teal line, from the break of March highs, has acted as resistance in the middle of April. RSI recently (in the end of April) successfully broke through the line and had a nice run to the upside.
now, in the middle of May it is coming back to test the same line, will it act as a support or will it fall right throught it?
teal line also represents the last place RSI made a significant move, so whichever the direction will be, i think we will see a big move!
@carelkersna, Don't get me wrong. I agree that it will go down :) I just don't agree on the method of applying technical analysis on an indicator and not on the price chart.
RiskCity
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@Vinterfell, no offense taken :) i have used this method for some time now, and can say that it works pretty well!
f-73
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What do you think about this:
RiskCity
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@ft-73, dont really understand whats happening on the chart, he expects it to go down i can see, because of similar patterns have occoured in the past. his target is around the area where my most recent breakout is marked. it somewhat makes sense to me. i will not take more time to understsand what he means by that charting EXACTLY, but i think his idea is interesting!
f-73
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@carelkersna, i found it interesting as well, despite not being ofnd in fractal analysis. I like to mix different views. For what i can see (as anybody else) a giant symmetrical triangle is about to trigger. Meaning a several hundreds $ price movement is close ahead. I'd say it's probably going down so far, judging by volume alone. Not sure though.
RiskCity
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@ft-73, oh, i hope that the tirangle will trigger, wouldnt say no to some cheap BTC :) i have to look into volume a lot more, not very sure how to implement it to my charting yet