A little more detailed analysis on where bitcoin is.
See annotations.
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Far Left Text (Purple circle)
= Bitcoins Last Hope - The Ultimate Support Point
- Bounced off the well established trend that's acted as both
support and resistance
- Bounced off the TOP of the bear trend line
- This bounce is also on crucial FIB level
- This bounce is also on the base of the long term log
channel
- Every fractal has the same characteristics (see yellow circle)
= Bitcoins Last Hope - The Ultimate Support Point
- Bounced off the well established trend that's acted as both
support and resistance
- Bounced off the TOP of the bear trend line
- This bounce is also on crucial FIB level
- This bounce is also on the base of the long term log
channel
- Every fractal has the same characteristics (see yellow circle)
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Far Left Text yellow circle:
= Sharp drops, violent rebounds
= Sharp drops, violent rebounds
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Will sort the text size in future. Sorry guys!
32" monitor problems.
32" monitor problems.
Red bear trend.
From top to bottom:
First two peaks joined together
Third peak is a failed break out and no support was established, two shoulders either side represent the true trend IMO
This trend then cuts through a large green dildo, this tells me that force was needed pass this point and adds confluence that this again is the true trend.
Finally it is now a point of support for the bounce we are currently seeing.
IMO that is enough evidence to strongly suggest that we are already broken from the down trend and BTC is in the beginning phase of decelerating to form a more gentle decent.
Closing out today above this green trend line would be a very positive sign!