IMO, only one trendline matters, which is defined by the April 21 ATH and the selloff point of the second reach to new ATH. I am considering this as the top line of a descendig wedge, representing the start of new (real) bullrun. IMO, the last bull run ended in Apr 21. the new ATH in Nov 21 is a try to break out of the descending wedge but failed, which is not sprisingly as many traders and newbees were unsure about upcoming regulations. To start a new major bullrun, we need more accumulation, which for me is located around 14k-17k. I do expect large accumulation around this area at the end of the year and a start of a new bullrun in the upcoming month following.
No financial advice, dyor. Keep in mind, that with ongoing regulations and a change in macroeconomically circumstances, also a fully change in this idea might come upon.
Namaste
No financial advice, dyor. Keep in mind, that with ongoing regulations and a change in macroeconomically circumstances, also a fully change in this idea might come upon.
Namaste