See those blue lines? They are like walls on a track. When bitcoin hits them it abruptly changes its direction and glides along them, just like a speeding car. Interestingly, all these lines are perfectly parallel.
But that's not all. The chart also shows a green and a red channel. As for me, they are the equivalent of a bull and bear market. Moreover, bitcoin always goes from green to red after the blue line. This is followed each time, like in Sisyphus' Works by a slow but persistent return to the top.
However, before this can happen it must reach the bottom. This happens mostly within a year of the peak. Considering the past cycles, this hasn't happened yet. Currently, in my opinion, bitcoin is heading to test the blue line once again. I think it will be rejected this time as well. If this happens the real bottom should be somewhere around $9,000.
This is not financial advice.
But that's not all. The chart also shows a green and a red channel. As for me, they are the equivalent of a bull and bear market. Moreover, bitcoin always goes from green to red after the blue line. This is followed each time, like in Sisyphus' Works by a slow but persistent return to the top.
However, before this can happen it must reach the bottom. This happens mostly within a year of the peak. Considering the past cycles, this hasn't happened yet. Currently, in my opinion, bitcoin is heading to test the blue line once again. I think it will be rejected this time as well. If this happens the real bottom should be somewhere around $9,000.
This is not financial advice.
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Ongoing test of the blue trend line:
Will it be support - I doubt it.
