BTC has offically enterend a new uptrend on the weekly.
Updated
It's official. 2 different higher highs, and higher lows have been established.
If the price goes below 10916, this uptrend will be invalidated.
Does that mean it's back in a down trend? No! It would have to be proceeded by another new lower high, and another new lower low. for that to be true.
But for now, BTC is officially in an uptrend.
If the price goes below 10916, this uptrend will be invalidated.
Does that mean it's back in a down trend? No! It would have to be proceeded by another new lower high, and another new lower low. for that to be true.
But for now, BTC is officially in an uptrend.
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Not that anyone is paying attention to my analysis or anything, but obviously the short term view of this is that. The the short term uptrend is broken. Does that mean we are in a short term down trend? I haven't really done the analysis on that yet, but the answer for that to be true is, it would need 2 consecutive lower highs, and lower lows on the weekly. So you can do your own analysis. I only see one of each of both at this point.So short term, we are neither in a down trend, or uptrend.
I will caveat that by saying longer term, we definitely broke the down trend extending back about a year ago. Longer term down trend has been invalidated. Longer term uptrend has not been validated, or invalidated yet.
We are kinda in nomans land right now.
But short term, if you ask me (perhaps with a little more pain), it's gonna pop.
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A different perspective, a possible new higher low.
Long term downtrend to uptrend reversal.
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There are two clear levels to look at here.On the long term perspective, anything below 8810, would be a new lower low. Uptrend would be completely invalidated, and then we would be looking at a continuation of the down trend.
On the other hand, a new high above 12501, would be a new higher low, and higher high confirmation of a longer term uptrend.
Short term...There is going to be a bounce here (both for BTC, and the stock market in general [sadly they still seem to be closely tied, and not independent], but long term, the jury is still out.
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There are two reasons I am never wrong (I choose never wrong vs always right because never wrong is observational vs always right is predictive. I am not claiming to be Nostrodomus.) I am only making observations here. I am not trying to predict the future.
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Second reason being data analysis.Note
Talking a longer term perspective. We still have officially broken out of the downtrend we have been in for the last year or so. We don't have a confirmed uptrend, we need two things for that. A new higher low, and a new higher high.
If we break down below the first new Higher Low we are definitely not in an uptrend currently.
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