4/1 line of the old Gann fan acted as support for BTC. Will it act as strong support for BTC?
I was expecting the 3/1 support line of the Gann FAn from the previous low of 3,100 when BTC broke 9,200 to 9,100 or 2/1 line for the reason that once it breaks, we can expect the price to reach 3/1. In this case, I've realized that the long term Gann Fan acted as support exactly where the 8k was. will it reach the last line once 4/1 is broken?
I analyze on my own and don't usually listen to others analysis. They can show the chart they want to show why they are convinced of the opposite way but I always check for different reasons which might play.
When most are saying that it's the last call to buy BTC before it fell, I was thinking of the gap which may or may not fill but I was convinced that it will as we have seen the exhaustion gap when BTC went up and I am expecting for another exhaustion gap going down. I was expecting 2/1 to be broken and don't want to rely on comparison from the previous year of some as I believe that technical reasons has more weight than those. If I am also going to look at Fib the area that I am expecting is around 7,000 to 5,000. I don't rely of FIb alone but whern there are more than one reason based form technical analysis that I can see, it becomes one of my basis to support what I see. I am not good in EW but I see to it that I compare my analysis to it to see it my ways agree. Also before I look at shorter time frame I make sure that I have an outlook of the longer time frame and bigger channel to have an idea of stronger support area. it is the reason why I don't believe on the lowest prices that some says below 4 area.
The Gann Fan acts as support and resistance same as with channels, trend lines and others. Although, I love patterns, I realized that patterns don't work well when there are greater reasons like strong resistance and. I think it is the reason why some who are expecting BTC to go up because of penant did not happen.
Now the question is will BTC go up now or will go to the last line of the long-tern GANN Fan which could be around 5,500 area that also agrees with FIB area? Or will it fall to around 7500 to 7K where 3/1 of Gann fan from 3.1K is or the last line around 5K?
Good luck in trading and investing.
I am a long term bull and short term bear.
Hope that I was able to share.
I was expecting the 3/1 support line of the Gann FAn from the previous low of 3,100 when BTC broke 9,200 to 9,100 or 2/1 line for the reason that once it breaks, we can expect the price to reach 3/1. In this case, I've realized that the long term Gann Fan acted as support exactly where the 8k was. will it reach the last line once 4/1 is broken?
I analyze on my own and don't usually listen to others analysis. They can show the chart they want to show why they are convinced of the opposite way but I always check for different reasons which might play.
When most are saying that it's the last call to buy BTC before it fell, I was thinking of the gap which may or may not fill but I was convinced that it will as we have seen the exhaustion gap when BTC went up and I am expecting for another exhaustion gap going down. I was expecting 2/1 to be broken and don't want to rely on comparison from the previous year of some as I believe that technical reasons has more weight than those. If I am also going to look at Fib the area that I am expecting is around 7,000 to 5,000. I don't rely of FIb alone but whern there are more than one reason based form technical analysis that I can see, it becomes one of my basis to support what I see. I am not good in EW but I see to it that I compare my analysis to it to see it my ways agree. Also before I look at shorter time frame I make sure that I have an outlook of the longer time frame and bigger channel to have an idea of stronger support area. it is the reason why I don't believe on the lowest prices that some says below 4 area.
The Gann Fan acts as support and resistance same as with channels, trend lines and others. Although, I love patterns, I realized that patterns don't work well when there are greater reasons like strong resistance and. I think it is the reason why some who are expecting BTC to go up because of penant did not happen.
Now the question is will BTC go up now or will go to the last line of the long-tern GANN Fan which could be around 5,500 area that also agrees with FIB area? Or will it fall to around 7500 to 7K where 3/1 of Gann fan from 3.1K is or the last line around 5K?
Good luck in trading and investing.
I am a long term bull and short term bear.
Hope that I was able to share.
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BTC had reached today the 7,800 area that I marked on one of the photos above. It was a support line. Although I am expecting 7,500 I marked that for the reason that there is a trendline support. Now I am thinking if BTC will go up from here or will still fall below that support to reach the FIB area? Let's see
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see gann fan from 2015. 6000 was also at 2/1 support line of gann and when the price fell from 6K, it only reached $3,100 or the minimum price to reach from falling from a descending triangle and that 3,100 also respected the trend line of the long term channel if on logarithmic chart. Now if we have to compare this to the gann fan toda, it also did not reach 3/1 support line. Will BTC go up now and this is the dip already?
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comment on this is above