This study is largely speculative based on this single trend and trend-analysis, and short term positions should be taken in combination with other time frames and indicators for better strategic planning.
Hit the follow button to make sure you get notified on my upcoming short-mid term analysis!
It's been a while since an update this chart, and per request I'm taking a look at the chart again. Back in Dec 7th, I posted the chart above with a pretty unusual channel. Personally I had not seen this posted by any other analysts before I mentioned it.
Once I posted the idea, we had not yet hit the line so I was not sure how it would react once we got down there. Fortunately for us, it's respecting as one should hope, and it's holding very well. It's important to point out it's not the trend holding it alone: It's supported by levels/zones and supply zones, fib-levels and a rounding bottom/ascending triangle pattern. All this makes for a great bottom.
On the long term chart we are looking good for now. We're moving a little too close to the line for my comfort, but as long as we hold above $3300 we should be safe above the trend. The bear-market was confirmed once we got a weekly close below 11k. Therefor, to officially be out of the bear-market, we need to move above 11k, and preferably break above the blue line to confirm a move out of the accumulation zone. Breaking the blue line and 11k is a great indication of a momentum shift.
Note; the blue line is not used as a resistance, but more to just show the zone.
On the short term chart you can see we dipped below the trend for a day before bouncing up again. This is perfectly normal for a trend-line spanning over such a long distance. It's due to different exchanges having small differences in the price history, and liquidation slides which is to a degree not controllable by the MMs. I'm not going to do a short term analysis on this chart, so follow to get notifications once it's out!