ðĨ Thought Experiment Update: Break Out
Recently I posted a chart of the inverse chart of Bitcoin. The chart and corresponding analysis led to some interesting comments and discussions, see below.
The prior analysis ended up correct, and we saw a 35% rise in value since the last analysis. The ascending triangle broke out and we're currently in a strong bullish trend.
In my view, there's little to stop this trend until we reach the top dotted resistance line. This would bring BTC to a value of (give or take) $11k.
The $11k area is in line with my worst-case scenario for BTC, which is an 85% drop. 85% is important because we've dropped around 85% from high to (bear market) low in the last cycles.
Looking at the inverse chart of BTC might offer a different perspective of the market, which is always useful.
The prior analysis ended up correct, and we saw a 35% rise in value since the last analysis. The ascending triangle broke out and we're currently in a strong bullish trend.
In my view, there's little to stop this trend until we reach the top dotted resistance line. This would bring BTC to a value of (give or take) $11k.
The $11k area is in line with my worst-case scenario for BTC, which is an 85% drop. 85% is important because we've dropped around 85% from high to (bear market) low in the last cycles.
Looking at the inverse chart of BTC might offer a different perspective of the market, which is always useful.
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