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RE: Bitcoin: Just a retest or start of a larger correction?
This trend channel is not right.
The channel should start from quite behind where you started
This trend channel is not right.
The channel should start from quite behind where you started
I've been trading and analyzing markets for going on 7 years - you? Analysis in general, and especially any thing to do with trend-lines, is subjective. There are no hard and fast rules.
Also look at the 4 hour chart, the tops are clearly respecting the support parallel.
You can see the price now. I think it will correct around 5000 mark. If you draw the channel from last real dip around 1800 then you will notice that it has a little more to go up and then we will have a bearish divergence as well. So then it can make some big correction.
I am in forex since 2010.
Yeah I have that support line drawn, but I don't like that for long term support, it's too steep to be sustainable ... I think it will break when there's a correction, whereas I think my less aggressive channel will hold. Though your resistance line would be the next line I'd draw if price broke above my channel.
Yeah .
I am ready for correction as well. Will buy the dips . And I know you will be ready as well.
Stopped right at my channel top ;)