BTC/USDT - Consolidation before a rise.

CEXIO:BTCUSD   Bitcoin / U.S. Dollar
One would imagine that the price of BTC would be increasing as many more traders join the party.
It's very expensive and many will find BTC overpriced. My BIAS is still long.
All things traded move in waves - step up then sideways then step up then we wait and see as we may end up all the way back down or continue on up.
We managed to retrace then correct and extend but there were not enough Bulls to push BTC higher than the DEC high.
BTC may consolidate in a channel that I have marked in black dashes and move in the 58-60 day bar cycle pattern hitting the
- 127% extension of the 1st correction
- The Daily TrendLine that has been respected for over a year
- A 0.382% retracement of the move swing from Sept 17.
- Near a 0.50 retracement of the overall move from $490ish. Mean reversion
All these points are called confluence. This is where the BULLS are. This is how I trade. These are my rules.
I have noticed charts move in these type of patterns over the years- the channel then consolidation. So there is nothing to do for a while until we hit support or a meaningful level to take us to $26,300 - $27,000.
Note: just noticed my chart is on an exchange that I don't use - mean to use Bittrex. Anyway,it's very similar on a daily.
Key things; Mean reversion, extension targets, line them up with Trendlines and larger move swing retracement areas 0.618- 50%.
are you suggesting BTC will correct supports around the 12-13k level? I am trying to learn, forgive me :) thanks in advance
@gkline, Hi,maybe it will.It just looks like it will at the moment and I have seen this pattern many times before.
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