Bitcoin is currently sitting right on the inside of the Log chart uptrend formed from last year. At the end of this month both the Log chart uptrend and the downtrend channel from November will converge and end.
Many are suspecting a downward trend, and some an uptrend.
Here is the support for the uptrend.
This is speculative and not trading advice.
The daily MACD is and has been below 100 for a long time. the Stoch RSI has also touched 0 and make a quick reversal back down but is still very oversold.
We are at the bottom of the bollinger bands for the daily.
We are at the bottom of the yearly channel.
Each of these things above are buy signals.
Long term projection-
The trend should be slow for the next two weeks ranging from 8k to 9k and breaking out of the downtrend channel slowly. once broken it will shoot upwards into the green channel at around 11k and trade sideways between 10k and 12k in April. After this we will move into the green channel and rest there fluctuating between 13k and 17k with high volatility as interest comes back into the market and finally reaching a new high in early June. Following this is a repeat of the parabolic model upwards to 40k.
A break below the trend line will invalidate all of this and will send BTC down to its previous log chart from the year before having a drop as low as 2300 before a return back up to this channel with this channel as a firm resistance.
Many are suspecting a downward trend, and some an uptrend.
Here is the support for the uptrend.
This is speculative and not trading advice.
The daily MACD is and has been below 100 for a long time. the Stoch RSI has also touched 0 and make a quick reversal back down but is still very oversold.
We are at the bottom of the bollinger bands for the daily.
We are at the bottom of the yearly channel.
Each of these things above are buy signals.
Long term projection-
The trend should be slow for the next two weeks ranging from 8k to 9k and breaking out of the downtrend channel slowly. once broken it will shoot upwards into the green channel at around 11k and trade sideways between 10k and 12k in April. After this we will move into the green channel and rest there fluctuating between 13k and 17k with high volatility as interest comes back into the market and finally reaching a new high in early June. Following this is a repeat of the parabolic model upwards to 40k.
A break below the trend line will invalidate all of this and will send BTC down to its previous log chart from the year before having a drop as low as 2300 before a return back up to this channel with this channel as a firm resistance.
Comment:
Long Term view