Bitcoin: The secret trend line that goes unnoticed.
Bitcoin (BTCUSD) faced severe selling pressure yesterday, with the daily timeframe even turning to a slight downtrend. However, what seems to be overlooked by most people is the bigger picture on the daily timeframe; Bitcoin managed to close the last five weeks above the pivot trend line.
What is this trend line? It is the level that started as resistance from December 9, 2024, to January 27, 2025, closing all weekly candles that fell below it, although candle wicks occasionally broke above it. This confirmed its position as resistance at that time.
Now we see the opposite, five consecutive weekly candles closing above the pivot line. Notice specifically how stable the closing of the last two weekly candles has been, showing not only the high volatility the market has witnessed in recent weeks but also the same number of sellers and buyers present in the market (neutral). This is an indication that this is a consolidation phase, setting Bitcoin up for the upcoming rise. If we place the highest level in the Natch .$BTC