So, what do i have.
- Daily TF
- 50(green) MA and 200(blue) MA
- Previous uptrend channel (green)
- Downtrend channel (red)
- Levels of significance(due to past setups) under the heavy support/resistance at 8.4K, including major support at 6.2k
- Mirror of the correction from 2014(just as a guide of a previous big correction of the same asset)
Welcome Crypto believers!
Let's take a look at the weekly chart. Since the first big Bull run, back in 2013/2014, BTC has done some interesting moves.
We can see that after the run, the correction lasted almost a year inside a downtrend channel that took it down more than 50%, starting to accumulate after that. It entered an uptrend channel that pulled back when...
If we look at the daily chart, we can see that the last time OBV was this low, we were at 6k.
My theory is that all the late enthusiasts are stepping out of the game causing the market cap to contract. let's see where this takes us!
Ok, let's assume we are in a bull market since the beginning of times!
I've learned a TA technique that is called HVF (Hunt volatility funnel). This technique takes 3 highs and 3 lows to converge in a decompression that can go up or down, depending on the trend. let's use it to think positive!
BTC touched 6k and that gives us our L1, being the 20k our H1. Now we...