Crazy Bitcoin Support and Resistance Price Targets

– Hey, everybody I want to talk about a target for Bitcoin and we're gonna do that in just a couple of minutes today, so stay until the end

I'm gonna show you how I'm gonna come up with a price target for Bitcoin Not that I really care It's not the most interesting coin to me, but I think there's a really interesting price target coming up and I want to show you what it is I'm gonna show you here how I'm gonna do it, by sharing my screen with you And in tradingview

com, I'm gonna grab the trend line drawing tool and I'm simply gonna draw some trend lines And I know this sounds simplistic to some of you, but to others that know what you're talking about, this makes sense And I'm gonna start drawing trend lines all the way back from November of 2016 inside of tradingviewcom and I'm gonna draw levels across support I'm gonna draw levels across resistance and I'm looking for places where price has touched one, two, or three times

And I know that these are really old trend lines on really old price, but I really don't actually care As you can see, as I'm drawing here, when price does correct, it comes down I didn't know this was gonna happen

It does automatically come down to these targets All right, now, I'm gonna keep drawing these lines and when we come back, I'm gonna have a price target for Bitcoin Well, we're back and I've got my price projection for you, but there's gonna be some news here that goes along with it I've now drawn, if we take a look at the chart here, I've now drawn 45 to 50 trend lines going back to 2015 And I'm gonna go to the daily chart and I'm gonna show you these trend lines How far back I went and I'm gonna show you how severe these trend lines were Look at some of these trend lines from back in 2015

Based on two points back in 2015, going further, and further, and further back All the way back to the origins of the quotes that I could find here on Trading View and none of those lines, none of those trend lines, were angled enough or sharp enough Went back in time far enough to even judge where price is going up to, if it continues to rise, but here's the crazy thing

If price falls, these lines have been incredibly useful in finding where price will stop along the way They just come back over, and over, and over again and there are now one bazillion targets lower than where we are right now, but that's not really that helpful, is it? That's incredibly not helpful at all All this is to say, that this is the kind of financial instrument that literally, regardless of where you start drawing your trend lines, has no stopping point in sight So, the profit target on Bitcoin when someone says 20,000, when someone says 25,000, when someone says 50,000, or even 100,000, it doesn't seem so far-fetched when you look at it from a support and resistance point of view And it doesn't seem so far-fetched to buy something like Bitcoin, even though it's not my favorite coin, it doesn't seem so far-fetched to buy it when it drops, and hits, and bounces off these levels of support that are on the chart now

And there's a crazy amount of lines that are drawn on my chart and none of my currency pairs or stocks even look remotely like this, but when it drops, I'm finally at the point now where as long as it drops and it bounces I don't know how I can't I don't know how I can't get involved in something like this

Even at a point where it seems like its kind of late in the game Thanks for joining me here, today I'm Rob Booker, we'll see you tomorrow