I'm a trend follower via Cycles. The Investor in me is as bullish on Bitcoin as i have ever been. I'm fully on board the #HODL train.
But as a trader, it requires a different lens, as the trading time-frame is much shorter, the long term fundamentals are not applicable. Careful confusing fundamentals with what is occurring in a short term price chart!
So naturally, a trend follower can only conclude that Bitcoin is locked in a "Cyclical Bear Market". Eventually, this too shall pass, but for the time being I want to be viewing the market from that perspective. Therefore, I see this rally as the counter-trend move back to the trendline. At that trend-line, I want to start looking for short opportunities again.
The intermediate term trend-lines on this chart are NOT a prediction. They simply represent ONE possible "bear Market" trend within Cycles. Point being, a bear trend is a downtrend, until the market proves otherwise.
your chart looks very familiar to mine, the only difference is the your lowest-low is not on my list. the support at 6K area is too strong in my opinion. but time will tell. well done
xtort
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When I draw the downtrend line for Bitfinex 1D, it seems it has already crossed that line. How come yours is different ?
xtort
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@xtort, That is your GREEN line. Mine is different.
on every single reversal in modern Bitcoin, the bounce has happened at psych numbers. My number here is definitely 4k flat
Bullion_Money
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lots of ppl calling bear market (Including me and long-term bull) but not seeing bear move yet. What I am seeing though is Breakouts and then going back under the trend line then breakout again over and over again.