BTC Natural Growth (logscale) Bull Channel
Updated
Just a weeee bit of speculation. BTC forming logarithmic growth bull channel. Although unlikely, could still see one upside bounce as indicated on chart before full bearish reversal signal. White lines indicate target support lines for short/long swing trades. Again this future pattern his highly speculative; however, I believe the logarithmic channel will hold.
Note
Top white horizontal line confirmed as intermediate support. Could see a short term bounce and, with a miracle, one more all time high at 5200 (end of elliot's 5th wave on a grander scale). If top white line is broken and closes below, we could see confirmation of bear market reversal and further downtrend.Note
Top white line of logarithmic bull flag channel broken. I suspect a further dump to the bottom white line of channel before any significant bounce. Without a bounce, we have confirmation that the end of Elliot's 5th wave was at the top of the natural growth channel (red line). We now enter Elliot's 5-3 decline.Note
Be wary of dead cat bounce possibilities. There may be one upside left for big bounce but I suspect it will serve as a bear trap.On a more optimistic note the white line remains unbroken and serves as support for a potential bounce after healthy consolidation.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.