This is a continuation of my previous posts. Thus far bitcoin has a clear trend line passing through early February, April then late May. Most charts out there show this clear trend line which was broken ~ jun 10. The value this chart adds is the resistance line I start drawing at around May 10. This trend line allowed to correctly pinpoint a potential breakdown on 6/9 (which did occur). Most folks draw their trend lines from the highs. I do this as well when it fits. I also look to identify shifts in sentiment and draw trend lines from such points. In my view, around ~5/10 a "sentiment shift" occurred. In this case meaning it broke down from a support line it was previously following (green line from 4/15 -5/10).
1) "Sentiment shifts" and breaks down ~5/10
2) It drifts up then breaks down (5/15).
3) Drifts up again and breaks down again (5/21).
Connecting those dots I get a clear resistance line which it is currently heading to. Will it break down again when it gets there like it did 6/9? Hard to say but that resistance line is clear and should be one to pay attention to. Overall BTC chart looks "ugly" to me. It is below long term support with several levels of resistance to overcome. In my view we won't be out of the down trend until we overtake the upper red downtrend line which is currently around $8,000. I never short bitcoin but be careful out there. Remember, the only folks who consistently buy bottoms and sell tops are liars!
and always remember ... all there is, is atoms and void. ;-)
1) "Sentiment shifts" and breaks down ~5/10
2) It drifts up then breaks down (5/15).
3) Drifts up again and breaks down again (5/21).
Connecting those dots I get a clear resistance line which it is currently heading to. Will it break down again when it gets there like it did 6/9? Hard to say but that resistance line is clear and should be one to pay attention to. Overall BTC chart looks "ugly" to me. It is below long term support with several levels of resistance to overcome. In my view we won't be out of the down trend until we overtake the upper red downtrend line which is currently around $8,000. I never short bitcoin but be careful out there. Remember, the only folks who consistently buy bottoms and sell tops are liars!
and always remember ... all there is, is atoms and void. ;-)