BTC: The Chart That No One Is Seeing! - Alternative BEARISH Case
We would love to give our take on the bearish case (we are not saying we are completely bearish!)
We have found an extremely interesting pattern that no one may be eyeing. We have created a parallel channel that has been showing perfect support and resistance zones that may contribute to Bitcoin's downward movement.
Based on some of the data we found over the years, we are seeing no new interest flowing into the Bitcoin space, according to the Google Trends. Here is a link to what we mean: https://trends.google.com/trends/explore?date=all&q=bitcoin
Although we may THINK that Bitcoin is pumping due to the higher demand from new money, it is simply not always the case! We must use all of our technical and fundamental indicators realistically and to our advantage. The RSI indicator is a perfect example of why no new money is flowing into the space. We are still creating technical lower lows on the chart, indicating that recycled money may be the factor for price movement. If Bitcoin were to pump RIGHT now, we would still be well below the high on our RSI.
Another perfect example of why the log chart is playing out perfectly, is that we have already retested the channel on the lower trend line. It did not react in a positive way and actually failed to break above back into the parallel channel.
BTC has shown MONTHS of support on the lower trend line; however, with the introduction of our liquidity theory and the introduction of highly leveraged markets, people will take profits and short the market as best as they can with every opportunity. This may lead us to consolidating for a very long time, furthering evidence for the lengthening market cycle.
We have found an extremely interesting pattern that no one may be eyeing. We have created a parallel channel that has been showing perfect support and resistance zones that may contribute to Bitcoin's downward movement.
Based on some of the data we found over the years, we are seeing no new interest flowing into the Bitcoin space, according to the Google Trends. Here is a link to what we mean: https://trends.google.com/trends/explore?date=all&q=bitcoin
Although we may THINK that Bitcoin is pumping due to the higher demand from new money, it is simply not always the case! We must use all of our technical and fundamental indicators realistically and to our advantage. The RSI indicator is a perfect example of why no new money is flowing into the space. We are still creating technical lower lows on the chart, indicating that recycled money may be the factor for price movement. If Bitcoin were to pump RIGHT now, we would still be well below the high on our RSI.
Another perfect example of why the log chart is playing out perfectly, is that we have already retested the channel on the lower trend line. It did not react in a positive way and actually failed to break above back into the parallel channel.
BTC has shown MONTHS of support on the lower trend line; however, with the introduction of our liquidity theory and the introduction of highly leveraged markets, people will take profits and short the market as best as they can with every opportunity. This may lead us to consolidating for a very long time, furthering evidence for the lengthening market cycle.
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📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
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