Bitcoin is setting up to either get back above the 50-Day SMA (simple moving average price) and potentially resume the new promising uptrend wave or shift back into the usual downtrend mode this week.
As long as $229-$231 has not been tested the downside decision is unclear. $230 is the key support, if this area breaks the price could slide down to $198.
Are the 2 "estimated" MA's calculated? Or just drawn by hand? You could write an algo to analyze past performance within a channle to get an "estimated" MA based on a "predicted channel".. But would require more time/programming skills than I have at the moment.
ChartArt
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Those two blue MA projections are estimated by my head and drawn by hand based on all the information I see on many different indicators comparing many time-frames. Your idea to predict the MA lines sounds interesting, sadly I also don't have the programming skills to do that.
TheNewXDAGuy
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Ah OK.. They looked pretty realistic, so I wondered if you had "calculated" them some how. I have a small stack of program projects at the moment, so I'm not gonna as this right now.. But cool chart!
ChartArt
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Thank you. It made me quite happy to read that my quick & dirty hand drawing could be mistaken for a computer calculation :D