eye4gold
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BTC high risk double resistance just above 28k
As mentioned in the chart comment, I use log chart price analysis if an asset is in inflationary price territory when drawing potential longer term support and resistance lines. This in addition to short term (daily and shorter) reg price chart connection points. BTC completed a five wave advance with the first 5 wave ending 2014, the second in 2017 and the third at 65k finishing the orthodox top for this asset. Wave 4 is the wedge between Dec 2017 and March 2020. The real FOMO top at 69k showed long term (weekly, monthly and quarterly) bearish divergence confirmation on key analysis tools as price dropped through 65k downward again in Nov 2021 Only If log scale double resistance breaks and price subsequently advances upward through 32900 (Jan 2022), we can justify calling BTC’s bottom at 15.5k in Nov 2022. If resistance holds, the possibility of price dropping back all the way to the start of wave 5 , in March 2020, or even further is real.
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