How low can you go?
Updated
The Gann Fan is not an exact science but gives some indications of movement. I set it up after the turning point on 29th May.
BTCUSD price has followed the lines quite well when taken in conjunction with other indicators.
Right now price looks to have closed in on the 2/1 line, but there is room for more movement, probably going past before swing back.
Additionally there is the $6000 resistance level and another at $5400 which is close to the 1.282 fib line.
(for more details on the $5400 resistance I've been touting for months - see the post below).
MACD is bearish and RSI has not hit the bottom of its channel, nor broken out of it.
There are plenty of other indicators, but here are a few. Do your own studying. I am no pro, just a kid with a few ideas.
BTCUSD price has followed the lines quite well when taken in conjunction with other indicators.
Right now price looks to have closed in on the 2/1 line, but there is room for more movement, probably going past before swing back.
Additionally there is the $6000 resistance level and another at $5400 which is close to the 1.282 fib line.
(for more details on the $5400 resistance I've been touting for months - see the post below).
MACD is bearish and RSI has not hit the bottom of its channel, nor broken out of it.
There are plenty of other indicators, but here are a few. Do your own studying. I am no pro, just a kid with a few ideas.
Trade closed manually
Price dropped down to sub 5800 before rallying.We can now see the next slow walk over to the 3/1 line is occurring, preparing for another dump where the 5400 resistance will come into play.
This Gann fan has proven pretty reliable so far. When will we come out of it?
I'll close this post down and open another with a new trade set
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