Bitcoin Bottom, start of reversal, 5 year vs 5 month trendlineHere we are finally, after watching and waiting for this collision for months now, we have finally arrived at what is almost certainly the bottom for BTC.
We see a 5 year ascending trend which just caught the free-fall inside of a 5/6 month descending channel. At this point either the 5 year trend can break and the 5 month down trend will continue or the 5 year trend will hold and we still maintain channel for our 5 month descent while edging upwards, this seems the most probable.
Whats next? Likely we will hug the 5 year ascending trend line, slowly moving up over the next month until late January where once again we will meet a major impasse of the trend lines as we reach the top of channel of our 6 month descending channel, looking to break through and subsequently catapult up with an assist again from the 5 year ascending trend line.
If the 5 year trendline does not hold, if we jump below and come back up to prove the 5 year ascending trendline as resistance, I would liquidate my long positions and see no end to how low BTC could go from there. This could still happen and anyone investing should be aware and watch this trendline closely.
This same trend-line held well after the crash from $21k so why wouldnt it hold now? BTC has greater adoption than 18-24 months ago, it has more government acceptance, blockchain projects have grown, corporate interest in blockchain and crypto also have only grown to include futures and ETF approvals for BTC. The only probable reason the 5 year trend would not hold now after holding then would be that market conditions are worse now then they were then which does not seem to be the case.
I am long, I am starting accumulation of BTC now at what I see as the best buying opportunity in more than half a year. This is not investment advice, DYOR.
S
