bene74y

Downtrend from a log perspective

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We have broken the downtrendline from 20k but only in the linear scale, which means we are still in a downtrend.
The major push we had was more of a pump+shortsqueeze and with intent to change the market sentiment to bull.
And that we did, we eradicated almost 50% of all bitcoin shorts from the market (42% to be exact) but some fear is still lingering.

If we brake the downtrendline in the log scale and close above it, then I´ll also probably put my bull custome back on
but that wouldn´t mean we are out of the water. There are still many hurdles to confirm the uptrend, so first we would have to invalidate
this count by pushing above 9.6k, make it 10k to be sure and then push past 12k to be sure that the bulls will run free.

(log scale again)
So if we can close above this trendline on the daily then I believe that we have a very good chance at shooting for all time highs again but for now I am bear.


(linear scale)
Shortterm I think we will go down and bounce from 7.6k because this blue trendline is actually the downtrendline from 20k in a linear scale which should act as support.


Tihs is still the year of regulation so I don´t think we will only shoot upwards. We could compare Bitcoin and cryptocurrencies in general
to the Internet in the early 90s, so from a technical point of view we are still lagging behind. Many use cases behind these cryptocurrencies
haven´t even been released or aren´t ready yet for the billions of people we hope to change their lives for the better with this new technology.

So that´s where I stand at the moment, hoped u like my thoughts on this.

Cheers,
Ben
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