timwest

Bitcoin $BTCUSD Trendline on 8 Year Monthly Chart

I want to share the LOG-scale trendline for $BTCUSD using Bitstamp data.

There is an "internal trendline" that has been useful and it is found using the highs of the bars instead of the lows.

Notice how the breakdown in late 2018 occurred right from a break of the yellow "internal trendline". Also note that the market flushed out and then RETURNED to the yellow "internal trendline" where it peaked out again.

This is a much simpler, more accurate and more useful way of using trendlines .

My forecast? This looks like a FAILED breakdown under the last two month's range. Notice how the last two months are "INSIDE BARS" with a tighter range that is inside the previous month's range. A break out of a small consolidation should be powerful and expand the range of the previous month and SO FAR it has NOT expanded the range to the downside.

If by the end of September, $BTCUSD hasn't dropped under $6700, then I would expect a rebound to the $11,000+ level.

Tim

September 26, 2019. 9:26AM EST
Comment: $6700 stop, $11,000 upside target, $8238 last.

October 2, 2019 3:40PM EST
Comment: Straight up move to $10,350 on Saturday
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Comments

Interessting if I press play now. Hmh.
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Exquisite! :=)
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Thanks for the share Tim, glad to have your insights at Bitcoin once again.
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Hi, any updates on this?
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Bitcoin weekend terget botched ECB persuaded the bolster the EURO
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Hi Tim! Thanx for sharing. BTC didn't drop to 6700. Is your forecast still valid?
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