What is even more interesting is that November 15 is the start of a 30 day cycle and is the exact halfway point of the next 60 day cycle, starting on October 15.
There are a number of possible patterns in the BTC chart that I have investigated, including a and symmetrical triangle. I cannot say with any certainty that BTC will start cycle wave 3 following November 15; however it seems clear that November 15 may mark a point where will regain a surge. If support breaks at the 4940 and then the 4780 levels, it would make sense that BTC could go to the 2800-3000 USD level. It seems like there is more evidence of support holding and a positive bounce off of the log . The downward has bulllish indications and I see this pattern popping up in GBTC and Alt coins, like Nano , as well.
I will post supplemental zoomed in pictures supporting this write up.
the apex is at the .786 ($4780) and $4940 is the 50% Fib level.
close up on the wedge showing 4940 hitting on November 15, with overlay of the 30 and 60 day cycles.
This image shows that the descending triangle pattern has appex on November 15, perhaps this is evidence that volume surge will be selling volume as the pattern completes. The upward wedge on the chart shows selling action is expected in the short term, and this coincides with cycle analysis.
The trendline cutting through the center is the bottom of the symmetrical triangle. The 7 month long symmetrical triangle completes on October 6 and I am expecting selling volume to increase as it completes.
Btc is amazingly close to the apex of an 8 month long symmetrical traingle that stared 8 months ago on feb 4. I have the apex at oct 10.
Simply regarding patterns, I am expecting a downward breakout from the apex. The top line has had much more resistance than the bottom line has had support. Btc has spent many weeks weaving up and down over the support but the top resistance has barely been peirced for not longer than 24 hours at a time.
This drop came directly on schedule, Oct 11 at the apex as expected.