Rising Support and Resistance lines that coincide with Fib
I'm not a spammer, so I am publishing this for reputation points - please like and comment! I'm a novice, but this is my take on things.
After a few months of awesome horizontal movement, I believe it is pretty clear the new resistance lines. The big dumps can either be caused by one of two things, 1) Whales cashing out or 2) Fomo...
I believe fomo is still a large part of the swings we see in the candles, which is why I am more focused on open and closing candles on shorter timeframes. Let's face it, there are a lot of traders out there who just fomo the crap out of it, which will naturally cause higher/lower candles.
The opposite can also be said, that there isn't a large number of buy or sell orders to support an open or close candle, but there are enough people who are actively watching the market to raise those candles back up and sell them back down when the fomo happens.
Moving onto the raising part - I've made some support lines, clear over the past month or so, that seem to indicate that the larger buy orders are being placed. Personally, I have raised my "dip" limits, and I do believe a lot of people who are acquiring more bitcoin are doing the same.
I am no trading professional, nor is my input trading advice. Your money, your decisions, dont come whining to me when the entire world fomos the hell of out BTC and **poof* the mortgage is in foreclosure :)
After a few months of awesome horizontal movement, I believe it is pretty clear the new resistance lines. The big dumps can either be caused by one of two things, 1) Whales cashing out or 2) Fomo...
I believe fomo is still a large part of the swings we see in the candles, which is why I am more focused on open and closing candles on shorter timeframes. Let's face it, there are a lot of traders out there who just fomo the crap out of it, which will naturally cause higher/lower candles.
The opposite can also be said, that there isn't a large number of buy or sell orders to support an open or close candle, but there are enough people who are actively watching the market to raise those candles back up and sell them back down when the fomo happens.
Moving onto the raising part - I've made some support lines, clear over the past month or so, that seem to indicate that the larger buy orders are being placed. Personally, I have raised my "dip" limits, and I do believe a lot of people who are acquiring more bitcoin are doing the same.
I am no trading professional, nor is my input trading advice. Your money, your decisions, dont come whining to me when the entire world fomos the hell of out BTC and **poof* the mortgage is in foreclosure :)
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