Long Bitcoin. MultiCycle Trend Analysis
BTC held the same support trend line for the first two cycles. Seemed to hold in the 2018 bear market, until the Hash War & the subsequent Bitcoin Cash fork caused BTC to fall out of its 2 Cycle Support Trend Line in Nov. 2018.
In Dec. 2018, BTC found a new support level and moved upward. BTC then failed to break 2 Cycle Support in June ‘19 and fell back to confirm a support trend line in Dec. 2019.
In early 2020, The COVID Pandemic shook the world and BTC fell through the 2018/2019 Support Trend Line and created a Pandemic Support until it eventually broke through the 18/19 Trend Line.
* We had never retested the 18/19 support till yesterday, where we wicked down to the COVID support level and the body of the candle is at the 18/19 support. *
This week should give us confirmation of a reversal.
If you are into speculation, I have found the resistance trend line that could hint at where the market cycle tops out.
In Dec. 2018, BTC found a new support level and moved upward. BTC then failed to break 2 Cycle Support in June ‘19 and fell back to confirm a support trend line in Dec. 2019.
In early 2020, The COVID Pandemic shook the world and BTC fell through the 2018/2019 Support Trend Line and created a Pandemic Support until it eventually broke through the 18/19 Trend Line.
* We had never retested the 18/19 support till yesterday, where we wicked down to the COVID support level and the body of the candle is at the 18/19 support. *
This week should give us confirmation of a reversal.
If you are into speculation, I have found the resistance trend line that could hint at where the market cycle tops out.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.