Updated
Storm - A second try at analysis using trend lines
I believe we may see storm go under into the 300's unless there is a breakout.
I drew a descending triangle using trend lines (bullish formation) to explain the last breakout.
I now believe we are in a downwards channel, and the sideways trading will push us up against the top of it.
While I wish we would break through, volume is much lower this time around, so my call is down.
I also drew a horizontal support line, though it may be hard to see. We appear to be resting on it currently. Don't mistake it for the bottom just yet!
"Every morning I wake up and pray to the bitcoin gods" - Anonymous
***Not trading advise, trend analysis only***
I drew a descending triangle using trend lines (bullish formation) to explain the last breakout.
I now believe we are in a downwards channel, and the sideways trading will push us up against the top of it.
While I wish we would break through, volume is much lower this time around, so my call is down.
I also drew a horizontal support line, though it may be hard to see. We appear to be resting on it currently. Don't mistake it for the bottom just yet!
"Every morning I wake up and pray to the bitcoin gods" - Anonymous
***Not trading advise, trend analysis only***
Note
It is also possible that we are in a horizontal trading channel at the moment, and are testing the bottom. This is better seen using a smaller time frame, and I am not fully convinced that we are in one. But it's possible.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.