The trend line helped predict the maximum price
For almost a month, Bitcoin was in a growth phase. I drew a small trend channel based on its chart 👇 I didn’t particularly rely on it, as 'fresh' trends are often unstable.
But it still helped me in trading.
Look, when the price broke the trend line downwards, it reached support ≈93900 and started to rise. I placed a sell limit order at 97170 and calmly went to sleep. During the night, the order was executed, and I sold for a profit (can buy again😉).
Why 97170:
1. The previous peak was at 97895, this level has already repeatedly acted as resistance.
2. The trend line often stops being support after a breakout and acts as strong resistance. ≈ at 97300-97700
I placed a limit order a little lower to ensure a hit.
What do you think, was it luck or does technical analysis work?
