BTC - Bounce confirmed from our Support Line

in bitcoin •  11 days ago

Hello all,

Here was the chart of yesterday :

BTCUSD.jpg

Here is the current chart :

BTCUSD.jpg

We can see clearly that our support line created by the down line of the previous triangle is playing well its role. We had a nice big bounce candle after several tests and we are now approaching one my favorites MMA, the MMA50 in violet.

We need to break that line to change the current short term trend. If we are not able to break soon that MMA50, we will go again test our support line in orange and perhaps finish to break it. So let's hope that we are able to go over that MMA50. If it is the case, the direct objective will be the resistance line in red around 9650$.

I wish you massive profits,
Cryptopassion.io

Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

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The yellow line is a trend line. You draw trend lines connecting two or three lows and project the line in the future. You can also connect highs. In this case, some lows where connected. Technical Analysis states trend lines connecting lows can act as a support keeping price from going down. And trend lines connecting highs can act as a resistance keeping the price from going up.

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I know what a trendline is, with what probability can it be broken?

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That is the million dollar question!
As a general rule, all you can tell is the more times a trend line is touched, the more probabilities it has to be broken.

Just Bounce!...

thank you for this analysis and the update!

Good Thank you for this analysis and the update!

It was a clear morning doji star on the 4hr chart.

Screen Shot 2018-05-09 at 19.33.26.png

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We just need to break the 10000 barrier for things to pick back up!

Thanks @cryptopassion.
Great analysis... As always!
When we break 10k support we only stop at a new all time high.

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