I've drawn on my chart two primary structures - the long-term ascending channel (dating back to 03/25/17) and the shorter term descending channel (from 12/16/17).
We've already fallen out of the short-term descending channel in February but touched the longer-term ascending channel and bounced off it neatly.
Based on the development of these micro- and macro-trends, the nexus of a giant wedge bound by the two channels is set to coincide on March 29.
Will the development over the next three weeks be critical to the health of BTC and the market as a whole? IF we fall out of the wedge, how far? If we break out, how high?
Thoughts / input?
We've already fallen out of the short-term descending channel in February but touched the longer-term ascending channel and bounced off it neatly.
Based on the development of these micro- and macro-trends, the nexus of a giant wedge bound by the two channels is set to coincide on March 29.
Will the development over the next three weeks be critical to the health of BTC and the market as a whole? IF we fall out of the wedge, how far? If we break out, how high?
Thoughts / input?
Comment:
The analysis is done in log scale.
Comment:
Since the post, we had another touch of the ascending channel but did not close below and are now heading back up towards the descending channel ... target around 10.5
Comment:
And we're definitely closing below the wedge today. Let's see where things go from here.