Re: Why trend reversal? -> basic technical analysis! trend lines is all you need :)
some ask why a sudden increase in price? what's the news?
the reason is simple, and it has nothing to do with news!
Trend reversal was about to happen only if we had these conditions:
-Important breakout points broken and crossings of trend lines
-sudden rise in volume
Do you think it's a coincidence that the huge sudden spike for no apparent reason (no news) happens when two lines that touch several crucial points in the graph meet PERFECTLY for the first time ever?
the reason is simple, and it has nothing to do with news!
Trend reversal was about to happen only if we had these conditions:
-Important breakout points broken and crossings of trend lines
-sudden rise in volume
Do you think it's a coincidence that the huge sudden spike for no apparent reason (no news) happens when two lines that touch several crucial points in the graph meet PERFECTLY for the first time ever?
Agreed.
Pretty much the same chart I used in my last TA 101 thread. I suspected that another leg down was more likely than a leg up, but wasn't doing anything until either of those trendlines was convincingly breached. The support was unconvincingly breached on low volume, Huobi followed by whales on Bitstamp seen to it that the resistance trendline was taken out emphatically on strong volume.
I am long since $462, and am looking for Bitcoin to work its way up to the next (and final) resistance trendline currently at around $560, but by the time Bitcoin gets there (if it does), probably at around $540-$550, a price range that has proven pivotal for Bitcoin on many occasions.