This idea is based on Masterluc famous chart.
My trendlines are a bit different but we can see many correlation in price movements.
At the moment we are in a support zone formed by the MA50,the ascending trendline and 461.80% of the huge fibonacci retracement.
I drawn just three of the infinite possible move.
The bearish one has correlation with the bearish movement of 2014-2015, which dropped about 78%.
The bullish scenario shows a target of 60k$ for the end of 2018.
as the mid term bearish scenario is still in play,as shown in my previous chart, i think at the moment is the most probable move but anything can happen in this crazy market and the support zone at around 6500-6600 is very strong.
My trendlines are a bit different but we can see many correlation in price movements.
At the moment we are in a support zone formed by the MA50,the ascending trendline and 461.80% of the huge fibonacci retracement.
I drawn just three of the infinite possible move.
The bearish one has correlation with the bearish movement of 2014-2015, which dropped about 78%.
The bullish scenario shows a target of 60k$ for the end of 2018.
as the mid term bearish scenario is still in play,as shown in my previous chart, i think at the moment is the most probable move but anything can happen in this crazy market and the support zone at around 6500-6600 is very strong.
Comment:
The price broke the downtrend line in log scale chart, but it is still intact in the linear scale. Price is fighting with fibonacci 50% level of last bearish movement and 9000-9100 $ resistance level .
