BTC looks so ugly on the LOG SCALE.
NO FUD here just facts !
Let's get right into this.
Looking at the Linear scale (
)
BTC looks as if it has broke the down trend coming from ATH. but then the momentum is very slow,this is not how the market should response to a MAJOR break out like this. usually when such a break out like this happens, we see massive increase in volume as well as PRICE. but this just did not happen , why so ??
looking at the LOG scale
here >
( which most of the time give a BETTER observation and understanding ) we see that BTC is approaching the MAIN DOWN TREND and have not broke above as in the Linear scale.
therefore he are 2 scenarios which may happen from right NOW to 2-4 days AT MOST.
1- BTC will touch or nearly touch the trend line and bounce back down in a very ugly way !
2- BTC breakes up , close above and then take off to 11K in no TIME.
what do i think ?? I do not want to guess the market, am moving my long potions SL which most entered at down trend 64**$. just a few hundreds from current price. and i am going to wait for the action to happen , i prefer to jump in a bit late than TOO EARLY.
btw this apply to alt coins too. once BTC starts moving everything will follow and vice versa.
do not say i did'nt warn ya :D
Good luck
Let's get right into this.
Looking at the Linear scale (
BTC looks as if it has broke the down trend coming from ATH. but then the momentum is very slow,this is not how the market should response to a MAJOR break out like this. usually when such a break out like this happens, we see massive increase in volume as well as PRICE. but this just did not happen , why so ??
looking at the LOG scale
here >
( which most of the time give a BETTER observation and understanding ) we see that BTC is approaching the MAIN DOWN TREND and have not broke above as in the Linear scale.
therefore he are 2 scenarios which may happen from right NOW to 2-4 days AT MOST.
1- BTC will touch or nearly touch the trend line and bounce back down in a very ugly way !
2- BTC breakes up , close above and then take off to 11K in no TIME.
what do i think ?? I do not want to guess the market, am moving my long potions SL which most entered at down trend 64**$. just a few hundreds from current price. and i am going to wait for the action to happen , i prefer to jump in a bit late than TOO EARLY.
btw this apply to alt coins too. once BTC starts moving everything will follow and vice versa.
do not say i did'nt warn ya :D
Good luck
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.