What you are looking at is the logarithmic growth curve for Bitcoin. The middle line (which I've highlighted yellow) has historically been the predictor for whether or not we will have a bull run where we touch the top of the channel. As you can see, the 1st time we broke this line, we decisively cut through this line and moved up at a rapid pace. The 2nd time we broke this line, it wasn't as decisive but still decisive enough to move up and touch the top. However the 3rd and most previous time we broke this line, it was much more indecisive than the previous 2. So much so that it actually failed as support which I believe is the reason we did not have a full bull run play out. Basically left us with a fearful and weak handed market which resulted in us coming back down to try again.
We have presently just broke through this line again. If we decisively break through, the bull run is back on and I believe it'll be a very quick trip to the top of the channel. Much more than the previous 2 bull runs. If it fails again, I believe we will have more of the same or even possibly a huge sell off by market makers who are reading this indicator.
Let me know your thoughts below.
We have presently just broke through this line again. If we decisively break through, the bull run is back on and I believe it'll be a very quick trip to the top of the channel. Much more than the previous 2 bull runs. If it fails again, I believe we will have more of the same or even possibly a huge sell off by market makers who are reading this indicator.
Let me know your thoughts below.
