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RE: Bitcoin: Just a retest or start of a larger correction?
I've been trading and analyzing markets for going on 7 years - you? Analysis in general, and especially any thing to do with trend-lines, is subjective. There are no hard and fast rules.
Also look at the 4 hour chart, the tops are clearly respecting the support parallel.
You can see the price now. I think it will correct around 5000 mark. If you draw the channel from last real dip around 1800 then you will notice that it has a little more to go up and then we will have a bearish divergence as well. So then it can make some big correction.
I am in forex since 2010.
Yeah I have that support line drawn, but I don't like that for long term support, it's too steep to be sustainable ... I think it will break when there's a correction, whereas I think my less aggressive channel will hold. Though your resistance line would be the next line I'd draw if price broke above my channel.
Yeah .
I am ready for correction as well. Will buy the dips . And I know you will be ready as well.
Stopped right at my channel top ;)