BTC/USD Critical point approaching
A decisive moment in BTC/USD is approaching which is the intersection of the 2017 rally trend line and the current downtrend line. If we do not break above this red trend line before the end of the month we will fall below the green trend line and a bear market continuation is pretty much confirmed. I do not think we will return to the blue trend line as we have a lot of support levels in between the green and blue trend line however it is important to keep the level in mind.
The apex of the two trend lines is on approximately the 23rd of the Feb. Price action isn't bound on this date we likely will see BTC decide before it, but it is the latest point we will see deviation from ONE of the trend lines and will give us an indication of whether we continue the bear market or start a new bull run. I am still slightly bullish as we bounced off the green trend line with the highest daily volume (I think ever?) so there is lots of support there but I will likely not add to my position until i see which trend line we follow.
I have highlighted the trajectory of my three scenarios as you can on the chart so I won't ramble on about them as they are self explanatory. Although it is interesting to note that if we continue to follow the green trend line for the rest of the year we will see 100k around the start of 2019. If one of the bear scenarios come to fruition we will likely be contending with the green trend line as major resistance in future rallies so this trend line is very important in my opinion and gives us a rough idea of where BTC is headed.
Please note I am using log scale for this analysis.
*This is not financial advice and is intended for educational purposes only*
The apex of the two trend lines is on approximately the 23rd of the Feb. Price action isn't bound on this date we likely will see BTC decide before it, but it is the latest point we will see deviation from ONE of the trend lines and will give us an indication of whether we continue the bear market or start a new bull run. I am still slightly bullish as we bounced off the green trend line with the highest daily volume (I think ever?) so there is lots of support there but I will likely not add to my position until i see which trend line we follow.
I have highlighted the trajectory of my three scenarios as you can on the chart so I won't ramble on about them as they are self explanatory. Although it is interesting to note that if we continue to follow the green trend line for the rest of the year we will see 100k around the start of 2019. If one of the bear scenarios come to fruition we will likely be contending with the green trend line as major resistance in future rallies so this trend line is very important in my opinion and gives us a rough idea of where BTC is headed.
Please note I am using log scale for this analysis.
*This is not financial advice and is intended for educational purposes only*
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