Bitcoin Daily LOG chart UPDATE
I have been posting this chart since around March this year and we have finally reached the 2 arrow line.
This has given PA the Tme to recover from the 18 months of Bullish activity we have seen since Jan 2023.
It is also now given the Weekly MACD an accelerated descent. This needs to happen to give PA support for a bigger move.
However, the weekly MACD is Still high and so I am looking to the possibility of reaching the next arrow down. That is a scary 48K level.
If we reach that, FEAR will be Massivee and it could lead to a cascade.
BUT I am not to sure that would happen. Data Still shows a lot of Long term holders.
Hang in there...
If we rise, 61K is the area odf resistance we need to berak through or we fall back down.
This has given PA the Tme to recover from the 18 months of Bullish activity we have seen since Jan 2023.
It is also now given the Weekly MACD an accelerated descent. This needs to happen to give PA support for a bigger move.
However, the weekly MACD is Still high and so I am looking to the possibility of reaching the next arrow down. That is a scary 48K level.
If we reach that, FEAR will be Massivee and it could lead to a cascade.
BUT I am not to sure that would happen. Data Still shows a lot of Long term holders.
Hang in there...
If we rise, 61K is the area odf resistance we need to berak through or we fall back down.
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