BitcoinBearSlayer

BTC - Has Bitcoin broken a multi-year trend to the upside?

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I keep going back to my Weekly chart because every time I study it I seem to find something new. As you can see on this chart the baby blue line is a multi-year trend in which the price has either been forced to stay below it or on one occasion bust North above it. There are just too many touch points IMO not to be significant. Also notice the two yellow arrows. The one on the left points out the first time BTC rose above this line followed by a touch-back to test the line. Then the price rocketed to almost $20K. Now look at where the blue line and price are today. If this line is accurate, we are currently on the top of it. The question is whether we are setting up for another violent run North like before, or, will the Bears manage to push the price back below the line?

Full Disclosure: I'm still long and plan to be for quite some time.

I hope you like this new long term perspective.

Good luck!
Trade active: Here is a 4 hour look at the thin blue line and the current price activity. Very exciting! At some point the price may do a touch-back like last time before it starts "the big run". Even so, the price will continue to trend North as this momentum builds.