Help me get rep so I can chat!
This is my analysis of BTC's price movements. Any feedback is appreciated, so let me know if I'm wrong about anything or on track.
The crash is obviously a huge breakout, especially based on the month-long triangle that formed right before.
The fib regression based on December's all-time high shows that the 0.5 line is a weak support line right now, so I'm watching for either a) 0.5 to continue to be a support line, and the price to have already hit the bottom, or b) a breakout along that line, in which case I'm watching the other lines on the fib regression for a support line at the bottom. I'm mainly looking for a strong support line to be present on one of these lines and/or a MACD reversal around one of these points.
My strategy is watching for the reversal and buying at the bottom or very soon after, then hodling as the price rises recovers from the yearly January low.
I'd appreciate feedback on how I placed my Fibonacci regression, especially the bottom. I placed it on a recent low, but if the price doesn't seem to respond to that regression in the future it's possible that I should have placed it on an older low.
This is my analysis of BTC's price movements. Any feedback is appreciated, so let me know if I'm wrong about anything or on track.
The crash is obviously a huge breakout, especially based on the month-long triangle that formed right before.
The fib regression based on December's all-time high shows that the 0.5 line is a weak support line right now, so I'm watching for either a) 0.5 to continue to be a support line, and the price to have already hit the bottom, or b) a breakout along that line, in which case I'm watching the other lines on the fib regression for a support line at the bottom. I'm mainly looking for a strong support line to be present on one of these lines and/or a MACD reversal around one of these points.
My strategy is watching for the reversal and buying at the bottom or very soon after, then hodling as the price rises recovers from the yearly January low.
I'd appreciate feedback on how I placed my Fibonacci regression, especially the bottom. I placed it on a recent low, but if the price doesn't seem to respond to that regression in the future it's possible that I should have placed it on an older low.