Bitcoin: To Break Previous ATH in April 2020?
OK, OK, that title was a little click baity, BUT not without good reason, I hope.
It's a monthly chart this time, but also very simple.
Let's get straight to the point:
Long term trendlines stay intact, i.e. the price always comes back to the long-term trendline...until it passes the previous ATH (all time high), then it flies away like an unruly kite in a tornado AKA goes parabolic. I admit it is early in this assumed bull market, however it looks like a new long-term trendline has started and from the chart, it suggests that there may be a breakthrough of the previous ATH (monthly closed candle) of $13,924 in around April 2020. That would indicate bitcoin has a lot of meandering and mincing around to do until then so plenty of time to buy dips and accumulate, it would seem.
What do you think? Is it inconceivable that things are this simple? I asked the same when using the RSI to predict the bottom on the weekly. Simple is good.
Enjoy your day.
It's a monthly chart this time, but also very simple.
Let's get straight to the point:
Long term trendlines stay intact, i.e. the price always comes back to the long-term trendline...until it passes the previous ATH (all time high), then it flies away like an unruly kite in a tornado AKA goes parabolic. I admit it is early in this assumed bull market, however it looks like a new long-term trendline has started and from the chart, it suggests that there may be a breakthrough of the previous ATH (monthly closed candle) of $13,924 in around April 2020. That would indicate bitcoin has a lot of meandering and mincing around to do until then so plenty of time to buy dips and accumulate, it would seem.
What do you think? Is it inconceivable that things are this simple? I asked the same when using the RSI to predict the bottom on the weekly. Simple is good.
Enjoy your day.
Comment:
Comment:
At the risk of making this chart messy, I've added the 7MA as it has always acted as historical support. Price is now touching it:
Comment:
Changes:
*removed 7MA for clarity; simple is best
*simplified description in boxes
Observations:
*everything going as planned;price has come down to rest on bull trendline
*price still on course to reach previous ATH by April 2020
*removed 7MA for clarity; simple is best
*simplified description in boxes
Observations:
*everything going as planned;price has come down to rest on bull trendline
*price still on course to reach previous ATH by April 2020
Comment:
Failed and discontinued.
Comment:
Not discontinued. $14k by May?