Recently, I got too many requests to make a long-term chart in log mode to project the overall trend with fibonacci relationship.
Measuring local low as 0 and local top as 1 to get a sequence based on that specific wave configuration.
Fib channel is made by connecting ATH with previous bullrun top and dragging it to the lowest point.
The combo gives us...
Here we take a look at BTC heikin-ashi candles on a 3 day timescale,
the 1 day simple moving average with a length of 300,
and a fibonacci channel,
all on the logarithmic price scale.
Of note, is the candle behavior in relationship to the 300 SMA,
before and after BTC reaches its' peak during the 2013 and 2017 bullruns,
and how that behavior can be analyzed...
Looking at the current BTC downward market structure in log, here are some observations.
Purple fan lines extend from last year March low. The white channel fits perfectly between the two most outreached tops, and 4 bottom major wicks down since April. Most recent local wick down landed on the bottom of the triangle (log) and local structure .618. Major trend...
675 is next up. If you followed my entry you should be up nicely.
675 should be a correction point of previous trend line. We closed around ATH on Friday. A correction would be healthy for the next run up to extended target of 800+
Personally I feel the bull run is over. I was here in december 2017 and the same FUD was spread around this time in the cycle. But that is a gut feeling. The charts tell me another story.
The vertical red lines are the past halving. Looking at the time since the halving of 2020 we are 330 days into the bull run. In 2017 at the same point in the cycle we saw a...
Bitcoin Log scale RSI and Moving Averages are starting to turn downward on the 1D chart. The trend angle in the last two months dropped by 10 degrees. There is a lack of volume in the current "leg up." If the trend were to continue, Bitcoin price would have to be 100k in 1 month. However, there is no sign of buy volume at these prices that would bring it to that...
The talk of the town is the Market is overdue for a plummet!
Fun fact: This has been the narrative for the last decade as far as I am aware.
It's more likely that the major indicies will continue grinding up or even go sideways a bit.
This chart certainly appears to signal "euphoria". It looks overextended, parabolic, intimidating, right?