Hello Traders,
today I present you an update on the long-term Chart of Bitcoin with information on the overall market sentiment.
Bitcoin has today correct down to one of the most important long-term trendlines which go back many years. A lot of Traders and Data-Analyst the logarithmic Charts to evaluate Bitcoin's long-term behavior.
A logarithmic scale is powerful because from mathematics it serves to plot the momentum and slope of the chart independent of the current price, i.e. you can compare trends back from 2013 with today's price-actions and draw trendlines. Further, logarithmic laws allow us to illustrate exponential functions quite nicely and reveal the congruence of data points in mathematical functions and do regression analysis, etc.
As you can see in this particular chart, the white trendline has served as a support level many times. Even during the last bear-market in December the support line was only shortly broken to the downside. As the trendline was, however, broken to the upside a few weeks after, there was a big bullish momentum starting to push the price through many resistance levels. Even last month at the end of October, we saw the biggest bullish candles once the support line was touched.
To conclude, if the support line holds, we can expect the bullish momentum to return and move the price significantly higher. If we, however, break this trend line, Bitcoin will potentially move to the 6000 USD levels. The bottom of the last bear market was below this trend line, but not significantly lower, which indicates that the bottom for Bitcoin might be near!
Thank you for your attention. If you like my content, please give me a like and comment below.
I wish you nice Profits!
Cheers,
The simple Trader
today I present you an update on the long-term Chart of Bitcoin with information on the overall market sentiment.
Bitcoin has today correct down to one of the most important long-term trendlines which go back many years. A lot of Traders and Data-Analyst the logarithmic Charts to evaluate Bitcoin's long-term behavior.
A logarithmic scale is powerful because from mathematics it serves to plot the momentum and slope of the chart independent of the current price, i.e. you can compare trends back from 2013 with today's price-actions and draw trendlines. Further, logarithmic laws allow us to illustrate exponential functions quite nicely and reveal the congruence of data points in mathematical functions and do regression analysis, etc.
As you can see in this particular chart, the white trendline has served as a support level many times. Even during the last bear-market in December the support line was only shortly broken to the downside. As the trendline was, however, broken to the upside a few weeks after, there was a big bullish momentum starting to push the price through many resistance levels. Even last month at the end of October, we saw the biggest bullish candles once the support line was touched.
To conclude, if the support line holds, we can expect the bullish momentum to return and move the price significantly higher. If we, however, break this trend line, Bitcoin will potentially move to the 6000 USD levels. The bottom of the last bear market was below this trend line, but not significantly lower, which indicates that the bottom for Bitcoin might be near!
Thank you for your attention. If you like my content, please give me a like and comment below.
I wish you nice Profits!
Cheers,
The simple Trader