Golden Trendline
Maybe its to early to call a direction of bitcoin since its only hit yearly high just under a week ago so there is no clear pattern formation just yet but lets keep in mind that
alternative.me/crypto/fear-and-greed-index/
Fear and Greed Index showing a 90 one of the highest recorded numbers .
We also hit the top of a log growth band and last time that happened the top of the band was 12500.
With January and March being historically bad months for bitcoin there is a high chance we see a long correction play out before the official bull run starts with bitcoin and that month is April 2021.
The last time bitcoin had positive growth in January was 2013 and in December 2017 , January has an average of 3.5% growth since its inception and March 3.1% .
There is a possibility of a Fake out scenario before the end of they year , if the price of bitcoin breaks out above 16000 expect a huge Fake out from about 16500 to 18500.
This golden trendline is just below the main log growth band its a money trendline you can make money of this trendline just look how many times we have rallied off it.
Four times in under two years and the last rally in September was just off the trendline too much buying pressure under 10000 to rally off it or are too many traders looking at this trendline? , normally when we are all looking at the same trendline or movement price does something unexpected.
The question is will it do the same 4th or 5th time?
alternative.me/crypto/fear-and-greed-index/
Fear and Greed Index showing a 90 one of the highest recorded numbers .
We also hit the top of a log growth band and last time that happened the top of the band was 12500.
With January and March being historically bad months for bitcoin there is a high chance we see a long correction play out before the official bull run starts with bitcoin and that month is April 2021.
The last time bitcoin had positive growth in January was 2013 and in December 2017 , January has an average of 3.5% growth since its inception and March 3.1% .
There is a possibility of a Fake out scenario before the end of they year , if the price of bitcoin breaks out above 16000 expect a huge Fake out from about 16500 to 18500.
This golden trendline is just below the main log growth band its a money trendline you can make money of this trendline just look how many times we have rallied off it.
Four times in under two years and the last rally in September was just off the trendline too much buying pressure under 10000 to rally off it or are too many traders looking at this trendline? , normally when we are all looking at the same trendline or movement price does something unexpected.
The question is will it do the same 4th or 5th time?
t.me/+8CRZJqXrjwU4ODA0 re-launched telegram group , it is free , just place to chillout talk about crypto bull market , will be posting trades live randomly
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.