BTC Horizontal Lines vs. Chart Patterns
Hi Everyone! 😃
Here on the 1h Bitcoin USDT Chart we can see a wedge pattern and horizontal support lines, what I want to point out is that we have to constantly adjust a wedge pattern or triangle as the candles form the highs and lows, but these horizontal lines here in this chart for example, I have drawn weeks ago and the green circles point out just few spots where they where extremely accurate.
The main point is that these lines where built by using multiple indicators such as the price action itself, but also Fibonacci retracements and trend lines. As a result you can see how nicely the differen areas can predict potential continuation of the current trend but also reversals, but that is a completely different chapter.
You are welcome to check my profile for previous posts, to confirm that I didn't just draw this up 😃😉
And here is another more zoomed out version of this chart but on the 4h:
And another post on the weekly BTCUSDT chart where I get into the future for Bitcoin:
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
Here on the 1h Bitcoin USDT Chart we can see a wedge pattern and horizontal support lines, what I want to point out is that we have to constantly adjust a wedge pattern or triangle as the candles form the highs and lows, but these horizontal lines here in this chart for example, I have drawn weeks ago and the green circles point out just few spots where they where extremely accurate.
The main point is that these lines where built by using multiple indicators such as the price action itself, but also Fibonacci retracements and trend lines. As a result you can see how nicely the differen areas can predict potential continuation of the current trend but also reversals, but that is a completely different chapter.
You are welcome to check my profile for previous posts, to confirm that I didn't just draw this up 😃😉
And here is another more zoomed out version of this chart but on the 4h:
And another post on the weekly BTCUSDT chart where I get into the future for Bitcoin:
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
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