BTCUSD - Modeling 29 June as pivot point for BTC recovery
BTCUSD - Was 29 June the pivot point for the future of BTC?
This was my procrastination project for the day in between working.
29 June may have been the turn-around for recovery in the BTC 2018 crash.
What we see since then is a consistent rejection of what appeared to be an establishing downward LL trendline.
While the 14 Aug HL may have been an anomaly, the 08 Sep HL appears to be a confirmation of the changing low trendline.
The tightening market led to some minor confirmations, but I am not personally convinced of an incoming bull market unless BTC can recover from (approx) $6000.
At the moment, this chart is not making any claims to incoming markets. All indications I have are that it is totally unpredictable what is going to happen come the end of the squeeze and volume likely returns.
Today's breakout above the 05 Sep to 22 Sep high trendline possibly is a minor sign of a coming bull market.
It remains to be seen if the 24 July to 05 Sep high trendline can be broken, and most tellingly, the 5 March to 24 July high trendline.
This was my procrastination project for the day in between working.
29 June may have been the turn-around for recovery in the BTC 2018 crash.
What we see since then is a consistent rejection of what appeared to be an establishing downward LL trendline.
While the 14 Aug HL may have been an anomaly, the 08 Sep HL appears to be a confirmation of the changing low trendline.
The tightening market led to some minor confirmations, but I am not personally convinced of an incoming bull market unless BTC can recover from (approx) $6000.
At the moment, this chart is not making any claims to incoming markets. All indications I have are that it is totally unpredictable what is going to happen come the end of the squeeze and volume likely returns.
Today's breakout above the 05 Sep to 22 Sep high trendline possibly is a minor sign of a coming bull market.
It remains to be seen if the 24 July to 05 Sep high trendline can be broken, and most tellingly, the 5 March to 24 July high trendline.
Comment:
Still holding strong, but not much upward departure
