BTC 3 Year Trend Perspective
The chart is pretty large and was not possible for an integral view. Dragging it offers additional informations. Besides the description text on the chart, would like to highlight also the uptrend and downtrend fib channels which offered great support and resistance on plenty occasions, which can be noticed better by zooming it in. Also, as the end of uptrend decided to choose the new low which happened to be around the OTE of the whole 2012-2014 uptrend, which failed to bring afterwards a trend continuation and respectively new high, the June $680 representing the new lower high and longterm downtrend confirmation.
Update: after publishing it, some parts of text seem impossible to read:
The text with green background for the 260-350 price range:
"I see this range with many retraces, consolidation
and indecisions of the trend change. It will
also take some time till long term lagging indicators
will confirm the downtrend. Thus, breaking $260
will succede after a slow moving downtrend."
The text with orange background for 210-260 price range:
"After downtrend confirmation, the trend will
accelerate. However, the previous support and
resistances will mitigate its velocity."
The text with red background for the 120-210 price range:
" After breaking 210, fear will accelerate the
downtrend till high volumes panic selloffs are
reached, which will indicate us the low and end of "c"
cycle. After getting to a new low with panic selling, it
is advisable to start closing shorts into panic sell.
When we see on shorter timeframes new legs
with lower volumes and velocity, creating clear
divergences, we will have the opportunty to start
consolidating longs and ride the upcoming possible
swing up."
Good luck in trading!
Update: after publishing it, some parts of text seem impossible to read:
The text with green background for the 260-350 price range:
"I see this range with many retraces, consolidation
and indecisions of the trend change. It will
also take some time till long term lagging indicators
will confirm the downtrend. Thus, breaking $260
will succede after a slow moving downtrend."
The text with orange background for 210-260 price range:
"After downtrend confirmation, the trend will
accelerate. However, the previous support and
resistances will mitigate its velocity."
The text with red background for the 120-210 price range:
" After breaking 210, fear will accelerate the
downtrend till high volumes panic selloffs are
reached, which will indicate us the low and end of "c"
cycle. After getting to a new low with panic selling, it
is advisable to start closing shorts into panic sell.
When we see on shorter timeframes new legs
with lower volumes and velocity, creating clear
divergences, we will have the opportunty to start
consolidating longs and ride the upcoming possible
swing up."
Good luck in trading!
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