BTC Monthly Log Still Not Broken
I know y'all are probably sick of people grasping on straws to find a trendline or moving average that hasn't been broken to validate their bearish view on Bitcoin. But I just noticed that we were rejected by the monthly log trendline, a well as the daily 200 MA and the weekly 30 MA, which are all long-term pivot levels that failed to break in 2014.
I never realized how important this 10k level was because I was simply viewing it as a psychological resistance, which we blew past in Feb/March, so I was expecting another test to come pretty quickly after a shallow pullback. Not so! I can now see why many are saying this is the bull/bear line and how important it is for us to break it with volume and conviction. Once we do break it, I think the sky is the limit. Otherwise, a retest of the lows, which if broken will probably dump to 4.4k.
That said, I do think this shouldn't be a repeat of 2014 because the environment is very different with a lot more people with skin in the game. So hopefully, we blow past this pivot level and go on our merry way back to ATH.
I never realized how important this 10k level was because I was simply viewing it as a psychological resistance, which we blew past in Feb/March, so I was expecting another test to come pretty quickly after a shallow pullback. Not so! I can now see why many are saying this is the bull/bear line and how important it is for us to break it with volume and conviction. Once we do break it, I think the sky is the limit. Otherwise, a retest of the lows, which if broken will probably dump to 4.4k.
That said, I do think this shouldn't be a repeat of 2014 because the environment is very different with a lot more people with skin in the game. So hopefully, we blow past this pivot level and go on our merry way back to ATH.
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