Will Bitcoin ever break above it's old trend line? #2
Hey fellow traders and Bitcoin enthusiast,
A month a go I made chart labeled "will bitcoin ever break above it's old trend line?' It was met with overwhelming response from the community as it was my most popularity chart. The charts focus was a look into the indicator "BTC Log Rainbow" coded by BullRider802. I wanted to look even deeper into this chart and indicator and see if there is any confluence to it with any other indicator.... Well I have found one.
"HTF Log Curves Oscillator" coded by quantadelic is the one on the bottom and it's showing the same exact thing. So we have to different Indicators coded by two different coders literally telling us the same thing! As we can clearly see the HTF was in a clear trading channel bitcoins entire existence and then show's a breach in 2020 as the other did, price action then shows a quick recovery to the eventual lack of hitting the top of the channel and the ultimate break though the bottom.
What does this mean? To me, first off, It means the math and coding used is sound. Both indicators separate from each other are reacting in the same way, and we might need to pay attention.
Why do we need to pay attention? The age old saying in investing is why, what was previous support is future resistance. These could very well show us the next bitcoin top and or bottom.
The one thing that is for sure is they are both either showing a slow down in bitcoins parabola or a consolidation period. That still remains to be seen.
Follow along with me and let's find out together.
I would like to thank everyone who has recently followed me, liked the chart and the Tradingview team for recognizing my work and helping this view get out. Once again the support and response has truly been overwhelming.
Thank you.
Please feel free to comment your thoughts or questions down below.
Remember, WeAreSat0shi
Stay blessed!
A month a go I made chart labeled "will bitcoin ever break above it's old trend line?' It was met with overwhelming response from the community as it was my most popularity chart. The charts focus was a look into the indicator "BTC Log Rainbow" coded by BullRider802. I wanted to look even deeper into this chart and indicator and see if there is any confluence to it with any other indicator.... Well I have found one.
"HTF Log Curves Oscillator" coded by quantadelic is the one on the bottom and it's showing the same exact thing. So we have to different Indicators coded by two different coders literally telling us the same thing! As we can clearly see the HTF was in a clear trading channel bitcoins entire existence and then show's a breach in 2020 as the other did, price action then shows a quick recovery to the eventual lack of hitting the top of the channel and the ultimate break though the bottom.
What does this mean? To me, first off, It means the math and coding used is sound. Both indicators separate from each other are reacting in the same way, and we might need to pay attention.
Why do we need to pay attention? The age old saying in investing is why, what was previous support is future resistance. These could very well show us the next bitcoin top and or bottom.
The one thing that is for sure is they are both either showing a slow down in bitcoins parabola or a consolidation period. That still remains to be seen.
Follow along with me and let's find out together.
I would like to thank everyone who has recently followed me, liked the chart and the Tradingview team for recognizing my work and helping this view get out. Once again the support and response has truly been overwhelming.
Thank you.
Please feel free to comment your thoughts or questions down below.
Remember, WeAreSat0shi
Stay blessed!
tiktok.com/@wearesat0sh1
