After a volatile first half, Bitcoin price action has been grinding sideways, seeking to find some type of reliable support. Although there has yet to be a clear sign of a reversal, the top cryptocurrency by market cap might have finally found support at a ten-year-long trend line. Complicated Technical Analysis Or This One Simple Trend Line Trick? Technical analysis is the study of chart patterns, trading indicators, Japanese candlesticks, and other data points in an attempt to predict future price action. The very basis of most technical drawings and chart patterns begins with a simple trend line. And while it isn’t uncommon to see analysts with a kitchen-sink worth of technical tools turned on, sometimes less is more when it comes to getting a good read on the market. Related Reading: How Weekly RSI Could Suggest The Bitcoin Bottom Is In Using only one trend line, it is easy to see why Bitcoin price might have finally found some support. With nothing more than the trend line to go by, buying low and selling high has historically yielded miraculous results. Will this nearly ten year long trend line hold? | Source: BTCUSD on TradingView.com Has Bitcoin Price Finally Found Support At A Decade-Long Trend Line? Bitcoin price first claimed the trend line in April 2013, just as Mt. Gox took its exchange offline to give the market time to “cooldown.” From there, each subsequent bear market in Bitcoin returned...
