Observing Bitcoin's Uptrends
Each time Bitcoin has entered an uptrend, it eventually reaches a new ATH and then loses the uptrend about a year or so later, and the begins a new and weaker uptrend.
Its first uptrend was lost about 2-3 months following its ATH, and the 2nd and 3rd ATH failed to re-test the bottom of that trend.
When the 2nd uptrend was lost, the next ATH perfectly re-tested the bottom of that trend before dropping and ultimately losing it.
*** This time is not like the others ***
Within approx 5 months of losing the red uptrend shown above (its 3rd uptrend), Bitcoin reclaimed it for another 5 months or so.
Then it lost it a second time; eventually testing the bottom of the current or 4th uptrend during the March 2020 black-swan event and briefly wicking below it.
Following the black-swan, Bitcoin moved up to reclaim the red uptrend a second time; in a little under a year. Again, remaining above it for a little over 4 months.
After two attempts to reclaim the 3rd uptrend, it fell back below, re-testing the bottom of it, and then moving back down to our present uptrend.
What is also different this time, is that it has held the current uptrend twice after having attempted to reclaim the previous one.
It ha also held the current uptrend for longer than any previous - for a little over 4.5 years. The previous two were held for a little over 3 years.
Will we see one last weaker push towards the bottom of the red trendline before finally losing the current one?
Its first uptrend was lost about 2-3 months following its ATH, and the 2nd and 3rd ATH failed to re-test the bottom of that trend.
When the 2nd uptrend was lost, the next ATH perfectly re-tested the bottom of that trend before dropping and ultimately losing it.
*** This time is not like the others ***
Within approx 5 months of losing the red uptrend shown above (its 3rd uptrend), Bitcoin reclaimed it for another 5 months or so.
Then it lost it a second time; eventually testing the bottom of the current or 4th uptrend during the March 2020 black-swan event and briefly wicking below it.
Following the black-swan, Bitcoin moved up to reclaim the red uptrend a second time; in a little under a year. Again, remaining above it for a little over 4 months.
After two attempts to reclaim the 3rd uptrend, it fell back below, re-testing the bottom of it, and then moving back down to our present uptrend.
What is also different this time, is that it has held the current uptrend twice after having attempted to reclaim the previous one.
It ha also held the current uptrend for longer than any previous - for a little over 4.5 years. The previous two were held for a little over 3 years.
Will we see one last weaker push towards the bottom of the red trendline before finally losing the current one?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.