BTC Struggles to Hold the Logarithmic Line
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Primary Chart: Logarithmic Trendlines on Weekly Charts
Recently, an article discussed a long-term logarithmic trendline that BTC's price had reached.
Supplementary Charts: BTC Reached a Long-Term Logarithmic Trendline
This post provides an update on that trendline, and it adds a couple more log trendlines for consideration, all of which are on weekly charts to give a longer-term picture of the trend.
Several trendlines have been drawn to try to make the analysis as objective as possible. Trendlines are inherently subjective—they often can be drawn at various locations within a range and be affected by the bias of the chartist. Questions can arise whether to include extreme price points as touchpoints or treat them as whipsaws above or below the line. So this post attempts to add several trendlines to remove some of this subjectivity and bias, while recognizing that no trendline or group of trendlines can be completely objective.
Note how BTC broke the upper trendline (light blue). BTC has been struggling at the lower two trendlines (orange and dark blue). Price has spent a great deal of time holding tightly at these lines. The lines have been both support and resistance in recent weeks. As of the date of this publication, price has recovered very slightly above these two lines.
So while price has been holding both lines, it has been doing in a weak manner. One cannot argue that BTC's price action lately (on larger time frames) has been strong. But when looking at daily charts, though there has been some recent strength in the past few days coinciding with equity indices' strength.
One line of technical analysis posits that when price declines to an upward trendline and crawls along the line, spending a great deal of time on the line, this shows weakness and portends a potential break of that trendline later.
One counterargument is that price briefly broke below these lines but has recovered. This failed breakdown may signal a few days or weeks of strength. But with price action in crypto and equities being so tricky and choppy, anything can happen. Sometimes it's best not to trade the chop and just protect capital. It's good practice to remain patient and wait for the A+ setups.
Author's Comment: Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate (respectfully presented) in the comment section. Shared charts are especially helpful to support any opposing or alternative view. This article is intended to present an unbiased, technical view of the security or tradable risk asset discussed.
DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
BTCUSD
BTCUSD
BTCUSD
BTCUSDT
BITOUSD
BTCUSDT
BTC1!
Recently, an article discussed a long-term logarithmic trendline that BTC's price had reached.
Supplementary Charts: BTC Reached a Long-Term Logarithmic Trendline
This post provides an update on that trendline, and it adds a couple more log trendlines for consideration, all of which are on weekly charts to give a longer-term picture of the trend.
Several trendlines have been drawn to try to make the analysis as objective as possible. Trendlines are inherently subjective—they often can be drawn at various locations within a range and be affected by the bias of the chartist. Questions can arise whether to include extreme price points as touchpoints or treat them as whipsaws above or below the line. So this post attempts to add several trendlines to remove some of this subjectivity and bias, while recognizing that no trendline or group of trendlines can be completely objective.
Note how BTC broke the upper trendline (light blue). BTC has been struggling at the lower two trendlines (orange and dark blue). Price has spent a great deal of time holding tightly at these lines. The lines have been both support and resistance in recent weeks. As of the date of this publication, price has recovered very slightly above these two lines.
So while price has been holding both lines, it has been doing in a weak manner. One cannot argue that BTC's price action lately (on larger time frames) has been strong. But when looking at daily charts, though there has been some recent strength in the past few days coinciding with equity indices' strength.
One line of technical analysis posits that when price declines to an upward trendline and crawls along the line, spending a great deal of time on the line, this shows weakness and portends a potential break of that trendline later.
One counterargument is that price briefly broke below these lines but has recovered. This failed breakdown may signal a few days or weeks of strength. But with price action in crypto and equities being so tricky and choppy, anything can happen. Sometimes it's best not to trade the chop and just protect capital. It's good practice to remain patient and wait for the A+ setups.
Author's Comment: Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate (respectfully presented) in the comment section. Shared charts are especially helpful to support any opposing or alternative view. This article is intended to present an unbiased, technical view of the security or tradable risk asset discussed.
DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified financial adviser or other investment / financial professional before entering any trade, investment or other transaction.
BTCUSDBTCUSDBTCUSDBTCUSDTBITOUSDBTCUSDTBTC1!Đóng lệnh: đạt mục tiêu
On Sept. 10, BTC had broken one of the three longer-term trendlines and was struggling at the other two. ST discussed the possibility that the other two trendlines would also be broken given the way price action had been. Though no specific targets were discussed in this particular post, ST conveyed the likelihood that the two unbroken TLs would break after a short period of strength. This largely occurred. The relevant portion of this forecast is copied below:
"Note how BTC broke the upper trendline (light blue). BTC has been struggling at the lower two trendlines (orange and dark blue). Price has spent a great deal of time holding tightly at these lines. The lines have been both support and resistance in recent weeks. As of the date of this publication, price has recovered very slightly above these two lines.
So while price has been holding both lines, it has been doing in a weak manner. One cannot argue that BTC's price action lately (on larger time frames) has been strong. But when looking at daily charts , though there has been some recent strength in the past few days coinciding with equity indices' strength.
One line of technical analysis posits that when price declines to an upward trendline and crawls along the line, spending a great deal of time on the line, this shows weakness and portends a potential break of that trendline later.
One counterargument is that price briefly broke below these lines but has recovered . This failed breakdown may signal a few days or weeks of strength. "
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