Path of Bitcoin

28 dic 2021

I was messing around with some trendlines and i think i found something very interesting. So i took the accumulation structure from 2019(in log scale) and i followed it out to the current day and and of course there's lots of ups and downs between these two trendlines especially with the corona crash but where it gets interesting is when it breaks above the top of the accumulation area in the springtime as a distribution top then it regards the bottom trendline as a bottoming indicator around that 30k level. and even pierces below it which you could say was a sign of weakness and usually after a sign of weakness you would usually go and test the top of the range again which since this is an upsloping structure that would mean it would make a higher high than the high in May. Which it not only did it hit the top of the trendline but it hit twice as a double backtest of the top which could be an LPSY(Last point of supply) and breaking back below it early in December before double backtesting the bottom of the trendline in which the second backtest happening today, with a clear rejection. So im starting to wonder if there is something to this 2019 accumulation structure than i once thought and maybe its showing us the path of what's to come. I honestly have no idea if this is the best way to look at it but i have to say i don't know if its a coincidence that this has been so well respected as of lately.