Again, everyone should be aware of the essential trend lines for BTC . I've published the shorter term, more aggressive TL for BTC in another post. Three things to take away from this post: -btc is best viewed on a logarithmic scale . When people look at the linear chart of btc and see a vertical line up...yes, that is scary because it suggests extreme...
Log scale natural growth pattern for BTC. If large breakout above, pattern failed. This channel could see a retrace soon as Elliot's wave theory suggest.
The bearish primary degree count (on log scale) still satisfies more factors (i.e. volume trends, sentiment, proportionality, distance, time) than the bullish cycle degree count (on arithmetic scale) and I consider it the higher probability scenario. Log scale shows that the rally to new all-time highs is not as big as it seems. Arithmetic scale shows how steep...
There must be a comprehensive text, but I'm too lazy to write it.
The earlier fall back to the median line and the vertical fall after a period of congestion suggests weakness close to median line. If price bounces from a small fall to 260-270 zone then we have bullish hopes, or else a fall to 235-240 zone is expected.
This bearish outlook is due to applying a logarithmic scale, resulting in a rising wedge pattern which is confirmed by the ATR divergence and which has been breached, signalling the start of a new downtrend or simply a correction. If June's hanging man is confirmed, next target will probably be the bottom of the channel, but if price continues to decline and...
Log scale is the critical factor of this analysis.