The perfect and most recent example is seen in late June 2020 when BTC made multiple touches and finally rebounded on the 1 year trend-line (seen in black dashed) that has been holding since the June 2019 High. That re-test and rebound served as a stepping stone and paved the way to the late July rally and break-out above the 2 year trend-line.
Also notice how the (1D time-frame as mentioned) made also a rebound on the multi-year Buy/ . This has always been a strong buy indicator on BTCUSD and has only broken two times, 1) during the November/ Dec 2019 Bottom of the Bear Cycle (naturally and was very much expected) and 2) the COVID stock market fueled collapse (unforeseen macro event). Additionally see how the 1D MA200 is supporting since April.
So the question of the current study is obvious. Can this re-test/ rebound on the 2 year trend-line serve as a stepping stone for an even bigger rally? Feel free to share your work and let me know in the comments section!
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P.S. Keep in mind that even greater buy opportunities exist on other crypto coins and at the time being NWCUSDT is my favorite:
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Bitcoins is just another instrument of speculation for small and big institutions and little guys like us. It’s not money ,it’s nothing ,at this stage of development . Will it survive? No one knows. But one thing I know for sure- big institutions who control all the money don’t like uncontrolled competition. And the only way to control this is to kill it or buy it and than kill it.
Now it’s big chance that bitcoins going to be at 3000 level. Sell at 10650 add at 10750 added at 10850, and if it will go higher I will sell more.
It’s a fake rally of a fake assets. Madness of the crowd. Like that book.