Storm - A second try at analysis using trend lines
I believe we may see storm go under into the 300's unless there is a breakout.
I drew a descending triangle using trend lines (bullish formation) to explain the last breakout.
I now believe we are in a downwards channel, and the sideways trading will push us up against the top of it.
While I wish we would break through, volume is much lower this time around, so my call is down.
I also drew a horizontal support line, though it may be hard to see. We appear to be resting on it currently. Don't mistake it for the bottom just yet!
"Every morning I wake up and pray to the bitcoin gods" - Anonymous
***Not trading advise, trend analysis only***
I drew a descending triangle using trend lines (bullish formation) to explain the last breakout.
I now believe we are in a downwards channel, and the sideways trading will push us up against the top of it.
While I wish we would break through, volume is much lower this time around, so my call is down.
I also drew a horizontal support line, though it may be hard to see. We appear to be resting on it currently. Don't mistake it for the bottom just yet!
"Every morning I wake up and pray to the bitcoin gods" - Anonymous
***Not trading advise, trend analysis only***
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It is also possible that we are in a horizontal trading channel at the moment, and are testing the bottom. This is better seen using a smaller time frame, and I am not fully convinced that we are in one. But it's possible.