The 2 most important long term trends for me has been the bear 9-month bear channel from September 2019, and the 4-year old long term bull trend.
The price has been witnessing a startling rejection from the bear channel of 2019. There can be many ways a channel or a trend can be drawn. What particularly impresses me about this channel is the significance of the mid-line.
The support from the log cycle earlier held during the bear markets of 2018 (at $3150) and 2019 (around $6450) as well. However, it was broken when the coronavirus crisis hit the markets. After an impressive recovery from the lows, the price again found support above it last week.
But, it is again beginning to threaten a break-down.
A confirmation on the 1-hour, makes me cautious at the moment. I'll be looking for confirmation on higher times frames (4-hour, then daily) to identify fake-outs or a deviation.
The price has been witnessing a startling rejection from the bear channel of 2019. There can be many ways a channel or a trend can be drawn. What particularly impresses me about this channel is the significance of the mid-line.
The support from the log cycle earlier held during the bear markets of 2018 (at $3150) and 2019 (around $6450) as well. However, it was broken when the coronavirus crisis hit the markets. After an impressive recovery from the lows, the price again found support above it last week.
But, it is again beginning to threaten a break-down.