The interesting part about the above idea is that it has been done by a single indicator called TRENDSTAR without manually plotting any lines or labels except the vertical date lines which I have manually plotted with the drawing tool for reference purposes .
The RED candles signify DOWNTREND and GREEN candles signify UPTREND based on inbuilt momentum study .
It plots all the history of bitcoin on a single chart ! You can replay and check .
We pumped parabolically from 15 Nov 2018 to 2 jan 2018 after which the dump started from a price point of 15500$( notice the DUMP printed).Conditions became really worse around 4th Aug 2018 after which there was not a single day of BUY momentum( Notice all the red candles)
After nearly a 200 day drought on 18th Feb 2019 ,bitcoin has finally moved up 100 day SMA which is a positive sign .Notice the L sign punched out on 18th Feb 2019 which signals a new BUY trend on the daily chart .
Also there is hidden bullish divergence( H.Bull (TC) ) on the charts which is a trend continuation signal for uptrend plus we have a higher low (HL) which strengthens the trend.
The strength of this trend is a real test because we have got quite a lot of work to do before we reach 200 day SMA .(5000 $ ). Institutional interest will pick up only after this range ( 5000$+) .
It will require strong momentum uphill to push it to that stage . Bitcoin remains a BUY till then and we can expect minor corrections along the way .
The ATR level has fluctuated from 100 to even 500 on some days so predicting a time to reach this would be meaningless . The only meaningful action will be to hang on to the trend , relax and let the market do its job .
If you feel that crypto is stressing you out relax and change instruments you trade - try forex , stocks and you will find plenty of opportunities everywhere .Some of these opportunities follow TA more meaningfully ( with crypto TA fails at times :-) ).Remember cryptos are better instruments to invest or swing trade rather than day trade . Believe me a crypto trader can smash out forex with his skills !
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