Bitcoin - Highly Unlikely
Hello my fellow Bitcoinistas!
This is a 3 week view of the Bitcoin BLX chart. If you study the blue trendline along with the support and resistance lines you can draw a few conclusions:
1. It is highly unlikely the Bitcoin price will drop below the green support line at $28,915.
2. It is highly unlikely the Bitcoin price will drop below the green support line at $28,915 to touch the rising blue trendline. (This has never happened before.)
3. It is highly unlikely the Bitcoin price will touch the rising blue trendline again until the end of May - first weeks of June 2022. (see chart -it might not even then)
4. It is highly unlikely the Bitcoin price will touch the red all time high line at $19,764 ever again. (Past cycle highs were never touched again.)
5. It is highly unlikely that I will be selling any of my Bitcoin any time soon if ever.
(Did you know that Canada just froze the bank accounts of those protesting tyranny? The Bitcoin community had to send BTC directly to the truckers to help them.)
I hope this chart finds you well. Stay safe and out of the grip of tyrants!
BBS Out!
This is a 3 week view of the Bitcoin BLX chart. If you study the blue trendline along with the support and resistance lines you can draw a few conclusions:
1. It is highly unlikely the Bitcoin price will drop below the green support line at $28,915.
2. It is highly unlikely the Bitcoin price will drop below the green support line at $28,915 to touch the rising blue trendline. (This has never happened before.)
3. It is highly unlikely the Bitcoin price will touch the rising blue trendline again until the end of May - first weeks of June 2022. (see chart -it might not even then)
4. It is highly unlikely the Bitcoin price will touch the red all time high line at $19,764 ever again. (Past cycle highs were never touched again.)
5. It is highly unlikely that I will be selling any of my Bitcoin any time soon if ever.
(Did you know that Canada just froze the bank accounts of those protesting tyranny? The Bitcoin community had to send BTC directly to the truckers to help them.)
I hope this chart finds you well. Stay safe and out of the grip of tyrants!
BBS Out!
Note
Other reasons I don't think BTC will go as low as some are calling for:1. There is Hidden Bullish divergence on the Weekly RSI
2. The 200 Week Simple Moving Average is now over 20K. (Higher than last ATH)
3. The Weekly Scholastic RSI is poised to break Bullish above 20 again
4. The Weekly MACD has hit bottom and is slowing turning positive
Good luck.
Note
It looks like we hit the orange target line perfectly. Is this the bottom? If not, it has to be very very close IMO.Good Luck!
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