Bitcoin "TRUE SUPPORT" Levels - Trading/Investing - 03/07/2018
True Support is the most accurate way of determining support & resistance levels.
The method takes into account:
• Volume
• Consolidation zones
• Length of consolidation
• Frequency of consolidation in that zone
• The % of the time that zone is respected
This method works Over 95% of the time on the top 10 coins and has never failed on Bitcoin
Use it with 1 hr candles for optimum results (the shorter the timeframe, the higher the risk)
It's also important to note that it is possible for the gap to get filled, but also turn bearish. If we close below the purple line for longer than 2-4 days then I will consider the 1 year uptrend to be broken, with the next logarithmic support at around 3.2K.
Purple line - 1 year log trend
Red line - all time log trend
Black lines - possible consolidation zones
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