The market has been drifting without purpose for some time now, but is finally approaching a critical decision point.
This is a LOG chart of BTC, showing long term trend line ahead (grey) and a series of lower highs (purple).
If both lines are broken, we are on the way to resuming a powerful bull trend. The opposite is also true.
Note we already broke out on the regular BTC chart (non LOG) days ago, but price has not reacted strongly and indicates uncertainty in the market.
This uncertainty is further reflected on the ETH chart (non LOG) which has been drifting sideways and is also still under its key long term trend line.
This combination of factors, ETH still not broken out, and BTC log chart still not broken out, leads me to believe the next few days may determine BTC's future for the coming months.
This is a LOG chart of BTC, showing long term trend line ahead (grey) and a series of lower highs (purple).
If both lines are broken, we are on the way to resuming a powerful bull trend. The opposite is also true.
Note we already broke out on the regular BTC chart (non LOG) days ago, but price has not reacted strongly and indicates uncertainty in the market.
This uncertainty is further reflected on the ETH chart (non LOG) which has been drifting sideways and is also still under its key long term trend line.
This combination of factors, ETH still not broken out, and BTC log chart still not broken out, leads me to believe the next few days may determine BTC's future for the coming months.