The two parallel red lines appears to be the that BTC is going into. I was hoping that today(Feb 20) was when a candle will penetrate the top part of the , giving us
a sign that a possible reversal of trend. Instead, we see an right at resistance line. I am expecting a downtrend from here. With respect to the fib tool, we might go beyond 0.786 and hit 1.... at 3.5k USD per 1 BTC , which would test and act as the 3 support line.
The resistance line has been tested 3 times and the support line has been tested twice.
On that note, I am planning on a counter-trend investment strategy. I would enter 3.5k given that a candle will show itself on the support line, with SAR , and the giving the signal also.
It would then become a long term investment if it penetrates the , have the 20 over 40 , and the 50MA on an upward motion.