I'm new to all this so 'bear' with me. ;). (please be kind)
While switching between the log and linear charts (actually on a BTC/USD chart I was looking at) my trend line jumped about on me and it made me notice how support is being found on what I had in the past drawn as a trend line when I was using the linear chart. You remember the one we broke through back at the end of Feb? I'd moved to a log chart and moved my line to match the peak of around March 4th so I wasn't seeing the old one.
I currently feel that there is just far too much resistance across today and tomorrow for us to be able to power through. We have the USD 10k mark right in above their pending death cross (which has already happened on the BTC/EUR Coinbase chart) along with the resistance from the downward trend.
I've learnt that it is really is worth doing my charting on both the log and linear charts as it seems people are using a mix and decisions are being made based on both of them so I need to be aware of what is happening on both. Also, if I hadn't looked and my line hadn't happened to jump to roughly the right place then I wouldn't have noticed this... errrr... some kind of triangle thing happening between the trend lines.
I also like to compare both the EUR and USD to BTC charts as they are very similar but also have differences, the death cross timing being just one I've noticed.
I do now wonder if we are still in the prolonged bear market and may not break out until around June sometime, in the mean time we will bounce about in this 'channel' (one day I'll know all the proper terms the real traders use).
Don't get me wrong, I'd love for us to be able to break out of the overall downtrend in the next few days and I have my trade all planned out if that's the case (which by the way would net me almost double the % using the same support and resistance lines on the EUR market than it would on the USD market which is interesting to note as it may be that USD traders don't opt for it) but I just don't see the power in the buys over the last few days to get me excited enough to buy in right now.
My yellow line is a super rough possibility for the future, and just one of many options I'm seeing as likely if we remain in this downtrend. However I do feel we are heading for a turn downwards over the next few days, today or tomorrow likely based on the USD charts.
If you're seeing something I'm not please do tell me :). Also note, I've not looked at the ideas of other people on here so perhaps I'm repeating this but I got excited when I spotted it because I'm a noob trader. I also just want to keep a record for myself of my charting and ideas.
Now I've published my own idea I'm off to look at the ideas of others and maybe begin to use trading view as more than just a charting tool. Wish me luck!
While switching between the log and linear charts (actually on a BTC/USD chart I was looking at) my trend line jumped about on me and it made me notice how support is being found on what I had in the past drawn as a trend line when I was using the linear chart. You remember the one we broke through back at the end of Feb? I'd moved to a log chart and moved my line to match the peak of around March 4th so I wasn't seeing the old one.
I currently feel that there is just far too much resistance across today and tomorrow for us to be able to power through. We have the USD 10k mark right in above their pending death cross (which has already happened on the BTC/EUR Coinbase chart) along with the resistance from the downward trend.
I've learnt that it is really is worth doing my charting on both the log and linear charts as it seems people are using a mix and decisions are being made based on both of them so I need to be aware of what is happening on both. Also, if I hadn't looked and my line hadn't happened to jump to roughly the right place then I wouldn't have noticed this... errrr... some kind of triangle thing happening between the trend lines.
I also like to compare both the EUR and USD to BTC charts as they are very similar but also have differences, the death cross timing being just one I've noticed.
I do now wonder if we are still in the prolonged bear market and may not break out until around June sometime, in the mean time we will bounce about in this 'channel' (one day I'll know all the proper terms the real traders use).
Don't get me wrong, I'd love for us to be able to break out of the overall downtrend in the next few days and I have my trade all planned out if that's the case (which by the way would net me almost double the % using the same support and resistance lines on the EUR market than it would on the USD market which is interesting to note as it may be that USD traders don't opt for it) but I just don't see the power in the buys over the last few days to get me excited enough to buy in right now.
My yellow line is a super rough possibility for the future, and just one of many options I'm seeing as likely if we remain in this downtrend. However I do feel we are heading for a turn downwards over the next few days, today or tomorrow likely based on the USD charts.
If you're seeing something I'm not please do tell me :). Also note, I've not looked at the ideas of other people on here so perhaps I'm repeating this but I got excited when I spotted it because I'm a noob trader. I also just want to keep a record for myself of my charting and ideas.
Now I've published my own idea I'm off to look at the ideas of others and maybe begin to use trading view as more than just a charting tool. Wish me luck!