Is Bitcoin in a Diminishing Arc on a Macro scale ? 100K MAX
I have previously published a more detailed analysis if why this Arc is Valid but for thepurpose of this post, Lets just say that a Valid Trend line is made of a minimum of 3 touches and we have that here.
https://www.tradingview.com/x/ObstuuC7/
The chart above shows us slightly more detail. I have raised the Future arc ( orange) so we can see it clearly. It also shows us that we have a little more room above yet, before that chance of a stronger Rejection occurs.
It also clearly shows us a HUGE Bearish Divergence with PA and Volume...
The Daily chart
https://www.tradingview.com/x/2gBIzGv6/
Again, More detail shown that the Arc is valid. The Green line is the 128 SMA, showing us that we still have Support off that and so a push higher is srill an option.
HOWEVER, the chart below really validates the 100K Top as far as I am concerned.
https://www.tradingview.com/x/qW2hBecK/
These are the 3 CUP patterns Bitcoin has made in the last 3 cycles
Notice how the % Rise from the Neckline of the Cup to the ATH has been reducing.
The Orange Arc is the same mathematically, as the arc in the previous Charts.
It shows that the current PA has a Peak at the Much talked about 100K Mark,,,,
And unless Bitcoin Breaks this trend, that 100K mark will be the TOP.
Personally, I think it will -> But my dreams and desires do not move Bitcoin Price.....
So, shall be watching this Mark VERY CLOSELY
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