BTC - Ongoing Study 6/22/18
BTC seems to have been crushing bull's dreams lately, just always remember the bit about equal and opposite reactions for every action. What goes up must come down and vice versa. The bottom chart is a log chart so to show the difference in the resistance trends. I have also marked the bullish divergence with the orange lines on both charts. The fibs are based on the low of 2014 and the high of 2017. The 70.5% retracement level is known as an institutional buy level and it happens to be a significant support level for the measured rally. Lots of positive news has been coming out and I feel the current price action does not accurately reflect this reality. In fact, it seems to directly contradict the growing amount of positive news. Maybe that observation is a relevant divergence in itself. Maybe I'm wearing rose-tinted glasses. No matter the case, I dont see a plausible argument that supports the "death" of BTC. What will it be by the end of the year? I've, honestly, no clue. The 2018 trend has been down but nothing lasts forever. I hope this adds to your perspective, whatever it may be!
Best regards,
T. Savant
Best regards,
T. Savant
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