OK, so this is the chart I failed to post last time. Line A is a descending trend line from the peak of March 3. Line B is an extrapolation from a dip of July 16 2017 and beyond, that tries to approximate a hypothetical line of linear growth, as if the parabolic growth of 2017 had not occurred. Line C is the average of the distances between the dips of Feb 5, April 6, June 28 and August 10. This line I used as a base to draw the triangle, D, which is an attempt to predict the next cycle. This I did around Aug 10, and to my surprise, BTC has (still!) followed the ascending slope quite closely, so far.
Is it reasonable to expect the price to start descending accordingly, at E, just a few days away? If so, what might happen at F? Might there be a bottom at the extension of B, or at the old support line, which would then be below B for the first time? If the price does follow B, what might happen at G? What might be a good way of figuring each of these out?
Your thoughts are appreciated.
Is it reasonable to expect the price to start descending accordingly, at E, just a few days away? If so, what might happen at F? Might there be a bottom at the extension of B, or at the old support line, which would then be below B for the first time? If the price does follow B, what might happen at G? What might be a good way of figuring each of these out?
Your thoughts are appreciated.