tomm.giannessi23

BTCUSD a long term view on logarithmic scale

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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.
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 .


We should assume we haven't seen the future while drawing that fib channel. like this:

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