Friends I hope you all have a wonderful week. Just wanted to post a quick Monthly chart update. What is important going forward is a monthly close over $23.3K. A more significant area of resistance, but one that would all but insure our new uptrend is in place is $25.5K.
Lastly, and this is important: Barring a complete melt down in price, our current monthly Histogram is in the process of making a Higher low. All prior cycle bottoms were defined by this little known indicator bottoming. It is the following bar that marks the rebirth of a new cycle. While no one say with 100% confidence that we will do what we have in prior cycles, it is the confluence of ALL ideas, indicators, and other macro factors that will help lead us on our path forwards.
Lastly, and this is important: Barring a complete melt down in price, our current monthly Histogram is in the process of making a Higher low. All prior cycle bottoms were defined by this little known indicator bottoming. It is the following bar that marks the rebirth of a new cycle. While no one say with 100% confidence that we will do what we have in prior cycles, it is the confluence of ALL ideas, indicators, and other macro factors that will help lead us on our path forwards.
JT