BTC Power Law Analysis: Still Ranging, Killing Some Time
As we can see, bitcoin has been really boring over the past few months. We are consolidating in a pattern of lower highs and lower lows, which could be interpreted as either a bull flag or a falling wedge. Be careful, though, because bitcoin’s falling wedges have a tendency to create a large fakeout to the downside before breaking back up. Therefore, if bitcoin does want to correct some more, we could, in theory, retest the bottom line again and then break below it.
Now for the bullish case, we need to break above the upper resistance line and come back down to retest it. Load up your bags if the retest is confirmed successfully.
I would personally love to get the bearish case because I want to allocate some more cash into BTC at great prices for a beautiful ROI once we get to the next projected top of 220k or so. Bear in mind that our indicators will produce a more accurate sell signal once we get close to the end of the euphoria phase in more than a year.
As you can see, we are still ahead of schedule, so nothing to worry about. Bitcoin’s performance is very strong for where we are currently in the market cycle. The temporary rejection from the light blue median resistance life was completely expected.
I had to reupload this idea because TradingView had a problem with a posted link.
See you soon!
Saverio Madis
Now for the bullish case, we need to break above the upper resistance line and come back down to retest it. Load up your bags if the retest is confirmed successfully.
I would personally love to get the bearish case because I want to allocate some more cash into BTC at great prices for a beautiful ROI once we get to the next projected top of 220k or so. Bear in mind that our indicators will produce a more accurate sell signal once we get close to the end of the euphoria phase in more than a year.
As you can see, we are still ahead of schedule, so nothing to worry about. Bitcoin’s performance is very strong for where we are currently in the market cycle. The temporary rejection from the light blue median resistance life was completely expected.
I had to reupload this idea because TradingView had a problem with a posted link.
See you soon!
Saverio Madis
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