I'm choosing to use the daily line chart because it shows the situation so clearly:
1. Two-month-long pennant consolidation in mid-term uptrend, long-term downtrend.
2. Now under 50-day MA (black line) and it's turning downward.
3. Breakout within a week and potentially within next few days.
4 Move will be fast and furious and take us to one of the blue boxes (ie, somewhere around 12K or somewhere between 6.8k and 7.8k).
5. There are currently more bearish signals than bullish signals : under 50-day MA, under long-term trendline and weekly still inside long-term symmetrical triangle, S&P hitting resistance and economic factors getting negative again, etc... However, it's Bitcoin so it can ALWAYS go either way and there will always be, in retrospect, be a clear TA-based explanation for the move.
1. Two-month-long pennant consolidation in mid-term uptrend, long-term downtrend.
2. Now under 50-day MA (black line) and it's turning downward.
3. Breakout within a week and potentially within next few days.
4 Move will be fast and furious and take us to one of the blue boxes (ie, somewhere around 12K or somewhere between 6.8k and 7.8k).
5. There are currently more bearish signals than bullish signals : under 50-day MA, under long-term trendline and weekly still inside long-term symmetrical triangle, S&P hitting resistance and economic factors getting negative again, etc... However, it's Bitcoin so it can ALWAYS go either way and there will always be, in retrospect, be a clear TA-based explanation for the move.