just out of curiosity today i played around with the log charts on bitcoin.
clearly we are testing the downwards log trend and it has been a pretty bloody battle.
this will be the 4th time we have made contact with the trendline.
in 2014, bitcoin also made 4 contacts with the trendline, and on the 5th contact, it broke out.
i think something very similar could happen to bitcoin in the near future.
another interesting this is the daily RSI.
even the daily RSI's are almost mirror images of each other. double top RSI at 60.
There's no wave theory in this at the moment, because that's for another post. but in the meantime I'll be considering this as my primary movement.
1) short to 7.5/7.6k, placing buys at 0.618 fib level, which is where the 2014 fractal bounced from.
2) long to at least 11k from 7.5k, obviously keeping tight trailing stop losses.
3) short from 11k down to 3k by end of this year.
Obviously fractals dont ALWAYS play out exactly, but I do see this as a potential route of it playing out, this is because of a few reasons.
1) weekly RSI had bottomed out locally around 45ish.
2) we had a bullish engulfing candle on the weekly chart.
3) this is the second time we've retested the 60RSI on the daily chart.
4) market sentiment is fairly bullish.
5) alt coins are starting to pop off, this would also coincide with them having their particular season biyearly.
6) I don't spot any sort of accumulation patterns on bitcoin on the daily chart (wyckoff accumulation that is to signify end of bear market), right now this is all chop.
anyways, let me know what you guys think! definitely keen for some discussion in the comments.
ive linked the bitcoin 2014 on the log chart beneath for your reference with the daily RSI there.
it's very interesting.
clearly we are testing the downwards log trend and it has been a pretty bloody battle.
this will be the 4th time we have made contact with the trendline.
in 2014, bitcoin also made 4 contacts with the trendline, and on the 5th contact, it broke out.
i think something very similar could happen to bitcoin in the near future.
another interesting this is the daily RSI.
even the daily RSI's are almost mirror images of each other. double top RSI at 60.
There's no wave theory in this at the moment, because that's for another post. but in the meantime I'll be considering this as my primary movement.
1) short to 7.5/7.6k, placing buys at 0.618 fib level, which is where the 2014 fractal bounced from.
2) long to at least 11k from 7.5k, obviously keeping tight trailing stop losses.
3) short from 11k down to 3k by end of this year.
Obviously fractals dont ALWAYS play out exactly, but I do see this as a potential route of it playing out, this is because of a few reasons.
1) weekly RSI had bottomed out locally around 45ish.
2) we had a bullish engulfing candle on the weekly chart.
3) this is the second time we've retested the 60RSI on the daily chart.
4) market sentiment is fairly bullish.
5) alt coins are starting to pop off, this would also coincide with them having their particular season biyearly.
6) I don't spot any sort of accumulation patterns on bitcoin on the daily chart (wyckoff accumulation that is to signify end of bear market), right now this is all chop.
anyways, let me know what you guys think! definitely keen for some discussion in the comments.
ive linked the bitcoin 2014 on the log chart beneath for your reference with the daily RSI there.
it's very interesting.
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