Another Session of Amateurish (Bitcoin) Chart Analysis

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Today everyone at Steem was occupied with a session of Questions and Answers, where, apparently, very few questions were answered. It seems that the Tron/Steem affair will remain unclear for some time.

Meanwhile, while some people were distracted with that live session with Ned, I was watching the wild movements of Bitcoin. As you can see below, Bitcoin decided to test the support from the uptrend line which started in January 3rd, this year.

After some tense moments, the volatility stopped and it has become clear that, for now, the uptrend is still intact. Bitcoin was around €300 short of breaking that lower line, so who knows? It might revisit it and try again in the following days.

tq14t6.png

Most day traders are expecting this line to be broken to the downside. They expect to see at least 8700€ or €8000, with some even calling for €7300 and €7000.

As for me, I was looking at the bull run from 2019 and I noticed something interesting. As soon as Bitcoin started moving up, it has never violated the support lines to the downside, only to the upside.

rbgvze.png

In fact, during 2019, every time people expected it to go lower, Bitcoin went the other way and the angle of the trend line tilted upwards even more.

This happened from January to September... and the Bitcoin Halving event was still a year away.

Shocking? Yes! But who knows? Maybe that's what is happening again...

r0m0g1.png

Disclaimer: I am not a professional trader. I am not even a day trader, I'm just an amateur week trader having some fun and trying to surf some waves. Don't take this as an investment advice. I can be right or very, very wrong. Do your own thinking and follow your mind.

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