BTC Channel formation $7500 -> $8500
Warning: I am a total noob at this stuff... but I love analytics
Looks like we are starting to see a much improved market since the what seemed to be never ending correction. I am sure we are all watching with great intent still.
In light of that good recovery and since last night we seem to have hit some strong resistance in the $8500 mark, which is probably a good thing. We really don't need a massive rally north so quickly after a sell off frenzy. The counter to that resistance is the support line at around $7500 which on my chart here (1hr) show me the formation of a horizontal channel.
My daily pivot points show that its recently tested the primary pivot point in the negative direction and from from what I can gather this usually ends in a drop in price which I might expect at $7100 .
Personally would rather see the price stay in the channel for a while before rallying up again, but who knows right?
Feel free to correct me, or comment if you agree... All advise is welcome, as I still have my "L" plates on.
Cheers Everyone!
Dave
Looks like we are starting to see a much improved market since the what seemed to be never ending correction. I am sure we are all watching with great intent still.
In light of that good recovery and since last night we seem to have hit some strong resistance in the $8500 mark, which is probably a good thing. We really don't need a massive rally north so quickly after a sell off frenzy. The counter to that resistance is the support line at around $7500 which on my chart here (1hr) show me the formation of a horizontal channel.
My daily pivot points show that its recently tested the primary pivot point in the negative direction and from from what I can gather this usually ends in a drop in price which I might expect at $7100 .
Personally would rather see the price stay in the channel for a while before rallying up again, but who knows right?
Feel free to correct me, or comment if you agree... All advise is welcome, as I still have my "L" plates on.
Cheers Everyone!
Dave
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.