BTCUSD - go long?

Will Bitcoin go long?
What are your thougts?

https://www.tradingview.com/chart/BTCUSD/gOZceP0x-BTCUSD-BITCOIN-BUY/

 

IMO weekly chart shows a mixed picture. Broke out of downtrending LinReg channel but trapped within long term resistance and short term support at top of BBand:-

 

If you have any chart reading skills, this looks still bearish and the setup doesn't make it bullish even if we break the mini red resistance line

 

Completed a Golden Cross 50/200 -i.e. Go Long-but broke below 50DMA so staying on sidelines.

 

Let us know once you get some chart reading skills.

Like seeing HH's and HL's possibility taking out a higher swing pivot - need more days to determine that. Taking out (again if it happens) multi-week (26+ weeks) resistance.

Even so I'll stick with mixed picture atm and watch prices - not opinions.

 

The 23.160 USD level is a price target for me too, but I'm not sure *how* we will reach it. I'm honestly looking for a new local low at 22.000 first, and then retest the 22.740 (and maybe break straight through it).

At the moment I don't have a long running; I will decide on that when we made a new interesting move.

 

Man, do you draw those lines haphazardly or what? Aren't lines supposed to be drawn after connecting 2 dots?

 

I would wait until we go down to 21,500. We could even retrace to 20,000.

 

The LinReg channel lines I presume you are referring to?

They are drawn from two points - the correct ones, each of their respective "seed waves" - google it, might be something somewhere. Sorry if you can't figure which points those are.

Note I could have easily ... ahem .... adjusted channels to fit data better. Adjusted as in curve fit. No need for that for my needs and I damn sure am not going to change things to make others like what I post better.

 

Oh sorry, I thought it was a plain ol' channel.

Not sure I follow. How the heck can you curve fit channel lines? Either price breaks out of the lines or it doesn't.