BTC/USD long term theory
Updated
Trying to do some TA on long term.
Big pink triangle: mapped high and low for the past year.
A,B,C,D: resistance lines created by the highs during the correction.
Delta start - current: the different in the trend from the start of the correction until the point of creating this idea.
Drop: area where the correction would be greater than the current delta. this would mean larger volume selling or FUD. (6000 support might hold, but could break)
Orange zone: zone we will enter if the correction stays stable and fails to break resistance A, this means there is some long-term support and the 6000 support will likely hold.
Buy zone: if the 6000 support hold, this is a great zone to get in.
Sell zone: zone to sell before hitting new resistance.
Big pink triangle: mapped high and low for the past year.
A,B,C,D: resistance lines created by the highs during the correction.
Delta start - current: the different in the trend from the start of the correction until the point of creating this idea.
Drop: area where the correction would be greater than the current delta. this would mean larger volume selling or FUD. (6000 support might hold, but could break)
Orange zone: zone we will enter if the correction stays stable and fails to break resistance A, this means there is some long-term support and the 6000 support will likely hold.
Buy zone: if the 6000 support hold, this is a great zone to get in.
Sell zone: zone to sell before hitting new resistance.
Note
Looks like we've hit the sell area!Think we'll keep trying to push through the resistance (sell zone) or fall back to the orange or possible red (buy zone)?
Note
Find support at the broken resistance line B?Else we're looking at A around 8700 to offer support
Note
First retest of resistance C.If BTC reaches 11150 it think we'll go for resistance D
Note
11150 reached, next step 11600 or 10000?Note
Important days ahead!will the B-line (9900) offer sufficient support? or will we drop back to A (8500) or below?
Note
B-line offered enough support to hold the price during the H&S created in the sell zone.If we can break resistance C again, we'll give resistance D another shot around 11K. If we break thorugh D and are able to hold it for a day, the bulls are likely to return and push the price to 14K+.
If we fail to get past C, we'll prolly return to 8600 or even lower.
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