A triangle seems to have formed, and hopefully when it breaks it'll be going up!
This would take us into a really nice range with upper resistance as high as 12500-13000 (trendline from the market peak on December 17th) breaking out from a downward trendline that spans all the way back to January 6th.
So my plan for now is to wait and see which way this breaks.
A little more info on what I do personally:
I'm following bitcoin price, but I'm not normally trading bitcoin itself (at least not against fiat). I have coins that I trade, and coins I would consider more of a longer term investment. Mostly I like to hold ETH, IOTA, EOS, and I recently started holding NEO. I should point out again though since I haven't made a proper introduction post yet, that I am NOT the most qualified expert in crypto. I 'm only a personal investor and trader who's been heavily into crypto trading for a little under a year. I traded in the Forex market before that.
Now, I typically trade altcoins. And mostly ones that aren't offered in fiat pairs. These tend to be newer and not in the top 10 for market cap. I find that for the most part when BTC is moving up, the entire market goes up, and strangely (seemingly against all logic) these Altcoin/BTC paion) the Altcoin/BTC pairs go up in BTC value, resulting in cumulative gains. When the market is dipping the opposite seems to apply.
So in general I like to be long in altcoins when BTC is rising, and move to BTC/ETH or fiat when I'm unsure.
But I really make these posts because I want to hear what all of you think.
Do you think this triangle is relevant? Am I making a mistake? Leave a comment and let me know and I would very much like to hear about it--ESPECIALLY if you can share opposing analysis and viewpoints. That's what I'm here for.
That's all for now. Many gains to you, and happy steeming! 🚀
Nice clean chart! I like simple charts without too many indicators. i drew the same lines yesterday. The only thing I had was to watch 9300 as a key area. previous support there turned to resistance and yet to retest that area properly if you ask me. That also intersects with the downtrend line so I am watching like a hawk. What do you think? love your chart man will follow !
Compare against the 200 & 155 SMA or SMMA on trading view not EMA, big money is protecting the 200 and looses interest at the 155.
I made a call of the bottom 2 weeks prior to hitting it using the 200 SMA as the bottom, basically my next call is when either the 155 SMA is broken or converges with the 200 SMA we will see a break out. I speculate it will be upward but this really depends on news that may be circulating, yet if you follow the 200 SMA back through history it is always defended with huge buying power. Often the 100 SMA is the first line of defence which with this last fall we saw resistance at 100 but quickly fell to 155 then to 200 where we finally met real buying power!
Now we sit between the 155 & 200 in bull territory.
Check my Post Here for the chart.
Nice post.I respect you very much because you contribute to steemit.I will do activities like you.I would like to extend the steemit..
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