Bitcoin's Regression Succession? Rejection or run to top? #BTC
The regression trend doesn't seem like an often used drawing tool on TradingView but here we see a great application of its use as a trend trading utensil. Check out the wiki for how it is calculated (tradingview.com/wiki/Regression_Trend).
The regression tool does a great job at eliminating the noisy wicks and overextensions and gives you a good picture of the main trend if used correctly. Notice how the price reacts at the midline going through the middle of the channel. I highlighted them all in green for your convenience ;) For the majority of the move, it has acted as support, which is expected in an uptrend. However, at the moment we see it has flipped to resistance for the last few candles. This could be an indication of exhaustion in the trend we have seen throughout March so far.
I have been publishing each of my trades on Twitter. Took profit at 4020, long scalped the bounce at 3930 to 3950 and currently, I am short at $3990 XBTUSD price. The short was a decision I made as a result of the rising wedge forming (in red) and major resistance overhead. My stop losses are set between 4020-4060 in the event of a breakout as a leading first wave diagonal per EWT. Stay tuned on twitter for more regular updates. ---> twitter.com/Crypto_Giant199
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