Well as you can tell from this chart, I am beginning to get quite bored with this bear market. Being new to technical analysis, I keep learning something new every day but it seems that over the last few weeks the most prevalent lesson has had to do with Newton's Law of Gravity. To pass a little time this evening, instead of drawing bear flags, head and shoulders, downward channels, and any other bearish signal I could think of, I thought I would just spend some time drawing lines. And wouldn't you know, it almost looks as if I know what I'm doing which I promise is not the case! Prior to doing so, I was reading charts from guys like @goldbug1 and @magicpoopcannon, who's analysis just blows me away. Their thoroughness and accuracy just amazes me and hopefully, at some point, I'll be able to share some stuff just as interesting as they do. Until then, this is what you get! A chart full of lines that all seem to converge on one area, and since I am a baseball fanatic, I'll call it the "Sweet Spot"! That Sweet Spot can't just be a coincidence! Something is going to happen there! I don't know what, but something is. Who knows? For some, maybe it will be like buried treasure, and for others, a target on their back. All I know is it's got to mean something so don't take your eyes off of it! I apologize if I got too technical this time. Maybe I'll tone it down a bit next time. Until then, shoot me any advise or critiques you have. I am here to learn!
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OK I'm going to stick my neck out there and act like I know what I'm doing and calling $7600 the bottom of this thing!!! Let's see if I hit that one out of the park!
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Thought I would throw a Fib on there and surprisingly to me the .786 retracement landed right smack dab in the middle of the Sweet Spot! Thats why Im calling the 7600 bottom!
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Hit the play button and see how this all but technical analysis is playing out! It sure looks like BTC is getting pulled right into the sweet spot with a magnet!