Keep a keen eye on the black line
Updated
Sorry for my absence, TV. I've been handling personal matters.
Weekly chart.
No question, sentiment is frail. RSI hasn't been this low since the middle of 2015. MACD keeps oozing slowly, like a tube of toothpaste with the cap off, under increasing G force.
What I'm currently interested in is this black line. It is a highly reactive historical support/resistance line and I think it's worth noting that we could have fallen horribly right through it, as it's also the neckline of the H&S from the inferno of doom chart I posted early last month, but thus far, we haven't. Because of this, I'm putting some faith in it as support. 100EMA also appears to be holding its hand out to feed the pretty little birds.
I'm not saying we're mooning, or even bouncing. I'm saying this line may be the steady hand that brings chaos into order. The quiet end to a cycle in a market where people are addicted to volatility. The axis around which the future of BTC will revolve, at least for the meanwhile.
All I'm saying is keep your eye on it.
May all of life's treasures be yours.
Weekly chart.
No question, sentiment is frail. RSI hasn't been this low since the middle of 2015. MACD keeps oozing slowly, like a tube of toothpaste with the cap off, under increasing G force.
What I'm currently interested in is this black line. It is a highly reactive historical support/resistance line and I think it's worth noting that we could have fallen horribly right through it, as it's also the neckline of the H&S from the inferno of doom chart I posted early last month, but thus far, we haven't. Because of this, I'm putting some faith in it as support. 100EMA also appears to be holding its hand out to feed the pretty little birds.
I'm not saying we're mooning, or even bouncing. I'm saying this line may be the steady hand that brings chaos into order. The quiet end to a cycle in a market where people are addicted to volatility. The axis around which the future of BTC will revolve, at least for the meanwhile.
All I'm saying is keep your eye on it.
May all of life's treasures be yours.
Note
Expecting another touch to this line around 7k this week.
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