nummus

The beginning of a stab into the multi-year channel?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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I'm posting the above chart of the BTC channel for those who want to get some long-term perspective about where we stand currently. We can observe that in 2014 and 2015 the price descend ended with the "stab" of the descending wedge into the multi-year "channel of the channels". The descending wedge had been created for two years, because the ATH at that time was considerably more distant in relative terms from the channel than it was the current ATH . So, I guess this time we could expect a smaller descending wedge . However, the wedge should still "stab" into the channel considerably. The tip of the wedge should indicate the bottom of the current bear market. This is just a projection, but it will be interesting to see how it unfolds in reality. Safe trades!

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