Our framework is working fluently so far. We have fully reached our target for July, and the expected drop is manifesting itself accordingly.
Let's talk about the situation first. The 6k is holding, and we can see that the ceiling of the downward channel is acting as a support. This is good. If we ever test the 5k, I hope it happens while we're above downward...
I believe Bitcoin will test 3.5k to 5k range before the its reversal.
I explained my thoughts about it here:
This small-scale idea is based upon the framework above.
I believe before we test 3.5 - 5k range we will have a rally in July to retest 7k or 8k resistance and the one we retest will determine how low we will go. If Bitcoin break above 7k and retest...
Looking at the previous (2014) and recent (2017) bubble movements of Bitcoin, we can see three apparent price channels that dominate the cycles:
1) Base
2) Breakthrough
3) Pop
Here the chart is logarithmic to linearize the growth rate (price channel), assuming the cycles are predominantly exponential.
In the previous cycle we can see the Base price channel...
