Alright, there's the next chart on TradingView, this time it's an overview for Bitcoin.
What do we see? Well, we've seen some massive growth in November and December from Bitcoin, after that it's retracing downwards. What do we see more?
It's in a channel right now, actually on the bottom and lying on the support. In the past few days it have been bouncing on the support a few times and actually today we've seen an upmove. Also we see that there's a potential Elliott Wave going on in this triangle and we see that there's a big resistance in play.
Does this automatically gives us the right to state that it will go up? No. As we see with $XVG, it's not a bullish pennant, but a symmetrical triangle, where it's literally 50/50 which way it will go.
Bullish: We break the main resistance from this triangle and we flip bullish. In that case the top of the channel will be in play, which is around 25K. This is the end of February/beginning of March.
Bearish: We can't break this resistance and we'll drop down to the lower line, which is the primary trend line. According to this one, we can state something more: The spike on 1 is leg A in that case. The spike on leg 2 is leg B in that case. The drop down is leg C from the ABC correction (if this one is in play).
So bear in mind these things when trading and use stop/losses. A sudden drop down or a sudden price rally can influence your alts.
What do we see? Well, we've seen some massive growth in November and December from Bitcoin, after that it's retracing downwards. What do we see more?
It's in a channel right now, actually on the bottom and lying on the support. In the past few days it have been bouncing on the support a few times and actually today we've seen an upmove. Also we see that there's a potential Elliott Wave going on in this triangle and we see that there's a big resistance in play.
Does this automatically gives us the right to state that it will go up? No. As we see with $XVG, it's not a bullish pennant, but a symmetrical triangle, where it's literally 50/50 which way it will go.
Bullish: We break the main resistance from this triangle and we flip bullish. In that case the top of the channel will be in play, which is around 25K. This is the end of February/beginning of March.
Bearish: We can't break this resistance and we'll drop down to the lower line, which is the primary trend line. According to this one, we can state something more: The spike on 1 is leg A in that case. The spike on leg 2 is leg B in that case. The drop down is leg C from the ABC correction (if this one is in play).
So bear in mind these things when trading and use stop/losses. A sudden drop down or a sudden price rally can influence your alts.
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