On the log scale Weekly time frame, it clearly bounces off the lower trend line and holds 3 separate times since inception. The highs are a little more difficult to interpret but the range is clearly set by the previous highest w/ correlation to trend lines.
Overall, the price action is showing that the floor of btc is progressing higher and higher and it would not be surprising for a fall to this level this cycle.
just base on the chart, the lowest level by the end of the year would be 18k-21K and the highest 100K-280K+.
its anyone's guess of where this will end up but if you are long and have a realistic time frame (5-10 yrs), it would suggest a bullish outlook for btc.
If we fall to the lower end of the range this would present a good buy opportunity but time will tell.
any thoughts?
+++not investment advice, I am a novice.
Overall, the price action is showing that the floor of btc is progressing higher and higher and it would not be surprising for a fall to this level this cycle.
just base on the chart, the lowest level by the end of the year would be 18k-21K and the highest 100K-280K+.
its anyone's guess of where this will end up but if you are long and have a realistic time frame (5-10 yrs), it would suggest a bullish outlook for btc.
If we fall to the lower end of the range this would present a good buy opportunity but time will tell.
any thoughts?
+++not investment advice, I am a novice.