Bitcoin (BTC) Morning Update
The best thing about technicnal analysis is, you are always learning. My Mentor @haejin has been doing it up on 20 years and is still learn, still overlooks things, still makes mistakes. TA is not a crystal ball it is a tool. A glimpse into the future, never the full picture. Just a glimpse.
What has the over night action revealed?
Above is a zoomed in picture of the current events in Crypto Ville. Bitcoin is the king. I have drawn the hidden support line that i showed yesterday, and also the resistance line in green.
As you can clearly see the last support line has now become the resistance. If you follow the support line (red) across you can see that it has been tested four times, i think that a fifth maybe the killer blow. If it is breached then it is going to fall to the next support line at approx $8250.
With the panic it could even pierce that, probably just briefly but in the worst case scenario could fall to the bottom support where it will hit a WALL OF BUYERS. In this zone there is only BUYERS so it will go straight back up probably within a two hour window.
At the moment it is on its way down to the support but with the opening of the day, this could turn and test resistance again. This infomation is simply to make you aware of all the possiblities. That is all. So you are not panic selling.
There is away to much money to be made, Wall street made millions last year, and they are as GREEDY as they come. If you think they are walking way. DREAM ON.
The forest keeps the panic away.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Wishing you massive profits in 2018.