BitcoinLong
$6550 bottom in 3 days, then reversal - 5 month vs 5 year trend
I have been posting these trend for a while now, we see an evident descending channel ever since 14k. The recent bounce firmly rejected 8k as resistance and then again was smacked down under even lower channel resistance and is primed to fall to ~$6550 bottom of channel over the next 3 days. In the event BTC falls to bottom of channel to bring this intersection into play within the next 3 days, $6550 is lowest we could see where as if BTC can stay off the bottom of channel the intersection may come later with a higher low. Of course with any surge in buying/selling there could be a brief run below support.
In this chart, it is easy to see the 5 month descending channel and the 5 year ascending trend line are on path to collide soon, only one of those trends will hold. To me it makes much more sense that the 5 year trend will hold over the 5 month trend. We saw this on the crash from 21k as well where the (now) 5 year trend line held strong. I believe that we are about to see bottom and begin our ascent and break out from this 5 month descending channel of sadness. This that 5 year trend line holds, this will be bottom of market and the best possible entry point.
In the event we break below the 5 year trend and turn it to resistance, I will post another analysis identifying potential downside but it wont be pretty at all. There is absolutely no reason for the 5 year trend not to hold, BTC and crypto have only gotten stronger since the last time this trend line was tested. The reversal is coming and I suspect my next post will be about validating the reversal.
There is also a chance that we never test the 5 year trend and start the reversal from here and though possible, it seems improbable.
Dont take my word for it, DYOR!
In this chart, it is easy to see the 5 month descending channel and the 5 year ascending trend line are on path to collide soon, only one of those trends will hold. To me it makes much more sense that the 5 year trend will hold over the 5 month trend. We saw this on the crash from 21k as well where the (now) 5 year trend line held strong. I believe that we are about to see bottom and begin our ascent and break out from this 5 month descending channel of sadness. This that 5 year trend line holds, this will be bottom of market and the best possible entry point.
In the event we break below the 5 year trend and turn it to resistance, I will post another analysis identifying potential downside but it wont be pretty at all. There is absolutely no reason for the 5 year trend not to hold, BTC and crypto have only gotten stronger since the last time this trend line was tested. The reversal is coming and I suspect my next post will be about validating the reversal.
There is also a chance that we never test the 5 year trend and start the reversal from here and though possible, it seems improbable.
Dont take my word for it, DYOR!
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