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.
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