The log chart shows me that we've still got momentum upwards. RSI has given us space again. Boillinger bands squeeze and not much of a retrace on this step. Short term trendlines have not been broken. I think we have a clear line to 3.37$.
I am using the logarithmic scale here as the lines between peaks and bottoms looks much crisper. A channel if you zoom out. This makes me think the chart is best interpreted with a log chart. Fib levels agree with me on this.
Yellow lines are previous channel lines on the normal chart.
Agreed. It should not go through 3.4 - 3.5 range. That has to be some resistance. The only question is how long does it consolidate. Nothing in this chart screams major pullback, but for god's sake man, take a pause that refreshes. I expect it will flash down to 2.6 at least, then 2.3 if it breaks there, but I don't really think it will go below 2.6 as I look at those volume bars. The absolute floor is about 1.6. That should hold forever. That is a place I would back up the truck, with a stop at 1.3.
Sonace
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@filmflam, I agree that we could all use a decent consolidation to refresh resolve before the coinbase rumour gets confirmed or not. I agree with your levels. Flash crash is going to be interesting for scalping opportunity.
filmflam
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Absolutely correct on the log chart. Resistance on the log chart comes in at 3.45 this hour, and 3.95 late tomorrow. At least that is how I draw it. Funny thing is that if it clears that there is another channel up there with next resistance closer to 6. Only thing stopping it is going to be a high volume down bar, but the big reversal bars on 12/30 were lower volume and cleared only days later. This thing is a train-wreck for sellers. Can't believe this run. Been a long time since I made 1500% in a month. Just silliness, I tell ya'.
Sonace
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@filmflam, honestly don't know and don't think we'll be breaking that log trend-line. If we do then yeah sky is the limit. I expect a big retrace after hitting around the 3.4$ area.
Bimbo_Chart
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Thanks for this, amazing!! Do you aspect a big retracement after this high? @Sonace many thanks again for your job!
Sonace
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@Alex_B1M, No problem, happy to help. I'm still learning myself honestly. I do expect a big retrace after hitting that area as this is basically leg 7 out of 5 for some reason. Or leg 1 out of 5 new ones. The retrace depth depends a bit on trend-lines and the new high this run is going to get. Will update once the top is in. But expect it to go to at least the 0.618 level of this entire leg up, probably lower.