As you can see on the graph, there is some lines that are repeated frequently on every time frame and every market including BTC.
-The golden line is the most important line that tells all the story of Bitcoin, you can see on the graph that most of the upward BTC movements are along this green line. (For exemple you can simply draw a nice support line on the last bullish movement since 12th of March 2020 and drag it along the graph, you will notice that that line is respected by BTC on approximately every upward movement "this is simply magic but every market has it's own golden lines including futures")
-The green line is a strong support of BTC since the end of 2016, it can be moved slightly upward and it will make a new valid line that supports the BTC.
-The red line is the strong resitance that BTC was unable to cross since it's all time high until 1st of June. As you can see on the daily time frame or even hourly time frame, the BTC try to bounce from this red line.
To conclude, there are 2 possible scenarios. Even the price will start a new bullish trend from the red line or return to the green one to do a similar movement along our golden line. Both scenarios are beneficial only for long term investment
This is my first analysis on tradingview, so if u liked this technical analysis vision give it a like & follow . Your comments also are very welcomed.
If you want also further analysis on markets like futures feel free to ask.
-The golden line is the most important line that tells all the story of Bitcoin, you can see on the graph that most of the upward BTC movements are along this green line. (For exemple you can simply draw a nice support line on the last bullish movement since 12th of March 2020 and drag it along the graph, you will notice that that line is respected by BTC on approximately every upward movement "this is simply magic but every market has it's own golden lines including futures")
-The green line is a strong support of BTC since the end of 2016, it can be moved slightly upward and it will make a new valid line that supports the BTC.
-The red line is the strong resitance that BTC was unable to cross since it's all time high until 1st of June. As you can see on the daily time frame or even hourly time frame, the BTC try to bounce from this red line.
To conclude, there are 2 possible scenarios. Even the price will start a new bullish trend from the red line or return to the green one to do a similar movement along our golden line. Both scenarios are beneficial only for long term investment
This is my first analysis on tradingview, so if u liked this technical analysis vision give it a like & follow . Your comments also are very welcomed.
If you want also further analysis on markets like futures feel free to ask.
