You see the blue line, this support was very, very strong (because during the whole life of Bitcoin ), which unfortunately means that its historical floor is broken !!! And I’m broken! That last red candlestick was characteristic of a daily candlestick with a 6% drop exactly at the point where it lost its blue support.
Now he has reached the next support where the purple line is down and he has stopped here, now he is deciding whether to break it or not. This support is strong but not as strong as before. Therefore, because it broke the previous one, you may lose it, but it is not certain.
Now three scenarios can happen that I numbered on the photo.
Or make everything look normal and he has reached a strong support and if he stabilizes himself above this line, he can go back from here and go up to the upper purple line, of course in an oscillating way, not Sharpe and a lamb’s head up.
Secondly, he wants to pull back the blue support that he has just broken, that is, he has a return to the blue line and then he pauses there, and if he goes back down again, you can be sure that he loses the purple support line and releases it until the red line falls. .
Third, if the news and funds are bad and the market situation is bad, the suspect will break the purple from where it is and make a direct free fall of 15% and come to the red line.
It all depends on market conditions, but I think the second scenario is more likely.
This 29,000 red line is also a good support, and if we get here, we can re-analyze and examine different scenarios.
#trade_with_only_one_straight_line
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2022-05-07