CryptoTwitter and youtube went crazy over suggesting BTC was going to break upwards - I was one of the few saying it looked more like a resistance channel. Looks like it went that way. Just shows you not to always follow the herd.
The white line is one I drew in the previous post, unmoved.
There's a small chance BTC will bounce here as we are hitting a heavy congestion zone. If we can't find support (and knowing how people react, the crypto twitter sheep will now all be bearish), we are headed toward the green accumulation zones. I don't think we'll see lower prices than either of these.
On a longer trend, you'll see convergence of a trend line support with this first accumulation zone. I'm watching closely for signs of evacuation, but right now this is where my eyes are.
Just one last note, a few famous traders consider diagonal trend lines to be bogus, yet happily look into magical wizard fart paradigms like elliot wave or fib lines. These people should be considered morons as far as I'm concerned. I've been trading with basic trend lines, S+R, and volume for a months now and I'd go so far as to say it's the ONLY thing that actually works in trading. Go bite yourselves.
The white line is one I drew in the previous post, unmoved.
There's a small chance BTC will bounce here as we are hitting a heavy congestion zone. If we can't find support (and knowing how people react, the crypto twitter sheep will now all be bearish), we are headed toward the green accumulation zones. I don't think we'll see lower prices than either of these.
On a longer trend, you'll see convergence of a trend line support with this first accumulation zone. I'm watching closely for signs of evacuation, but right now this is where my eyes are.
Just one last note, a few famous traders consider diagonal trend lines to be bogus, yet happily look into magical wizard fart paradigms like elliot wave or fib lines. These people should be considered morons as far as I'm concerned. I've been trading with basic trend lines, S+R, and volume for a months now and I'd go so far as to say it's the ONLY thing that actually works in trading. Go bite yourselves.