I made this a while ago back in June of 2022 if I remember correctly and I have a prior post on here about it. This is just and update to that as far as how it is holding up, which is holding up remarkably well. The arrows are of where each point is plotted as a reminder and that touch a specific price point. The purpose was to show that it has not changed and...
inspired by @spoofyy
...it's easy to look at the log rainbow and think uponly.
***NOTE: you can't lock chart when in log mode...so you'll have to play with the price scale (squeeze and stretch) til the spiral fits the tops like it did when i posted it***
but when you account for bitty topping out at lower and lower fib levels within the rainbow...you can see...
When you have MULTIPLE confluences in SAME PLACE that could lead to high probability scenario.
Those confluences that make MACRO and short term outlook on BTC so bearish are :-
1) LOG REGRESSION CHANNEL :-
2) Target of bear flag is just at that major support zone which coincides nearly with PREVIOUS ALL TIME HIGH as well.
3) As per wall street chart, it...
Bitcoin from weekly price action point of view is looking to retest it's Weekly support zone which is 30k.
Short term BTC might have already completed Right shoulder of H&S BTC is creating on weekly chart and BTC currently is experiencing downtrend because of Confirmed Bearish Divergence that played out and still is in play.
BTC for near term future is not...
This is the same idea as the preceding ETHUSD chart. BTC has been teasing with the mean but has bounced above it. If the bulls keep the price up the bound would be at 100,000 USD by end of year.
If ETH decides to continue with the positive MA until it touches the upper band, we would be buying ETH around the 10,000 USD range. If it rejects the mean, the buys would stop at 2000 USD.
I apologize for the lack os seriousness in the previous published charts. I hope that this gives a new outlook on long term trends.
