As my title indicates, this plot highlights facts above all: - Bitcoin price follows "Square Root" channels (SQRT function) - All with an alternation of local Dips (each time higher than the previous ones) and new All Time High (ATH) - These cycle Dip always materialize by an RSI 14 under a value of 34, showing an oversold (see my analysis of 2018-12-18 in link...
So yes, BTC is apparently bullisher than I thought, at least short-term, because longterm I'm always a BTC uber bull :) But short-term, I had several reasons to think that a weekly capitulation bar was very likely: 1. Too much bullishness and optimism (contrarian indicator) 2. Number of daily transactions still below ATH (although now finally approaching ATH...
I noticed a crazy convergence of extremeley important supports, at a price range, that I think, will be the strongest support in this bearmarket. The first support being the weekly MA300. The second support being the longterm squareroot function trendline. The third support being the line connecting the 2013 ATH with the China dip. The last one comes from an...
The follow up chart on yesterdays chart, zoomed out a bit, to understand the important supports at play here, and why the MA200 is not the support to look at, as the strongest possible support. We see that the probable future MA200, is quite far above the squareroot-trend. A trend, which has stood since 2010, and has been tested again and again. There is no...
BTC unfortunately is not an exact science. There are multiple supports which all seem valid, depending on whoch starting point you choose back in 2010, and what curvature you take. The result is quite different, some curves are in line with the previous top area at 1200, others are too high for that. Therefore I would tend to speak more of a support area which...