tecknit
Long

Log-scale elliot waves

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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I think a lot of people are entering a stage where whenever they see Bitcoin rally, they now see it as a "sucker's rally". This part of the psychological grief process that a person feels after a parabolic bubble crash; and it creates huge bias.

If we look at the log-scale fundamentals, the trendline that has been offering support for a year now has not been breached. In fact it served as major support in both February and March. I am personally 95% confident that the recent rally is not a bull-trap. There are also other linear-scale indicators such as 0.786 Fibonacci and falling wedge which helped to triple confirm the 7,200 low a few days ago.

So I believe the market is giving pretty clear indicators that the 7,200 low is the end of wave 2 and we're now entering wave 3. I understand totally the bearish count and the bearish technicals such as the EMAs, but until we breach the log-scale trendline support, I believe the bearish indicators are very weak ones.
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