Looking at BTCUSD on the Weekly TF (LOG) It was apparent that LT Trend touch attempts were made by the Bears after ATH levels had been locked in.
With the current Weekly Bear Flag formed within the current Ascending Range, I am questioning whether another LT Trend retrace is in play.
Noted there is some strong Support to break and hold BUT as former ATH (20k region) has yet to be retested since it broke in DEC 2020 and LT trend has been untested since MAR 2020 I feel it is a great target if Range & Former Support is broken.
RSI is rallying off Short Term uptrend but if this breaks then the last sign of momentum support is off the 42.00 region as this has proved pivotal in years past.
If the current range holds and the Bear Flag is to fail then I am looking for another rally within Weekly Range back towards ATH and Upper Range Resistance. RSI will break above the 50.00 Midway and break its LT Downtrend.
Descision time is close IMO. What are your thoughts on the LOG Scale?
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."
With the current Weekly Bear Flag formed within the current Ascending Range, I am questioning whether another LT Trend retrace is in play.
Noted there is some strong Support to break and hold BUT as former ATH (20k region) has yet to be retested since it broke in DEC 2020 and LT trend has been untested since MAR 2020 I feel it is a great target if Range & Former Support is broken.
RSI is rallying off Short Term uptrend but if this breaks then the last sign of momentum support is off the 42.00 region as this has proved pivotal in years past.
If the current range holds and the Bear Flag is to fail then I am looking for another rally within Weekly Range back towards ATH and Upper Range Resistance. RSI will break above the 50.00 Midway and break its LT Downtrend.
Descision time is close IMO. What are your thoughts on the LOG Scale?
"DISCLAIMER: NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation."