BTC Correcting
Hello Steemians! Looks like heading into the weekend we are looking at some kind of a correction. Let us have a look:
As you can perhaps see that I have started a new uptrend line. Why dashed? Because it is little premature. There is always a line through two point (the to recent lows), line only becomes meaningful if the third point falls on the line. In this case that will be quite a deep correction, as the uptrend line is shallow. Just for reference, that puts correction to about 6500, if that happens. But trouble is uptrend lines in a volatile instrument like BTC is usually not shallow. So I will wait and see if this line holds.
Steem,
Okay, the chart looks bad, really bad. Rally was weak, correction is stronger. It is about to resume downtrend, that is all that I see at the moment.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service
I agree that the rejection looks bad. I think we will touch 7.1-6.8 and continue back up to break the former symmetrical triangle support line.
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