Hi guys, with the help of my new friend fibonacciaustrian, I've discovered some new indicators that I'm really fond of, namely the linear regression and pivot point indicators. By using these, the big picture of BTC couldn't be any clearer, at least in my opinion.
It seems that on the weekly chart, BTC is still quite strong. It has shown no signs of wanting to completely head down, despite the massive retracements we've seen. Now, that isn't to say I don't think we're not going to take a good dive from this point, but rather relative to the big picture, it will likely be minuscule.
What has my interest the most right now is the current sideways resistance we're faced with. I would like to see us break out of that before getting excited. Otherwise, there is NOTHING convincing me that we aren't due to head towards the major support at 3200.
Beyond that, as many of us know, we have not gone bullish until we break this dreaded 11400 resistance, which has been quite stubborn, obviously. Until we show any signs of getting past there, I think we're going to continue to more downtrending waves.
I know most could care less about the big picture, but it's still something worth keeping an eye on.
It seems that on the weekly chart, BTC is still quite strong. It has shown no signs of wanting to completely head down, despite the massive retracements we've seen. Now, that isn't to say I don't think we're not going to take a good dive from this point, but rather relative to the big picture, it will likely be minuscule.
What has my interest the most right now is the current sideways resistance we're faced with. I would like to see us break out of that before getting excited. Otherwise, there is NOTHING convincing me that we aren't due to head towards the major support at 3200.
Beyond that, as many of us know, we have not gone bullish until we break this dreaded 11400 resistance, which has been quite stubborn, obviously. Until we show any signs of getting past there, I think we're going to continue to more downtrending waves.
I know most could care less about the big picture, but it's still something worth keeping an eye on.