Day 3: BTC blazing a trail along the year long support line
It's the morning of day 3 as I following BTC's heroic trail along the support line. Will it continue? Will it falter? Nobody knows but the saga continues. Today's chart is shown below with the support line in question changed to a thick blue line:
The Bollinger bands began piercing in further to tighten this morning, the RSI has turned in the negative direction again, and the MACD is still looking up. It almost appears that that there are some big players out there that are trying to accumulate after the December crash and chose a linear extrapolation going back to July 2017 as an appropriate price. There are just under $14 M worth of btc being mined each day right now, so a little over this could be assumed to be entering the market on a daily basis for the price to move slowly upward.
I'm both nervous and excited about how the price is following this line so well, but there is a time limit as most assets oscillate in periods of low and high volatility. Our current period of decreasing volatility will soon be replaced by a big move. The question is which way.
You can follow the saga with my Day 1 and Day 2 post.
Have a nice day Steemians and let me know if you spot anything new in the charts! We're all in this together.
-zetaplex
good job - let's fight the forces of evil, in cryptocurrency we trust.
Thanks! I trust crypto way more than the current financial system :)
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