Bitcoin is at a Cross roads and MUST break a trend or loose High
One of the MAJOR things we look to in trading are TRENDS.
They give us patterns and Signals and the Longer a trend has existed, the stronger the "Suggestions" it can Give.
Bitcoin has been in a rising Trend since it hit a Low in 2011. From this point, it has been subject to rejection off a Fibonacci Spiral. ( I have explained this in detail in other posts, so I will not spend to much time on it now )
The ATH's of 2013, 2017 and 2021 all were rejected off that line.
https://www.tradingview.com/x/exbB2sv8/
What is VERY important to understand here is that a Spiral does not always rise...Once it reaches its apex, it will begin to descend again and that apex occurs around Feb 2025.
Bitcoin has to break out of this Trend with Positive momentum.
What is slightly concerning, is that PA is up high, near that line of rejection already.
https://www.tradingview.com/x/8wIx37UY/
This RSI chart shows us that we do still have room on the RSI to go higher. The Vertical lines are the previous ATH's and where RSI was at that point. IT is the lower time frames that are currently cooling off but the weekly MACD, for instance, It still high and Just turning Bearish....We have 8 months for it to cool down to neutral or lower and it should manage that.
https://www.tradingview.com/x/0LSsaLA9/
Something that has also really crossed my mind is the Volume since 2011.
"The Volume indicator is used to measure how much of a given financial asset has traded in a specific period of time. For example, with stocks, volume is measured by the traded shares. For futures, volume is based more on the number of contracts. By looking at volume patterns over time, traders can better understand the strengths of advances and declines in stocks as well as in markets in general." ( taken from Trading View )
What we are looking at there is a STRONG BEARISH DIVERGENCE.
But do not worry, BTC has, in its history, had a remarkable habit of defeating this type of thing while in a Bullish state, as it is now.
But it HAS to break this trend and get out and Above that upper line.
I have little doubt that Bitcoin can break this trend. But as we move into the corporate World, things will change for all of us in Bitcoin's world now.
For instance, that drop in Volume .... The Asset was able to be traded in higher volumes when you could buy 1000 Bitcoin for the price of a Beer.
It is a little harder to do now.
And People are "Betting" on BTC via ETF now and not directly Buying and these large Corporations will begin manipulating the price...
WE NEED TO HOLD OUT BITCOIN CLOSE = NEVER SELL -
The other indicators in the original image are, from top to bottom,
VOLUME
RSI
SOPR
MVRV Z Score
ATR
On a final note. This chart is from Bitstamp, the Exchange that ROBINHOOD just bought. That is one of th elarger financial corporations in the USA...they would not have just bought this exchange if there was a chance of collapse........But......always best to be aware of potential
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