BTC/BRL (Foxbit) 1yr Daily

Signs of a pretty consistent price channel since 2015. Price dropped below channel during 2015, but generally channel holds true.

Seems BU is dying out without genuine support from minors and clearly very little support from the economic majority, i.e. general nodes, exchanges and commercial nodes.

Expecting resistance just about or around 4k within the month of April. Mid resistance between 3560 and 3720 on the way up and lower resistance at about 3300.

The orange dotted lines are support lines based off converging fib extensions for the price build up.

This is my first idea. Just learning here. Any feedback much appreciated. If anyone wants this in Portuguese I can translate too.

Posso traduzir em portugues se alguem tiver interesse.

Note

Here's the hourly view. Triangle breakout into new triangle. Resistance line at 3715 holding well.

Note

Should find support at around 3620 before continuing long term trend up to next support at around 3745 and finding resist at psychological 4000 mark, which coincides with the previous triangle bull run.

If we break support at 3620, could drop to next support level at around 3540. Although RSI shows space to continue buying pressure and MACD looks to cross to the upside as well as volume increase expected, so expecting support at 3620 to hold and then continue bull trend.

Still within the long-term price channel dating back to 2015.

Note

billaddison

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