RealMcafee

BTCUSD: Bitcoin "double rejection" scenario

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
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PLEASE NOTE: the dates are arbitrary.

This scenario is neither bullish nor bearish , but measured in my opinion. With each impulse cycle (large green box) we move along the pitchfork channel (blue line) and with each corrective cycle (large red box) we lose support of that channel and move to a lower one, where we start the growth cycle again.

This has been the case so far and this scenario proposes that it will continue.

In this scope I think we have just completed Subwave 1 of Wave III .

Because we have just been rejected at the top of the channel, under this scenario we should test the channel bottom some time in 2018 or even 2019.
Mar 18
Comment: Also thanx to elshanti for his analysis that has helped me a lot.
Mar 18
Comment: This is a very bullish scenario that says we stay within the 1.0 pitchfork lines throughout this 5-Cycle.. However in this case we will still retest the 0.5 support line.
Apr 22
Comment: $3 million per Bitcoin? I don't know, seems a little unrealistic xD
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