SKG79
Short

Bearish BTC - Confluence of Methods (Update)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Fib spirals, Fib extensions, HVF all target the long-term support line.

Projected target is about $2600 - $2800 late May/early June.

Also:

Forcing Fib spiral through that zone of confluence results in several possibilities for the next high.

1. Pink: Lower high within the down trendlines
2. Orange: BO from the down trend and lower high beneath the all-time high log trendline
3. Purple: Breakout from the all-time high log trendline (exit the bear market)

At this point I favour bearish continuation with a lower high in the pink zone.

nb this is the updated version with correct placement of the next high for spiral 5