All other potential higher-time-frame structures -- bullish or bearish, including the long-term logarithmic trendline -- have now been obliterated by today's dump. Barring a really major move up over the next three days, this is the last possible higher-time-frame pattern: a massive descending triangle that would, sometime late next year, return Bitcoin to late 2015 price of around $350.
What's very notable -- and quite disturbing -- is that that is the very same point when overall weekly volume started to decline: late 2015 when Bitcoin was around $350 (!!). This move would essentially confirm Bitcoin as a failure and scam: nothing more than a pump and dump scheme for whales and exchanges. Now -- it's not like that would be surprising, but it's the move that would confirm it for me.
The only hope I can see here is that we will soon be printing a huge bullish divergence on the weekly RSI between the 2018 bottom and this bottom. That's it... and it's a bullish divergence that would take months to confirm.
What's very notable -- and quite disturbing -- is that that is the very same point when overall weekly volume started to decline: late 2015 when Bitcoin was around $350 (!!). This move would essentially confirm Bitcoin as a failure and scam: nothing more than a pump and dump scheme for whales and exchanges. Now -- it's not like that would be surprising, but it's the move that would confirm it for me.
The only hope I can see here is that we will soon be printing a huge bullish divergence on the weekly RSI between the 2018 bottom and this bottom. That's it... and it's a bullish divergence that would take months to confirm.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.