Hello, everyone!

The Bitcoin continued the sideways around $40k. I think that you are bored of my standard analysis methods. Today let’s use the trend and countertrend lines in our analysis.

What do we have right now? The trendline 1 was broken to the downside but was not retested. It’s retest is the perfect short entry point. Trendline 2 was not even tested and I suppose we will see it’s test very soon. The countertrend line 1 was tested ones by BTC but it got a rejection. Now it seems like the price broke it to the upside. It means that the local downtrend is finished, but not more global. I suppose that we will see the retest on countertrend line 1 in the intersection point with trendline 2. At this point the RSI will show the bullish divergence and it is going to be the best long entry point. This trade’s target is the trendline 2 retest. If the price break the trendline 2 the price will enter the uptrend phase.

I want to remind you that I am in small long trade and waiting for another dump to execute the large long trade.

Good luck!

DISCLAMER: This is not a financial advice, do you own study before making a decision on the real market. If you decided to follow the idea in this article, please restrict your risk to 0.5%-1% of your entire deposit.