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- TSP #22: Speedlines
Marco Johanning
Hello everyone!
Welcome to edition #22 of my newsletter! Every Saturday I’ll be sending out a quick newsletter on how to master crypto.
Today, I focus on speedlines.
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Speedlines
Speedlines are a powerful technique in trading that can provide valuable insights into market trends and potential price movements.
Developed by Edson Gould, speedlines are an innovative adaptation of the concept of dividing a trend into thirds (read the previous issue if you didn’t), offering traders a unique perspective on trend analysis.
How to construct a speedline:
From the high on the chart, you draw a vertical line downwards towards the price of the trend’s low. This vertical line is then divided into thirds.
The easiest way to find the thirds is to use the Fibonacci retracements tool.
Next, you draw a trendline from the beginning of the trend through the two points marked off on the vertical line, representing the one-third and two-thirds points.
In the case of a downtrend, you simply reverse the process.
A retracement to the 2/3 speedline would lead us again to ~23k. Confluences.
Now, let's explore how to interpret these speedlines in your trading decisions. If an uptrend is in the process of correcting itself, the downside correction often halts at the higher speedline.
If this level doesn't hold, prices may drop to the lower speedline. Should the lower speedline also be breached, it signals a potential return to the beginning of the prior trend.
Speedlines can also reverse roles once they are broken. Therefore, during the correction of an uptrend, if the upper speedline is broken and prices fall to the lower line and then rally from there, the upper line becomes a resistance barrier. The same principle applies to downtrends.
Twitter Reads
Today is the last day. I will pick a lucky winner tomorrow!
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🚨GIVEAWAY: 5000 KAS🚨
This week, I reached 5000 followers - wow! 🤯
Thank you so much for supporting me during this journey in the past few months!
And I'm proud to announce a partnership with ByBit!
To celebrate this, I would like to share my joy with you and give 5000 $KAS… twitter.com/i/web/status/1…
— Marco Johanning (@themarcojo)
4:21 PM • Sep 24, 2023
Department of Justice - Binance
The WSJ article keeps talking about the DoJ case involving criminal prosecution and not just fines.
My personal take, is the case will involve a smattering of the following:
1. CZ lost or embezzled funds leading to a material deficit allowing kompromat to be developed against… twitter.com/i/web/status/1…
— Adam Cochran (adamscochran.eth) (@adamscochran)
8:57 PM • Sep 26, 2023
Are you taking the bears seriously?
2008 wasn't some cataclysm only a few geniuses saw coming. There were relentless bearish headlines for years (starting in 2006).
It's not that nobody saw it coming. It's that after years of bearish headlines and the market going up, nobody took the bears seriously.
— Alex Good (@goodalexander)
7:01 PM • Sep 26, 2023
With my best regards and wishes, I hope you have a wonderful weekend.
Marco Johanning
