Bitcoin Longview With Historic Trends and Halving Dates
Looking at Bitcoin (BTC) since 2012 using BLX we can see a general uptrend since Bitcoin began trading which is illustrated by the white curved trend line on the chart.
This uptrend can be looked at in cycles that are roughly broken up by pennant patterns in price action and having dates.
Right now we are approaching the apex of a current pennant after testing the bottom of it (and even wicking below it) and approaching the next halving.
Meanwhile, we have broken below the curved trend line but are heading back toward it.
Using our Directional Bias indicator we can see two previous ranges: 1. One in 2014 that price reacted to as highlighted in the box in the middle of the chart and, 2. another defined in 2018 that price is trying to find support on now.
Will be looking for the bottom of the pennant to act as support, the 2018 range to act as support/resistance, and for the curved trend line to act as resistance.
Overall the question is whether the historic uptrend will continue, with a breakout above the pennant and back above the curved tend line, either before or shortly after the halving,
It is worth noting here that depending on how exactly you draw the pennant and trend lines we can see that market structure was briefly lost in the past only for the general trend to continue. So again, will be looking to see if this remains true despite the noticeable drop below the curved trend line during the recent coronavirus sell-off.
This uptrend can be looked at in cycles that are roughly broken up by pennant patterns in price action and having dates.
Right now we are approaching the apex of a current pennant after testing the bottom of it (and even wicking below it) and approaching the next halving.
Meanwhile, we have broken below the curved trend line but are heading back toward it.
Using our Directional Bias indicator we can see two previous ranges: 1. One in 2014 that price reacted to as highlighted in the box in the middle of the chart and, 2. another defined in 2018 that price is trying to find support on now.
Will be looking for the bottom of the pennant to act as support, the 2018 range to act as support/resistance, and for the curved trend line to act as resistance.
Overall the question is whether the historic uptrend will continue, with a breakout above the pennant and back above the curved tend line, either before or shortly after the halving,
It is worth noting here that depending on how exactly you draw the pennant and trend lines we can see that market structure was briefly lost in the past only for the general trend to continue. So again, will be looking to see if this remains true despite the noticeable drop below the curved trend line during the recent coronavirus sell-off.