bitcoin to finally breach. The third dotted white line is now a staunch support line as price has decisively breached it. The dotted brown line, as it traverses across the dotted white lines, outlines the potential price fluctation boundary and thus helps better discern price pathway potential. So, draw support and resistance lines, but don't forget to include the horizontal ones as well to garner much more Technical Analysis outcomes!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
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Thanks for the tips. I am learning so much following you.
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Sometimes it's the simplicity that makes the most sense.
Thanks for what you do. I'm learning so much from your TA posts.
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Haejin thanks. I just watched last night bitcoin update and LOVE the way you are directing all blog traffic through steemit. I hope someone is working on a steemit alert system as well. I feel a lot of good content gets buried pretty quick. Hope you are having a wonderful weekend.
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Amazing education today haejin..saw some points that I never paid attention to..cheers friend
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