@Ryan69, you don't know what the log scale is do you ryan 😂
Mechanitech
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@trader335534, I do actually. Thanks for the ass-u-mption. Been looking at log charts for the last 5 years. Just because you can draw a support line doesn't mean it's bullish as f*. Look at many of the other indicators, except stock to flow... You will see mostly bearish signals and divergences. You can run many different support lines all day long on previous btc bull markets and see that they eventually end up breaking trend and coming down through the support. Log or not..
You could start the trend line on Dec 11th all the way across and in a few weeks to months, it will hit that. Will you call it bullish then? Overall btc will continue to be bullish but we have a correction sequence to continue to go through.
How long have you been watching a log chart on BTC?
FreedomBuilder
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@Ryan69, LOL, There are more factors than just a trendline. Trendline, horizontal support, hidden bullish divergence, a completed bullish harmonic pattern and extreme fear in the market. With that being said, you may be right and we may be going down further but the probabilities are higher on moving up from here.
Mechanitech
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@FreedomBuilder, 100% agreed there are more factors than trendline. I was referencing the graph above that shows a trendline moving up acting as support in this bullish. Then the graph indicates the MACD down trend line is showing selling pressure. You can also see a slow in buy pressure from the green RSI trending down as well. No buyers, price doesn't go up.
Same chart look above. :)
The headline says bullish as f* but the chart he is showing a bounce, possibly doing exactly what we did in 2018 at this place in the bearish cycle. Literally...
I've overlaid the previous bearish cycle, from top of bull market down to bear bottom. Have a look and tell me what you see. Love your ideas, wisdom and serious study.
FreedomBuilder
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@Ryan69, That's is wishful thinking on your part. There's an immense probability we will never see Bitcoin at the 13k level you have illustrated. By the way I could've broken down with detail why I think bitcoin has bottomed out on this current micro market cycle but I didn't feel like writing an essay like you. LOL
Mechanitech
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@FreedomBuilder, Laziness from the feeling state... Gotcha. Sorry you have that problem, hopefully it doesn't bleed over to the rest of your life.
You are right there is huge probability we will never see that. It's possible though. It's also possible we don't fall through a support line that moves up over the flash crash of covid 19. That would put us at about 19k as the support which follows the "never seen a drop below the previous all time high." This is highly probable.
The funny thing with technology, it get's evolved and upgraded. BTC is over 10 years old. It's a dinosaur and only a matter of time before another network takes it over. If that's the case, then we could very well see the trend of bitcoin fall. So that makes up for a higher probability of seeing trend line break.
Why haven't we seen huge gains on btc? Because the alt markets. Competition for market cap. There's more probability than you think when you take into consideration the state of the crypto markets evolving.
Show me the proof you think it bottomed out rather than poking holes in the future that's 1.5 years out. What indicators?
Publish your chart and show bro.
FreedomBuilder
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@Ryan69, LOOOOOOOOOOOOOOOLLLLLLL. Bro you don't know me. Let me know when you work 14 hour days and make $500,000 a year than come talk to me.