Looking at drawing channels, I think you do have to draw the big downtrend line through the Mar/ Apr daily highs.
Look at the weekly (below) to see why that is actually more accurate
So what does that mean?
The last 2 days were significant because we have broke BTC last decending trendline from 69K. Yes we can still go lower, (as most trendbreaks will want a new extreme), but as of now, we're no longer in this massive trend down.
I think we'll see two legs in this correction rally, then test the lows around Nov/Dec.
🤙🏽
Look at the weekly (below) to see why that is actually more accurate
So what does that mean?
The last 2 days were significant because we have broke BTC last decending trendline from 69K. Yes we can still go lower, (as most trendbreaks will want a new extreme), but as of now, we're no longer in this massive trend down.
I think we'll see two legs in this correction rally, then test the lows around Nov/Dec.
🤙🏽
Note
Look at the weekly candles, specifically the red doji. That to me is precisely where the trendline is crossing.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.