The longest downward trend line in the BTC bear market.
Updated
BTC is adhering to a strong trendline (in blue) that connects the all time high (17 December 2017) to the 6K breakdown point (14 November 2018) and the recent high we had on 8 January 2019. The chart shows a significant rejection every time BTC is trying to break this trendline.
Also I am impressed how the price keeps hugging and following the lower edge of the daily Ichimoku cloud. The thickness of the Ichimoku cloud illustrates the huge amount of resistance that lies above.
It would be interesting to see whether the price would pierce the cloud and follow through to the top of the symmetric triangle, or reject from the strong downward trendline again. If it rejects from the trendline I would expect hard rejection like on 10 January. The downward trendline will exit the Ichimoku cloud around the 18’th of January where after it will be clear witch way BTC will go.
If BTC makes it through the trendline it will be good news and it might touch the top of the symmetrical triangle again before reversing. Most traders expect BTC to go back to 4000, however the strong trendline might prevent this from happening.
Also I am impressed how the price keeps hugging and following the lower edge of the daily Ichimoku cloud. The thickness of the Ichimoku cloud illustrates the huge amount of resistance that lies above.
It would be interesting to see whether the price would pierce the cloud and follow through to the top of the symmetric triangle, or reject from the strong downward trendline again. If it rejects from the trendline I would expect hard rejection like on 10 January. The downward trendline will exit the Ichimoku cloud around the 18’th of January where after it will be clear witch way BTC will go.
If BTC makes it through the trendline it will be good news and it might touch the top of the symmetrical triangle again before reversing. Most traders expect BTC to go back to 4000, however the strong trendline might prevent this from happening.
Note
After the $150 rally yesterday I thought BTC might break through the trendline (in blue) and head up to the top of the symmetrical triangle, however it only pierced the trendline and strongly rejected the price. Currently the price fell below the symmetrical triangle (in orange on chart). It seems that we will head down to the symmetrical triangle target at around $2400, but lets see if BTC will close below the triangle today before making more assumptions.What made me suspicious about yesterdays rally is that it happened in 1 minute - with no follow through. This space seems to lack fomo buyers. When an impulse like this happened 10 months ago, more buyers would have jumped in and a longer buying period with more volume occurred.
Note
Note
Interestingly enough, the same type of trendline existed in the 2014/2015 bear market (as shown above). After BTC finally broke this trendline, it became support for a while.Note
Sorry, I meant to put up this chart for the 2014/2015 bear market.
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