UPDATE: The most interesting #bitcoin magical line chart. 👀
Talking points:
✅ The initial red wedge--which suggested a coming break-out and explosion in volatility--was transgressed to the downside on February 24.
✅ The thin green (lower) line suggested that the series of higher lows would continue--and generally held true on down days, including February 28, March 10, March 11, March 12, and March 13. This is a type of BULLISH consolidation.
✅ Added descending thick red line and thick green lines to reveal POSITIVE DIVERGENCE in price/RSI AND price/global M2 terms. THIS IS BULLISH, and suggests that the next MAJOR move will be to the upside.
OPINION:
I remain generally BEARISH on the US economy and related (small-/mid-cap) equities in the near-term, while remaining generally BULLISH on global assets for the foreseeable future... especially bitcoin.
Magical lines and chart TA are for infotainment purposes only.
Just my thoughts. You do you.
