The First Signs Of BTC's Long-Term Trend Breakdown! Don't Miss!
We're taking another look at the monthly BTC chart here, and it is telling a grim story, that nobody is really paying attention to. On Twitter, I just saw someone respond to a comment of mine, saying that BTC has been in a "lifelong uptrend," and that I always say "the trend is your friend." That's true, the trend IS your friend, until it's not. That's why I always think it's wise to exercise extreme caution when signs of trend changes begin to emerge.
So, let's look at the BTC trend. You can see that since it's inception, it has produced a series of higher highs and higher lows on the monthly chart. BTC has never once, in it's entire history, produced a lower high or a lower low on the monthly chart, until now. You can see that the high of 2019 is actually the first major montly lower high. So, this is an early sign that the long-term trend is changing.
Let's look at some of the other indicators. On the volume histogram, you can see that after BTC began, volume was consistently rising, until it peaked in early 2015. Price was also rising consistently during that time period. So, we had rising price and rising volume, which is bullish. As you can see on the chart, BTC had a bullish outcome as a result. Price continued to rise until it peaked in late 2017. However, if we look at the volume, you can see that price has been rising long-term, while volume has been falling. That is a big bearish indicator, showing that demand for BTC is diminishing.
When you combine that with the fact that BTC has just printed it's third monthly MACD crossover, the fact that we are in the C wave of an ABC correction, the fact that the NVT is about to break key support, the fact that BTC is under every major moving average, the fact that BTC has failed to deliver any real utility as a digital asset, the fact that regulatory objection is a major issue (I could go on and on) you begin to realize that the prognosis is grim. The fact is, BTC is has produced majorly bearish technical changes, and they are likely to effect BTC for the long term. That means, many many months, and possibly even years.
The information is there, but many will ignore it. Hodlers will cling to their ideologies, and their get-rich-quick dreams, while BTC melts into a smoldering hunk of seemingly worthless toxic trash that nobody wants. Only then, will there be a possibility that value presents itself — because right now, I see little to none (on the upside.)
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
So, let's look at the BTC trend. You can see that since it's inception, it has produced a series of higher highs and higher lows on the monthly chart. BTC has never once, in it's entire history, produced a lower high or a lower low on the monthly chart, until now. You can see that the high of 2019 is actually the first major montly lower high. So, this is an early sign that the long-term trend is changing.
Let's look at some of the other indicators. On the volume histogram, you can see that after BTC began, volume was consistently rising, until it peaked in early 2015. Price was also rising consistently during that time period. So, we had rising price and rising volume, which is bullish. As you can see on the chart, BTC had a bullish outcome as a result. Price continued to rise until it peaked in late 2017. However, if we look at the volume, you can see that price has been rising long-term, while volume has been falling. That is a big bearish indicator, showing that demand for BTC is diminishing.
When you combine that with the fact that BTC has just printed it's third monthly MACD crossover, the fact that we are in the C wave of an ABC correction, the fact that the NVT is about to break key support, the fact that BTC is under every major moving average, the fact that BTC has failed to deliver any real utility as a digital asset, the fact that regulatory objection is a major issue (I could go on and on) you begin to realize that the prognosis is grim. The fact is, BTC is has produced majorly bearish technical changes, and they are likely to effect BTC for the long term. That means, many many months, and possibly even years.
The information is there, but many will ignore it. Hodlers will cling to their ideologies, and their get-rich-quick dreams, while BTC melts into a smoldering hunk of seemingly worthless toxic trash that nobody wants. Only then, will there be a possibility that value presents itself — because right now, I see little to none (on the upside.)
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-