BTC wait and see
So as yo can see I have just drawn a heap of crap on a interactive chart. This is mainly for my own record to say I have called this right. 19th 0f May is either going to be a great day or a blood bath
So anyway lets break down this chart,
We have our down trend line that we are following pretty well at the moment and we are coming to a breaking point, we need to see more volume enter the market to go through our breakout line but to also break out of the down trend line.
If current trend continues I can see this breaking down to our biggest support line which mean cheap cheap btc. Now we know the ones with the money will have their buy orders in around this area and will rebound from here.
So what do I want to see? Well if consensus is a success we will see us continue to bounce of the current down trend.
If it isn't we can see us breaking down to the main trend line, this is where I believe we will drop down to and keep tracking on that and keep going through that channel.
I may not have the correct terms written down but personally believe this is what needs to be looked at. We can't say buy or don't buy yet just have to watch the chart and see where it goes and check our macd's on the day charts.
I'm saying wait and see and if we break through that current down trend line buy but don't touch it until you see a clear bullish sign and there isn't any yet. Don't gamble totally with your money just a bit.
I have money waiting to buy this and those buy orders are hovering around the main resistance line.
Hope this helps anyone here that wants hold their money for a bit longer and charting from a virgin poster putting my money where my mouth is.
So anyway lets break down this chart,
We have our down trend line that we are following pretty well at the moment and we are coming to a breaking point, we need to see more volume enter the market to go through our breakout line but to also break out of the down trend line.
If current trend continues I can see this breaking down to our biggest support line which mean cheap cheap btc. Now we know the ones with the money will have their buy orders in around this area and will rebound from here.
So what do I want to see? Well if consensus is a success we will see us continue to bounce of the current down trend.
If it isn't we can see us breaking down to the main trend line, this is where I believe we will drop down to and keep tracking on that and keep going through that channel.
I may not have the correct terms written down but personally believe this is what needs to be looked at. We can't say buy or don't buy yet just have to watch the chart and see where it goes and check our macd's on the day charts.
I'm saying wait and see and if we break through that current down trend line buy but don't touch it until you see a clear bullish sign and there isn't any yet. Don't gamble totally with your money just a bit.
I have money waiting to buy this and those buy orders are hovering around the main resistance line.
Hope this helps anyone here that wants hold their money for a bit longer and charting from a virgin poster putting my money where my mouth is.
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