- This is the monthly historical chart for Bitcoin , and as you can see, we are currently at major and very important support!
- We have a long-term trendline that is printed only on the LOG scale, and the majority of retail traders never use the LOG scale, so that’s why it’s invisible to them.
- The trendline was established in 2013, and this is the one and only one trendline you can draw at this moment.
- So what happens if we break this trendline and previous all-time high from 2017 in conluence? Well, it will be extremely nasty, and this bear market is probably going to be the longest in the history of Bitcoin . We can basically have a 10-year sideways/corrective structure. There is also a possibility of a drop to 3000 USD (not now, but later in 2024) to the previous swing low from 2020. This is a true bubble that will pop, not the previous 2014 or 2017.
- Also, if we break this trendline, then I can make a complete lifetime impulse wave from 2009 to 2021, and we are prepared for a multi-year massive ABC correction.
- But I have faith in this support because, why not? Any speculation on a breakdown is, in my opinion, very risky at this point. You don’t want to short the support and long the resistance, you want to do exactly the opposite. But the majority of breakout traders make this mistake. First, they should wait for confirmation before entering a short position here.
- Do you think the trendline will hold or not? Let me know in the comment section!
Bitcoin BTC, Secret trendline from 2013! No one is talking about
Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.