Some trendline thoughts
I don't know if this is a technical analysis thing or not - I haven't seen it elsewhere, but I also haven't looked for it. From Jan 2016 (past 24 months), you can see each two point trend line, as their frequency and angle increased. You can also see how the first (or last) trendline has been violated, and I think the middle one will be touched. The general point of confluence seems to agree with the $7,400 price floor. The last trend line suggest a $5,500 intersection, which I'm generalizing to mean either the $6,000 floor (unlikely) or $4,800 floor (more likely).
Personally, my money is literally on a bottom of $7,400. Any plunge beneath $7,400 suggests an over-sold state. That would need to be verified by momentum indicators such as the MACD.
Personally, my money is literally on a bottom of $7,400. Any plunge beneath $7,400 suggests an over-sold state. That would need to be verified by momentum indicators such as the MACD.
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