A chart (log scale) of Bitcoin is provided on a . Analysis focuses on the uptrend in price that started from the December 17, 2018 price low to current date.
A trendline is used to provide perspective for the aforementioned period in price history, as well as the 200 Day moving average (MA).
Price action from June 26, 2019 to date is captured using a , whose implication is ideally . Also worthy of note is the break and close below the trendline on August 13, 2019 when Bitcoin closed the daily candle at 10,862.28.
~9605.38 and 8883.35 represent a for the price of Bitcoin , with the former price level also acting as the base of the . Price already breaking the trendline to the downside is . Adding to this bias will be a close below 9605.38.
Price projection for the minimum estimate of the sell off upon confirmation of the triangle includes using the width of the triangle. Projection however requires the use of an arithmetic scale as opposed to log scale used in this Bitcoin .
Other plausible targets for any sell off includes the 200 day moving average or the (7568.04 and 7215.52) that lies directly on top of the moving average.