WOW!
BTC - Old Logarithmic Discovery - on the Daily
The heading will be relevant IF Price consolidates or continues down over the next 5-7 Days... But do read the rest of my observation...
I opened an old log chart I hadn't looked at that had a Fib Extension I had drawn back in Feb 2021. I was amaze how well the 1 Fib aligned with the recent ATH before BTC capitulated.
From there I cleaned out some old irrelevant lines other than the Macro Trend Line from the March 13th 2020 dump at $3,730.
I then added a couple relevant lines, and callouts.
I noted the last 2 consistent Death and Golden Crosses along with the current potential Death Cross if things continue down.
It blew my mind how the current POC (Point of Control - Red line) is almost dead in line with the old .786 Fib
It also blew my mind that when as to where the '1' Fib line intersected with the old $3,730 Macro Trend, which was almost a signal that we were approaching the beginning of the end of the bull run.
It's almost as though as soon as we fell below the Macro Trend after the Death Cross, we weren't able to get back above the Macro Trend even after the Golden Cross.
The thin white trend line at the current price action is showing resistance still.
So if price can't retest above that thin white trend line over the next 5 to 7 days, we may have a Death Cross on our hands...
1st chart is a view of where the old trend line started...
2nd chart is the zoom-out
3rd chart is the local zoom-in
BTC - Old Logarithmic Discovery - on the Daily
The heading will be relevant IF Price consolidates or continues down over the next 5-7 Days... But do read the rest of my observation...
I opened an old log chart I hadn't looked at that had a Fib Extension I had drawn back in Feb 2021. I was amaze how well the 1 Fib aligned with the recent ATH before BTC capitulated.
From there I cleaned out some old irrelevant lines other than the Macro Trend Line from the March 13th 2020 dump at $3,730.
I then added a couple relevant lines, and callouts.
I noted the last 2 consistent Death and Golden Crosses along with the current potential Death Cross if things continue down.
It blew my mind how the current POC (Point of Control - Red line) is almost dead in line with the old .786 Fib
It also blew my mind that when as to where the '1' Fib line intersected with the old $3,730 Macro Trend, which was almost a signal that we were approaching the beginning of the end of the bull run.
It's almost as though as soon as we fell below the Macro Trend after the Death Cross, we weren't able to get back above the Macro Trend even after the Golden Cross.
The thin white trend line at the current price action is showing resistance still.
So if price can't retest above that thin white trend line over the next 5 to 7 days, we may have a Death Cross on our hands...
1st chart is a view of where the old trend line started...
2nd chart is the zoom-out
3rd chart is the local zoom-in