rahulgupta140688

SPEEDING LINES - BTC RECENT UPTREND

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The vertical distance from the peak to the beginning of the trend is divided into thirds.

The upper line is the 2/3 speedline and the lower is the 1/3 speedline (dividing the vertical line in 2/3 and 1/3 respectively )

When an uptrend is in the process of correcting itself, the downside correction will usually stop at the higher speedline (the 2/3 speedline). If not, prices will drop to the lower speedline (the 1/3 speedline). If the lower line is also broken, prices will probably continue all the way to the beginning of the prior trend. In a downtrend, the breaking of the lower line indicates a probable rally to the higher line. If that is broken, a rally to the top of the prior trend would be indicated.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.