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I explain how to draw trendlines and the psychology behind them. Step by Step.
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Here is a breakdown of how to draw trendlines. Trendlines are a great way to highlight a certain psychology, whether that is selling behaviour or buying behaviour.
I talk about Lower Highs being an indication of selling behaviour from people in the market. Sellers want to sell at a lower price so as to either break even or sell in a small profit. I
also talk about Higher Lows being an indication of buying behaviour. Buyers want to buy at higher and higher prices so as not to miss out on the next rally to profit on. The fear of missing out is a powerful driver in this behaviour. FOMO is what ultimately causes trigger-happy buyers to buy at a premium.
Buying and Selling behaviour can be outlined using trendlines. And once you understand that Lower Highs and Higher Lows have a certain psychology to them, you will be able to make the most of that psychology to navigate the market better.
When using trendlines, they can form patterns. These patterns can be wedges, triangles, or other formations. In this video, I talk about a wedging structure. A wedge in of itself represents a psychological story of certain buying and selling behaviours. But once this pattern is breached via a breakout then the psychology of that pattern changes as a new trend outside of the structure emerges. This is when a new market psychology towards that Altcoin develops.
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