BLX (Bitcoin) General View
This is a general over view of the state of Bitcoin in my personal outlook. I believe all TA is just a lens, in which you use to view the same thing but in different angles, different perspectives.
In this case is the macro Log scale trend line that I separated into 3 parts. Showing global resistance falling to it's middle line and then back to the green support to start the cycle again. Each time we hit the red resistance we fell back to the white middle line to then hit it's local support trend, so technically speaking it was a bearish market when it would hit the red line and wouldn't change until we fell back to support.
I personally don't trade using trend lines and especially curved subjective trends, but it does represent correlation between price action and the general area of price shown from the trend lines, to help guide what it could POSSIBLY do next.
So based on just this I personally see that we will continue into this 'Bearish Market' until 31k. Area which is the shallow 0.236 Retracement that it had gone to each time it made a correction
The way I view it, based on this it would be more likely that we continue down below this white trend to touch the green support, rather than this be the first time that it doesn't do that and continues to massively pump up from here making ATH.
This does align with my previous post of my outlook on BTC at the time of the end of January. It has still remained valid, shown here.
I appreciate any feed back.
In this case is the macro Log scale trend line that I separated into 3 parts. Showing global resistance falling to it's middle line and then back to the green support to start the cycle again. Each time we hit the red resistance we fell back to the white middle line to then hit it's local support trend, so technically speaking it was a bearish market when it would hit the red line and wouldn't change until we fell back to support.
I personally don't trade using trend lines and especially curved subjective trends, but it does represent correlation between price action and the general area of price shown from the trend lines, to help guide what it could POSSIBLY do next.
So based on just this I personally see that we will continue into this 'Bearish Market' until 31k. Area which is the shallow 0.236 Retracement that it had gone to each time it made a correction
The way I view it, based on this it would be more likely that we continue down below this white trend to touch the green support, rather than this be the first time that it doesn't do that and continues to massively pump up from here making ATH.
This does align with my previous post of my outlook on BTC at the time of the end of January. It has still remained valid, shown here.
I appreciate any feed back.
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