I have plotted 3 green dashed trend lines as potential lines for an upside reversal.
Highest Angle Slope: Is measuring the steepest ascent from Q1 2019.
Lowest Angle Slope: Is measuring the regression mean from Q1 2019.
Mid Angle Slope: Is roughly the mid point of the two lines above.
It makes more sense to see us reach the "Mid Angle Slope" and hit around $6k for serious buyers to get interested and scaling in buys.
It would be healthier if the "Lowest Angle Slope" gets reached near $5k as this is where the big macro players will enter in more heavily if key reversal signs are formed.
It's likely we continue the descent down the red dashed downward sloping channel. If Bitcoin breaks out of the red channel then this is different behavior to be aware.
Remember the market is all about supply and demand and Bitcoin could bottom out anywhere, even at $7.5k!!!
Nothing happens until it happens!
Highest Angle Slope: Is measuring the steepest ascent from Q1 2019.
Lowest Angle Slope: Is measuring the regression mean from Q1 2019.
Mid Angle Slope: Is roughly the mid point of the two lines above.
It makes more sense to see us reach the "Mid Angle Slope" and hit around $6k for serious buyers to get interested and scaling in buys.
It would be healthier if the "Lowest Angle Slope" gets reached near $5k as this is where the big macro players will enter in more heavily if key reversal signs are formed.
It's likely we continue the descent down the red dashed downward sloping channel. If Bitcoin breaks out of the red channel then this is different behavior to be aware.
Remember the market is all about supply and demand and Bitcoin could bottom out anywhere, even at $7.5k!!!
Nothing happens until it happens!