BTC consolidation : Three trend lines before the Rally Round 2

BTCUSD

I've already mentioned in my previous articles about this consolidation and key Moving Averages with critical time frames. If you didn't, please read them. They are listed below.

Now, let's look at more indicators which will supplement my consolidation breakout theory.

1. Long-term trend line support + Bollinger band floor
As you see in the chart above, we've already passed through the long-term trend line which had been kept from February 2019. This was a very strong resistance before this rally, and now it is a very strong support line. Also, the line lies on the bottom side of the Bollinger band and will act as an investors' mental price floor in this consolidation period.

2. 1W NVT indicator chart.

As you can see in this chart, there is a long term trend line at the previous tops on the NVT chart. NVT chart is more accurate on 1 Week time frame. Once after we surpassed the trend line, it became a powerful support. We have a higher chance of price being kept above this NVT trend line.

3. RSI 10D trend line

As I've mentioned in my previous articles, a 10D chart is a good tool to predict a starting point before a big movement. In the RSI 10D indicator chart, there is also a long term support line placed closely under the current value. This has been functioned well in the previous price change history.

Conclusion : Here are three key points of support line before the Round-2 price rally. I'd like to reiterate to keep your eyes on 10D chart to find a good position right before the rally starts. Please stay on the safe side in your trading, and thank you very much for reading my article.

تعليق:

This is how the long term trend line looks like in 10D chart.