We are getting new info day by day that will help us decide if we are seeing a trend change in the price of bitcoin. Sometimes, you have to get creative in technical analysis, and that is what we are doing! Rather than looking at the price of BTC one dimensionally, we are choosing to look at it through the lens of equities, commodities, and volatility. So lets hop onto the charts.
Lots to go over here. We have had some failures and now our breakouts are looking to retest prior resistance and turn it into support. If we see that happen, we will be bullish on the market. This is how downtrends reverse into uptrends. First you break the sloping resistance, then you turn it into support, creating a higher low, then you make a higher high. Even though the breakouts are bullish, we now will classify them as bullish retests. So first let’s take a tally.
Bullish Retest = 6
Neutral = 0
Bearish = 2
We have to keep an eye in these bullish retests because if they fail, they turn into bearish indicators and the downtrend will resume.
Lots to go over here. We have had some failures and now our breakouts are looking to retest prior resistance and turn it into support. If we see that happen, we will be bullish on the market. This is how downtrends reverse into uptrends. First you break the sloping resistance, then you turn it into support, creating a higher low, then you make a higher high. Even though the breakouts are bullish, we now will classify them as bullish retests. So first let’s take a tally.
Bullish Retest = 6
Neutral = 0
Bearish = 2
We have to keep an eye in these bullish retests because if they fail, they turn into bearish indicators and the downtrend will resume.
Comment:
Here are the higher low and higher high levels for the uptrend resumption scenario
