BTC.D is likely to return to the mean after testing the upper trendline of the ascending channel. it could take time, but I'd expect the main downside corrective wave to start in November. It could last approximately 2 months after which the btc dominance would continue to rise.
It would be reasonable to assume that Bitcoin was created by either banks or corporations, by those who hold most of the worlds' wealth. Because in any other case it simply would not be allowed to exist.
* The first stage was to experiment and see human reaction to the "new money" and time test it. (Past)
* The second stage is popularization and mass adoption by...
BTC correction or accumulation phase would be reasonable at this stage. However, if it breaks above the triangle under the heavy volume with daily close above.... we might hear a lot of "parabolic" scenarios
On the chart i've added Monero 4H pattern that occurred in August 2017. Certanly there are similarities up until this moment.
It would be very interesting to see how BTC will differ or whether it will repeat the pattern.
Just to let you know, after the end of that patter, Monero went down ))
I'd watch out for correction now down to 7.5k or even 4.5k
After a nice rally from 3k to 14k, it would be reasonable to correct more to the downside. Versy strong resistance previously was seen near $7.5k, where 50 Moving Average was rejected. This could be the current downside target where currection is expected to end. After that consolidation might take place. although 7k are would be extremely attractive for buyers.
Look, with all these positiveness over the price of Bitcoin, I tend to think that this BTC is going to be dumped so so hard.
Unless the 14k high is broken, I am expecting ABC correction with 3 major downside targets.
First = 4.4k
Second = 1.5k
Third = 1k !!!
Let me know your thours and sentiment on BTC price in the next couple of years!