BTC - Double Bottom Update - A Path Out!!
Updated
Okay, I drew some more lines and arrows on my chart, but I also added some boxes and more text! Here's an update to my first Double bottom post.
This interpretation was formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination!
Our second little bull flag did indeed form. It's not a lot, but it's a glimmer of hope in this dark world of invisible resistance. I think we can move on to test the .786 around 8,800. We're still struggling to get the bulls out of bed, we are just barely not falling on our faces. I get the feeling the bears are really about to drop the hammer on us again.
I explain my path out of our downward trend a little better in this analysis. Purely speculative, but plausible with an ounce of technical support to back it up. Basically, the combined resistance of the .786 retrace and the mid-line of our downward trend might prove to be too much for us to break through with the current state of this sad little rally. However, if we bounce off the 1.0 support once again, we might gain the momentum necessary to carry us through the mid-line. If we can break through that, we can pick up mid-line support if we bounce back off the .786 again. It's basically like using the 1.0 retrace's gravity to sling shot us out of the downward trend. It's almost poetic, except I think NASA might of used this strategy to get back from the Moon instead of shooting to it..
Binance is still down. So I'm still locked into my trade for who knows how long.. So if you're long off the bounce like me, hodl on tight, and set your stops if ya got em'. It's going to be a bumpy ride!
Thanks for reading, let me know what you think! - Also, not that anyone was thinking about it; but I wouldn't use any of my advise for trading...
I've done some studies, and 60 percent of the time, I'm wrong every time...
-Sly2.0
This interpretation was formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination!
Our second little bull flag did indeed form. It's not a lot, but it's a glimmer of hope in this dark world of invisible resistance. I think we can move on to test the .786 around 8,800. We're still struggling to get the bulls out of bed, we are just barely not falling on our faces. I get the feeling the bears are really about to drop the hammer on us again.
I explain my path out of our downward trend a little better in this analysis. Purely speculative, but plausible with an ounce of technical support to back it up. Basically, the combined resistance of the .786 retrace and the mid-line of our downward trend might prove to be too much for us to break through with the current state of this sad little rally. However, if we bounce off the 1.0 support once again, we might gain the momentum necessary to carry us through the mid-line. If we can break through that, we can pick up mid-line support if we bounce back off the .786 again. It's basically like using the 1.0 retrace's gravity to sling shot us out of the downward trend. It's almost poetic, except I think NASA might of used this strategy to get back from the Moon instead of shooting to it..
Binance is still down. So I'm still locked into my trade for who knows how long.. So if you're long off the bounce like me, hodl on tight, and set your stops if ya got em'. It's going to be a bumpy ride!
Thanks for reading, let me know what you think! - Also, not that anyone was thinking about it; but I wouldn't use any of my advise for trading...
I've done some studies, and 60 percent of the time, I'm wrong every time...
-Sly2.0
Note
Okay, so I'm not sure how to modify the chart to show the scale and location I'm viewing it in when I publish, it seems to inconveniently default back to some other place and size. Here's what I wanted the thumbnail and chart starting point to look like.
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