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Represented is my 1st trade chart tracking the current state of Bitcoin!
This is on a day 1 day scale and 1 yr chart.
To help identify the color lines are as follows:
Red = Resistant Lines
Green = Support Lines
Blue = Upward Trend Lines
Yellow = Downward Trend Lines
Red Dotted = Critical Potential Upward Trend Line (My Opinion)
Green Triangle = Bull Flag
The oldest Upward trend line (blue) is started on 6/7/17 and the newest occurring 2/6/18.
BTC is showing Bullish activity that could boast a strong upward trend that could start to see major resistance around or before 16,578.
I marked 3 resistance points before the 16.5 mark. Based on two factors.
1.) The Doted Red Line @ 12,227 = This represents the last high point on 1/29/18
2.) The 10,884, 11,577 and 13,521 are past Support Lines that became Resistant Lines, and are the current resistant points in this bull flag .
Currently there is a wall of sellers at the $11,000 dollar mark (seen on gdax).
This looks like the reason why the 10,884 point is stuck still in Red as a resistant point.
It will most likely fluctuate between this until it eventually breaks $11,000 soon.
Let me know what you think and ANY POINTERS to help me get better!
Peace
This is on a day 1 day scale and 1 yr chart.
To help identify the color lines are as follows:
Red = Resistant Lines
Green = Support Lines
Blue = Upward Trend Lines
Yellow = Downward Trend Lines
Red Dotted = Critical Potential Upward Trend Line (My Opinion)
Green Triangle = Bull Flag
The oldest Upward trend line (blue) is started on 6/7/17 and the newest occurring 2/6/18.
BTC is showing Bullish activity that could boast a strong upward trend that could start to see major resistance around or before 16,578.
I marked 3 resistance points before the 16.5 mark. Based on two factors.
1.) The Doted Red Line @ 12,227 = This represents the last high point on 1/29/18
2.) The 10,884, 11,577 and 13,521 are past Support Lines that became Resistant Lines, and are the current resistant points in this bull flag .
Currently there is a wall of sellers at the $11,000 dollar mark (seen on gdax).
This looks like the reason why the 10,884 point is stuck still in Red as a resistant point.
It will most likely fluctuate between this until it eventually breaks $11,000 soon.
Let me know what you think and ANY POINTERS to help me get better!
Peace