BTC approaching an important trendline.
I don’t see this trendline mentioned very often. Everyone seems to have shifted towards Wyckoff concepts and various EMA/SMA that should act as support/resistance. Don’t get me wrong, these are very, very useful tools when planning a trade, but trend lines should are worth a mention too.
The trendline in question acted as a resistance in January, and as a consequence the price dropped 30% in around two weeks before rallying again. The price broke the trendline with a single candle (and in general with very good volume) a month after. We tested it as a support at the end of February, held and rallied to new ATHs shortly after. Tested again in late April, held again but with gradually lower volume. We broke the trendline in question with the big drop in mid May.
We are now approaching this important trendline again, but as you can see the volume is relatively low compared to when we broke it in February. My personal plan is to sell some of my holdings when we are near the trendline in question (around 53k).
As always, this is not financial advice in any way, shape or form. Do your own research and never trust a single source when making trades, always look at the bigger picture and take various opinions in consideration.
Good luck, and stay safe!
The trendline in question acted as a resistance in January, and as a consequence the price dropped 30% in around two weeks before rallying again. The price broke the trendline with a single candle (and in general with very good volume) a month after. We tested it as a support at the end of February, held and rallied to new ATHs shortly after. Tested again in late April, held again but with gradually lower volume. We broke the trendline in question with the big drop in mid May.
We are now approaching this important trendline again, but as you can see the volume is relatively low compared to when we broke it in February. My personal plan is to sell some of my holdings when we are near the trendline in question (around 53k).
As always, this is not financial advice in any way, shape or form. Do your own research and never trust a single source when making trades, always look at the bigger picture and take various opinions in consideration.
Good luck, and stay safe!
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